You don’t even really get much equity out of it. If your houses value increases because of the market, so does all the other housing.
Wrong, so very wrong. First you get to keep 30-60% of your payment as principle, as opposed to rent where you keep 0. Second, the mortgage payment stays the same while rent goes up. Even during modest times this makes a noticeable impact but over the last 15 years the effect has been insane. Even just looking at equity your logic is wrong. Assume I buy a house worth $100k (to keep math easy) and pay $0 down. Now assume it doubles in value, the house is worth $200k and the mortgage is worth $100k. You just made $100k or in real growth close to $50k.
If you plan on staying in one spot for 4+ years, buying is essentially always the correct move. Renting gives you the ability to move as you desire but you’re paying in unseen ways.
Wrong, so very wrong. First you get to keep 30-60% of your payment as principle, as opposed to rent where you keep 0. Second, the mortgage payment stays the same while rent goes up. Even during modest times this makes a noticeable impact but over the last 15 years the effect has been insane. Even just looking at equity your logic is wrong. Assume I buy a house worth $100k (to keep math easy) and pay $0 down. Now assume it doubles in value, the house is worth $200k and the mortgage is worth $100k. You just made $100k or in real growth close to $50k.
If you plan on staying in one spot for 4+ years, buying is essentially always the correct move. Renting gives you the ability to move as you desire but you’re paying in unseen ways.