Buying vs. Renting a House

There’s always been a lot of debate over renting and buying. I’ve actually always viewed renting as losing money and never earning it back, so I’m not planning on renting a house, even after college (I have no problem living with my parents – I can take care of them and save money. It’s not because I’m lazy, because I will contribute to bills, etc. but rather because I see no sense in spending so much money on renting a year).

One of my long term goals is actually buying a small house before I’m 30 or at least when I’m 35. I was raised frugally, and I feel like if I work hard and save a lot, it’s not impossible to buy a house. My parents were able to buy a nice house while only my father worked. Granted, the housing industry is very different than 20 years ago, but the principle is the same: don’t live above your means.

While I was browsing today, however, I came across this. The math in renting and buying is broken down. I am usually swayed through logic, but in this case I have to disagree with the math.

Owning a house has a very large emotional appeal to me, one of the biggest reasons why I want to buy a house so early. It’s nice to be able to call something yours. And as for the money I’m supposedly losing, at least that money is going somewhere, rather than another person’s pocket. I don’t plan to be like Willy Loman, and die not having paid off my mortgage. I believe that anyone who works hard can pay off their mortgage. So I might give up a few shopping sprees. At least I’ll have something to stand for it.

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