Re:A Growing Problem in Real Estate: Too Many Too Big Houses
by refurb on Thursday June 20, 2019 @04:22PM
(#20236943)
The problem with renting is that you're still paying the mortgage, only in the renting case you're also paying the middleman who then pays the mortgage. This is why rent per month is higher than mortgage per month for the same house.
That statement is very location specific.[1] In SF, it's cheaper to rent than to buy (on a monthly basis) and because of rent control, it's often cheaper to rent versus buy over your lifetime.
In SF, it costs ~$1,000 to rent what would cost $600,000 to buy. In Cleveland, it cost ~$1,000 to rent what would cost $100,000 to buy.
Obviously very different outcomes if you rent versus buy in each city.
That statement is very location specific.[1] In SF, it's cheaper to rent than to buy (on a monthly basis) and because of rent control, it's often cheaper to rent versus buy over your lifetime.
In SF, it costs ~$1,000 to rent what would cost $600,000 to buy. In Cleveland, it cost ~$1,000 to rent what would cost $100,000 to buy.
Obviously very different outcomes if you rent versus buy in each city.
https://smartasset.com/mortgage/price-to-rent-ratio-in-us-ci...