Re:Renting Is Cheaper Than Buying, Almost Everywhere
by bpt3 on Thursday June 10, 2021 @08:35PM
(#27467895)
I don't see any analysis of what you're getting for your rent vs. your mortgage.
For example, if the cost of renting a 3 bedroom SFH is significantly less than the cost of owning the same home, there's a problem in the market, but if the median rent is for a 2 bedroom apartment and the median mortgage is for that 3 bedroom SFH, you're not making a useful comparison.
In my neighborhood (in a major metro area), rents are a little cheaper than mortgages, but there are plenty of nearby areas where they're about the same or it's even a little cheaper to buy.
For example, if the cost of renting a 3 bedroom SFH is significantly less than the cost of owning the same home, there's a problem in the market, but if the median rent is for a 2 bedroom apartment and the median mortgage is for that 3 bedroom SFH, you're not making a useful comparison.
In my neighborhood (in a major metro area), rents are a little cheaper than mortgages, but there are plenty of nearby areas where they're about the same or it's even a little cheaper to buy.