NYC rent control magic is a special situation but you’re still paying forever. You get an asset at the end of a mortgage. Can you imagine owning in NYC?
And just so we’re clear, “cheaper to rent” means that after the 25-30 years that a mortgage normally lasts, you’d have the money to buy a home without a mortgage. If what you have in savings is less than the value of the home you would’ve had, then it’s not cheaper to rent.
It depends on location. Some places have good rent control, so rent tends to be cheaper than buying.
NYC rent control magic is a special situation but you’re still paying forever. You get an asset at the end of a mortgage. Can you imagine owning in NYC?
NYC isn’t the only place with rent control.
And just so we’re clear, “cheaper to rent” means that after the 25-30 years that a mortgage normally lasts, you’d have the money to buy a home without a mortgage. If what you have in savings is less than the value of the home you would’ve had, then it’s not cheaper to rent.