rent v's own?

Question

why is it some people never decide to buy a home when it is well known that owning is less costly and rent can never be paid off?

TAXES AND INSURANCE ARE USUALLY FACTORED INTO A MORTGAGE FOR THOSE THAT DONT SEEM TO KNOW THAT

Answer 1

There is an excellent discussion on this very topic here: http://www.investorgeeks.com/articles/2006/06/04/how-much-should-you-spend-on-a-home/

Answer 2

When you buy a house, your mortgage may be less than the cost of renting, however, you need to factor in the hidden costs of owning a home too. The upkeep, maintenance, taxes, etc, etc.

Not saying it's not worth having your own home (once it's paid off), but there's a lot to consider before assuming it will be less costly. :-)

Answer 3

Owning is not less costly than renting in all situations. For example, in New York and San Francisco right now, many people will come out financially better by renting than purchasing. Plus there are carrying costs and responsibilities in owning a home that not everyone is willing to take on. It's much easier to call a landlord to get something fixed than to have to arrange to get it done yourself.

Answer 4

the only way to understand that reasonably is to write out all your costs and benefits and compare them as well as consider your risks as well. It is a long list, but it is sometimes better to rent in some circumstances than to own. It is all economics, there is never just one eternal rule like always buy your house.

Answer 5

It is the age-old question: rent vs. to own. You pay rent, and that is GONE!! But -- the landlord is responsible for ALL of the repairs-!! Do you want to buy something and have the apartment have leaking pipes, no heat in one room, bad windows, etc.-? Please at least Consider all of the things involved in ownership/ and yes -- here come the big property taxes due-!!!

Answer 6

affordable house not available