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That being said I am 22 and have 3 properties so I am biased on the issue. But I cannot for the life of me understand why someone would throw money away each month on renting.
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Well you are also throwing money away on interest payments for the mortgage and any maintenance, condo fees, property tax you are incurring from owning. Those fees along with the principal payment are usually always larger than rent. At least in my case, renting a giant house probably doesn't apply but if you can rent an apartment in a central local versus buying a property out in a suburb you forego all of the significant transaction costs of buying all the while enjoying the benefits (which can be monetized) of living in a central location.
So long as you bank those savings and invest them at a rate that is higher that real estate appreciation (typically 3%) then in 20 years you can come out well ahead. At THAT point you would buy with a huge down payment and significantly lower borrowing costs.