Quote:
Originally Posted by OMG!WTF!
You can look at owning a house like owning a condo...your condo fee also goes up over time. Your taxes increase, your roof costs more in 10 years than it will now. Rent doesn't always increase either. But if you want to go by the average rent increases, maybe 3-5% a year. The comparison with inflationary costs of housing might be pretty similar. And as interest rates increases, and they certainly will be, your "rent" will cost more as well.
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Maintenance costs are typically offset by the actual increase in value in the house.
Even if the costs of maintaining a house vs. rent even out for the first 10 years, that isn't true of the first 20 years...or what about after that when you get to live rent free? Home ownership in the long run has proven to be a very effective way of building wealth in North America.
Also, typically the gap between rent and a mortgage payment is not all that high.