[Mortgage Is ‘Just A Fancy Bullsh*t Word For Paying Rent For 30 Years To The Bank,’ Says Real Estate Billionaire Grant Cardone — Here’s Why Renting Could Be A Better Financial Move
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My mortgage in a HCOL area is around $1350 month (excluding anything else) for a ~350sqft studio. Rent for something similar in the same area I live starts at around $1500 on the cheap end.
The only way you’re saving money with buying vs renting is if you’re not paying a single cent on utilities in the place you are renting (which is highly unlikely around my area). If you’re paying for your own water, electric, internet, and whatnot, you’re basically paying the same whether you buy or rent.
Right but the difference is your rent goes up but your mortgage stays the same.
Yes, but I explicitly said mortgage only without including utilities, taxes, and insurance if you have to pay that separately from the mortgage. Those things can (and most likely will) change - albeit usually not to the degree that landlords love to pricegouge on rent.
Like, take my same place again as an example. I only pay like $1350 for a mortgage, sure, but I also pay ~$600 in utilities and maintenance fees. My monthly payment to live in a normal environment is short of $2000 a month. My fees will go up again an extra 2% starting next year, so I am paying more - not that much, sure, but it is more. If I was renting a place for $1500 and didn’t have to pay for utilities, even a 20% increase from $1500 to $1800 would still be absolutely cheaper than buying my studio. Renting becomes fucked when landlords go “yeah, pay $1500 a month and you also have to pay for your utilities. Also I’m increasing the rent next month by 20% lmao get fucked nerd”.
This is, of course, just looking at cost. That’s ignoring the fact you’re paying a mortgage to own something versus paying somebody else’s mortgage or just lining their pockets.