Is it cheaper to rent, or to own?

“It’s probably cheaper by the month to rent–because you don’t have maintenance, your utilities will be lower (most likely) and you won’t pay property taxes. However, you also are at the mercy of landlords, associations, and other people’s lifestyles. There is more to owning a house vs. renting an apartment than simply the money you spend. Owning provides you with an actual ASSET–something you can use for your support later if you need to. It’s more work, it probably costs you more, but many people feel those are trade offs they actually don’t mind at all. Apartment living is necessary in some places–huge cities like NYC and LA for instance–where single-family homes are just too much for most people to pay for. And some people just don’t want the hassle of owning a home. But it’s probably just as many peoples’ dream to actually own a home of their own, so they can live how they want to. The cost is only a part of all the factors involved..”

Christin K

“Depends on where you live and how long you’ve owned. Where I live I’ve owned for 24 years. My mortgage payment is much less than what I would pay for an apt. or house rental. My home is also much larger than what I would be able to afford if I rented..Over the long run, it’s cheaper to own if you put down a huge deposit. The good thing about the mortgage is that it stays the same every month for the entire length of the loan while your rent will most likely go up every year. The downside to owning is that you’re responsible for all repairs so sometimes it can be costly. If you need a new heater, it can be several thousand.”

Beverly S

“It depends hugely In London; mortgages are generally cheaper than rent; but buying property is very expensive and requires a hefty deposit. So on a monthly ongoing basis, a mortgage is cheaper; but overall, not. Most people start out renting, but then buy when they want to settle down long-term. Over the years buying is cheaper.”

Sunshine

“For security of tenure alone, ALWAYS BUY.  It might seem good to pick up the phone and get an Agent or landlord to get something that goes wrong fixed, but it’s always better to buy and get a foot on the ladder, if you can.   Renting is really money down the drain.   We have had to rent, for a number of reasons, and when I think what I have paid over the years we have been here, it makes me shudder really..”

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