ACCOUNTANT EXPLAINS | Renting Vs. Buying a Home in 2024

[@fredswartley9778]

Excellent video! Very clear and concise presentation.

[@andrewseong2]

Thank you!

[@LocalTennisPlayers]

Great stuff, Andrew! Very informative!

[@andrewseong2]

Thanks Taka!

[@chiplangowski3298]

The net worth of the average homeowner in the US is *40 times* the net worth of the average renter, according to the Federal Reserve. So based on that, do you want to be a renter or an owner?

[@DizzyBusy]

I don't live in the US, so...

[@chiplangowski3298]

@@DizzyBusy - So... You research the net worth of each group in your own country. You will likely find that the results are similar.

[@MrAkaacer]

Buying is always preferable if you don't have to borrow a ton of money. But yeah, buying is stupid because interest repayments are stupid. Most people will end up paying double for their house because that's what the interest repayments will calculate to. So if you don't have money to buy your house out right, you're either putting money in interest or rent, either way its a money pit, so choose your poison. Renting is better if you have discipline to put the money saved from interest repayments into stock markets or something.

[@andrewseong2]

Yeah, investing the would-be down payment is crucial if deciding to rent

[@kursdragon]

Not understanding that money today is worth way more than future money is wild. That's a big reason as to why interest can't just be looked at in a vacuum. Saying you pay "double the home value" is meaningless when a lot of that money is coming in the future that's worth less.

[@MrAkaacer]

@@kursdragon Why is that money coming from the future? You're making monthly repayments.

[@kursdragon]

@@MrAkaacer Do you think next month is in the future or in the past? What about 20 months from now? Is that in the future or in the past?

[@isaacdavidson7115]

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