Renting Vs. Homeownership: Which Is Better for YOU?

Renting vs owning a home: It's one of the biggest financial decisions of your life. Is renting a complete waste of money? Is buying always a smart choice? Not necessarily. It all depends on YOU. Let's find out which move is right for your goals, finances, and lifestyle!
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[@koishiou]

I felt that you guys forgot to mention an important consideration: Location. I live in a big city, and there is no way I, at my current wage, I could afford to buy a house in any kind of central area. Renting, meanwhile, I can live in a trendy area around people my own age.

[@voltaireon]

+Keith Heart-Star That's where I learned I was completely wrong. I live in downtown Chicago, and it is actually 3x's more expensive to rent than it is to purchase. Condos, Townhouses, you name it. When you compare the space to what a mortgage would be, it's drastically cheaper to own than buy. However, people cannot afford to save for a down payment and that's when big problems happen.

[@robertsjolly]

That's really interesting, but I have seen that to be the case with some family and friends that live in the city. Southern California for example is the total opposite. It really does boil down to location, location, location. :)

[@mushypork1272]

Another minor thing is the price. If it's below 200K and in a large city then it's probably reasonable to buy and if it's above 1 mil maybe not so much.

[@thebookthatjackwrote]

I recently bought a house (I'm 22 btw), and I have a few tips to share: 1. People who move back home after college can be seen in a bad light, but if you have family or friends willing to let you live rent free or for super cheap rent, then you can easily save most of your job earnings over the course of a year for a down payment. 2. Be flexible. When I was looking for a house, my heart was set on having my own place with a yard and privacy. In my area, all the houses like that were at least 50 years old and needed significant repair. I ended up buying a 13 year old duplex that was structurally sound and clean with the added bonus of having a renter that pays half my mortgage. 3. Have money left over from the down payment for emergencies. When closing escrow, the bank suddenly required I have a certain amount in my bank account to prove I could make payments for 6 months. And last week, I had to replace a hot water heater AND a refrigerator. Yeah, last week sucked :p

[@otakubabe555]

My fiancé and I are planning to buy a house soon and we were very lucky that both of our parents let us stay at home for free to save up money.

[@thebookthatjackwrote]

+a cab It is recommended you put down 15-20% and there are some mortgages where you can put down 0%. I would definitely recommend putting down as much as you can because you will be paying interest on the money you borrow, and the first ten or so years of payment are mostly interest. Also, the more that you initially put down will reduce your mortgage payment. My house was $165k, but the 20k I put as a down payment reduced my mortgage payment a couple hundred dollars a month since I was only borrowing $145k.

[@mikexoxxxo]

you’re a dumb ass

[@skiddydiamond1085]

@Bradley W savage

[@djbackspin911]

I'll rather rent instead

[@khairulusacc3550]

If you're a billionaires like my dad's friend staying 15000 a month apartment, yea it's worth it. Businessman don't stay, they travel alot. To them houses only for their family but not for him

[@doggosaurs3489]

Cuz your poor get rich

[@lupina29]

You can never be proud of yourself by renting you own none .

[@intutivetarot7596]

as someone who has done both I feel like both are traps. both have equal amounts of pros and cons. it really depends on if you want to stay somewhere long term or like the idea of a place being temporary to suit immediate needs.

[@bandit7440]

^ ironic

[@intutivetarot7596]

@Topinka Hatt says the 5 year old on KZbin comments

[@jakinneverland3922]

The thought of buying a house makes me giddy with excitement, but also gives me allll of the anxiety.

[@olie0561]

buying a house is to expensive renting is better

[@mathew633man]

The thought of buying a house gives me nightmares of how much I have to pay and be stuck in one place for life.

[@blackworldtraveler3711]

Matt I bought my condo and not stuck in one place. Just lock it up and go. I was smart enough to buy a home I could afford.

[@Ymt15678]

Matt oh you can pack up and rent it $$ coming in monthly

[@lupina29]

@@olie0561 i've been renting my whole life and trust me it's not a good investments , it's like putting a gas on somebody's car

[@trevinbeattie4888]

I rented for decades because I wasn't sure when or how my life was going to change, I hated yard work, moved around a few times, and after moving to the Los Angeles area split an apartment with a roommate in order to make it more affordable. A couple of years ago I bought my own home in another state because I realized I prefer not having noisy neighbors, hate crowds and L.A. traffic, and was financially secure enough to do it. And I was fortunate enough to find a property that doesn't require much yard work. ;) In both cases is was what I needed at that time in my life.

[@ARTiculations]

Another thing to note is that interest rates and how long you take out your mortgage for really affects whether buying is actually a good investment or not. Sure - homeowners eventually end up owning their house unlike renters - but you could also end up paying more than the actual cost of your house in interest. You could end up in a situation where you're paying interest through the roof for decades - but your house doesn't appreciate that much in value - and end up losing a lot of money. I would recommend for anyone looking to buy a house to pay attention to the general trend of the housing market and interest rates in addition to all the lifestyle considerations you mentioned.

[@LeonardGreenpaw]

+ARTiculations On similar note, I reccomend saving up as much as you can for like ten years, THEN buying the house with all the money at once to hopefully minimalize the debt and thus the interest. I did the numbers once, people often spend like 3 times the price of the house when they buy the house due to the interest you mentioned

[@maromania7]

+ARTiculations and don't forget you can pay more than your mortgage. so it's a good idea to, if possible, pay more than needed each month when you can. that shortens the time you're paying and often leads to lower interest when you refinance.

[@LeonardGreenpaw]

Maromania actually with that method, banks stil wind up screwing you will special types of fees and penalties

[@Dark3nedDragon]

+Leonard Greenpaw Not good banks, I don't know what bank you went to.

[@Andy-hd6go]

+ARTiculations You're absolutely correct. The average 30 year mortgage ends up making you pay roughly 220% the purchase price. I recommend specifically requiring banks to have no "early closing" fees in your / other peoples mortgage (s) when you / they apply.

[@justzpaige5167]

I always thought about getting apartment first and then a house wasn’t thinking about getting one till my 30’s but I hate the thought of being in debt because I’m debt free

[@chillsahoy2640]

Something else to consider about renting is that it can end at any time (in the UK the landperson must give you between 2 weeks' and 2 months' notice depending on the details of the situation) if the landperson decides to sell the property they were renting or if they simply don't want to renew your lease. I'm currently renting a one bedroom place owned by the same person who owns the dental practice downstairs and, as convenient as this situation is, it is also temporary. Whenever the dentist decides to retire, he may choose to sell the whole thing and I will need to find a new place to rent...or buy. Homeowners don't need to worry about that.

[@luke_5187]

I’m planning to stay on my parents phone plan as long as I can

[@NoelleMcLaughlin]

PLEASE do a "how to buy a house" video! I am working towards that and it has me wondering how ANYONE buys their first house EVER.

[@anjelaanjel7933]

I like living in apartments but the only thing i dont like about living in apartments is the noisy people around me

[@trelynpounds3325]

Great point, I wanted to buy a condo but if I'm living around families with kids, I will spazz out

[@kenya1067]

I just want to live in a van and be a traveling writer 😭 but my family thinks that's a horrible idea

[@kyariscar]

did you ever do it?

[@skiddydiamond1085]

Try building a tiny house that u can move around with u XD they are extremely cheap if u can put the effort to building it xD

[@martyjewell5683]

Even better?? Live in a refrigerator box under a highway.

[@KatherineLVogel]

Huge tip!!! Always check the stormwater drainage of a new house. Are you in the flood plain? Does the city have to pump sewage to a higher point under your property? Does the city have to pump storm sewers under your property? Are you the low point in the neighborhood?

[@asmranonymousgaming901]

I bought my first home 6 yrs ago, rented it out while I bought another. Now I'm renting both living in an apartment while my new home is being built from the ground up. My only advice is to buy an extremely affordable house your first time around. Then rent it out or live in it forever. The choice is yours my friends

[@unocarb]

I rent and have been forever, I had my cooler motor burn out and an $800 repair was taken my management! And since when do you own a home? Don't pay property taxes and ill be giving you change on the street!

[@AlxCastro]

When you brought up property taxes, you didn't mention how they can affect the mortgage going up. So, no. Homeowners do not get a locked monthly payment for thirty years as rising property taxes typically cause the house payment to rise every year.

[@brentkillian]

A few suggestions. Whether you rent or buy the total you should pay for that should not equal much more than a third of your take home pay. some suggestions for buying a house if you put down 20 percent or more you avoid PMI. Another suggestion is that instead of paying a monthly payment you pay half your mortgage payment that way you get an extra payment in during the year. I also wanted to mention that I am a big fan of the 15 year mortgage. Sure you can do a 30 year mortgage and pay it like you would 15 year mortgage but getting an actual 15 year mortgage forces you to pay off the house in 15 years plus those rates tend to be a bit lower too.

[@mathew633man]

You got a great advice. But most people can't afford to do 15 years with a third of their salary. The only way to do that is buying a shitty home in good location or a big home in shitty location. Either way, it's not very ideal.

[@blackworldtraveler3711]

Matt I just bought a home with a 30 year mortgage and paid it off in 11 years.

[@TheShawnaLK]

My husband and I have learned that in our area, saving up to buy a home is going to be much less expensive for us in the long run. The townhome (which we did our research on and was the best option for 2 bedroom townhome/apartment in our area that allowed cats) where we live now has $1055 a month rent, and doesn't cover water, electric, or trash, so also have to pay for our utilities anyway. We both have worked our butts off to have amazing credit, and if we go in on a nice little starter home that's between 50-100 grand, we'll be paying less monthly even including saving for the approximately 1k property taxes in our area and the mortgage than we are monthly on the townhome. We'll be able to save more per month, and have something that's actually OURS to show for it. :)

[@artemisrain]

I loved that closer by the way. Super adorable. You guys should always say that and then cover up the camera with a goodbye blown kiss.

[@AndyMeholick]

+artemisrain I agree! I wanna steal that in my videos :)

[@brittanyalways7276]

My husband & I purchased our home almost 3 years ago. Honestly, the maintenance is not nearly as bad as people say! We have spent maybe 2.5 weekends painting (basically the whole house), 2 days worth of time installing some backslash, half a day of dealing with baseboard...compared to how much time I spent calling and waiting on maintenance to come fix things while renting, it's nothing. The most time consuming thing is mowing grass...but we purchased our home WANTING a big yard so we suck it up. It really depends on the type of home you buy and what you are willing to spend money on, but overall it's been so much simpler than renting (although the buying process made me literally break down in tears and want to punch several people).

[@francescael361]

Nice video. Honestly, I'm happy enough to have a roof on my head. Keep up the good work!

[@asterisk911]

Owning your property doesn't tie you down. I own 3 properties in 3 countries and I absolutely, unequivocally, don't have any obligation to live in any of those places.

[@12jmlnv7]

asterisk911 exactly. By owning you can also rent it out for extra income.

[@pursaki]

Another thing to consider is condominium ownership. I'm a homeowner who doesn't have to replace the roof, buy a new water heater or paint the fence, although I do pay association fees (a monthly assessment) to have all of that done for me.

[@aalexttostado]

buy a small home and it’s easier to take care of ! 3 rooms is my max especially since i’m not having kids

[@danietkissenle]

my thought is to buy a house and if you need to move keep it and rent it out for atleast monthly payment of mortgage

[@Unplugged_Bits]

Rented for so long, I just bought myself a house. Seems saving because i have a cottage too that i rented out. :) Buy a home, if you wanna move you can always rent it out, you still keep value. Thanks for the video.

[@MestizaMetaphor]

I love Rehab Addict! Not only is it just an awesome show, but it's an awesome show where a woman is a total bada$$ who knows so much about a field usually dominated by men!

[@coolionotcool]

She's my favorite! she's so tiny but she's so strong!

[@Kagedtiger]

+Laurie Stevens That show is wonderful! Totally agree! :D It's a shame it has such a misleading name.

[@johannat5405]

When you do that buying a house video, could you explain how real estate agents work? And a breakdown of things to consider when looking for a house? And maybe a list of things to be wary of (hidden costs, pushy brokers, etc)?

[@philiphochendoner2540]

Whether renting or owning, take pictures when you move in. For renters, this allows you to fight charges post-lease. For home-owners, this can show long-term changes in the home.

[@TheKchar]

A) Canadians don't lock into a mortgage rate like Americans. If you lock in, you can keep that rate for (up to) 5 years depending on te term you sign and then have to refinance. Or you can be variable and ride the market rates a bit while they are low. B) if you put less than 20% down in Canada then you're subject to mortgage insurance, which I think is similar in the states with PMI. C) you should make sure your mortgage /other costs are a small % of your monthly income to give you flexibility so you're not "house poor" D) helocs can be dangerous. E) market conditions cans affect your house value (ie your long term investment) whereas if you rent you can always negotiate lower rents in bad economic times - typically. F) mortgages should still be treated like debt, because they are. I'm done now :)

[@KnightRaymund]

+TheKchar A) yeah I was wondering about that. I'm also Canadian and that part sounded weird. E) I don't think I've ever heard of rent going down

[@TheKchar]

+KnightRaymund I'm in Calgary and because of the large change in price in oil, I have 3 friends who have negotiated lower rates because landlords would way rather have someone stay in their place and make a bit of money to cover their mortgage on the property than have a vacant property. It's possible if you negotiate and leverage the position! PLUS if they don't want to negotiate, you can always move in those bad times to lower rental places.

[@Meloncov]

Another thing you need to consider is opportunity cost. To buy a house, you're putting down a ton of money as a down payment. If you instead put that money in a stock index fund, which is lower risk and higher return than an investment in real estate, you could potentially end up with a portfolio worth more than the house would be. Say you buy a $500 house with a thirty year mortgage, and put twenty percent down. Adjusting for inflation, at the end of the the thirty years the house will still, on average, be worth about 500k. However, if you invested the 100k down payment into stocks, after thirty years you'd end up with an inflation-adjusted $800k. (This is, of course, assuming that both the stock market and real estate market continue to behave as they have for the last hundred years). Also worth mentioning, it's almost certainly worth it to hire a financial planner if you're seriously considering buying a house. The cost is pretty tiny compared to what you stand to gain or lose by your decision.

[@rilesywilesy2920]

Rehab addict is my absolute favorite show!

[@PixieoftheWood]

I'm glad to finally see someone not trying to insist that rent is cheaper. After unexpected costs like repairs, maybe, but in my experience rent is always significantly more expensive if you compare it to a similar size of home.

[@AndsenPhren]

DAMN YOU KENNEDYS AND YOUR HOUSES

[@sheylamontoni9619]

Having both, I really think that being a homeowner suits me better. I'm about to leave the apartament that I've rented for the last two and a half years and I sorta feel bad for having to fix stuff and paint it and then just leave it behind, but at the same time, I can't wait to go back to my hometown and do THE EXACT SAME on my house. It's tough. By the way, just thought I might add: your hair looks great on the video, Mike! Hope you have a nice day!

[@SP-rd2nh]

Thank you for addressing both the personality and financial issues. Too many "advisers" only talk about one or the other. I am an accountant and I hate when my colleges just suggest buying because "it is building for retirement" or "it is a great investment in a growing area" but they never consider who the person is they are talking to.

[@legistrate]

In addition to local or state property tax, there is also the cost of home owners insurance over renters insurance. I am not an expert in the field, but I can tell you the former will always be larger than the latter. Homeowners insurance is often mandatory for a mortgage and would need to be added to the monthly cost when comparing to renting. Many people do not feel the need to get renters insurance because it covers personal belongings inside the structure and the risk of loss is hard to quantify in case of flooding, theft, fire, etc. However, homeowners insurance is necessarily more expensive because it also covers the structure itself and is related to the valuation of the home plus the owners credit score and previous claims. I have often heard friends say that they expect to pay nothing once their house is paid off, so renting is just throwing money away, but even once you own your home, insurance+local property tax+utilities (like heating) for the extra space of a home+maintenance can still cost you more per month than renting a (probably smaller) apartment. There are however federal tax subsidies we give to homeowners, but with the money spent on the loan+interest, I would only consider buy the extra space if I were starting a family personally.

[@martyjewell5683]

I grew up in 1950's/60's Brooklyn living in apartments. Even after military service I rented in Brooklyn. Wife and I got outta NYC and got a mortgage in 1992 and house (one family) was paid off in 2016. Taxes (prop and school), home ins. and average maintenance costs average us about $300 a month. Where can you get a three bedroom home for that kinda dough?? Most important is if you rent for a lotta years you ain't got nothin' to show for it except rent receipts.

[@ikilledrobot]

I love Rehab Addict! :D I'm really proud of what she's doing for Detroit, too.

[@ThatWouldBeCareless]

I am all about watching TV shows about decorating and renovating homes while gazing intermittently into the distance and thinking about how I have no hope of getting / can't afford a mortgage.

[@rebeccabirmingham3536]

If you have kids, LOOK AT THE SCHOOLS IN THE AREAS YOU ARE LOOKING TO MOVE IN. My parents learned this lesson very quickly when moving to Virginia. While the neighborhood was very nice, the schools weren't. They were pretty run down and dangerous. A kid broke his neck at my school while playing basketball when I was there, and there were kids in my grade with knives (I was 11 at the time).

[@tomerlivechen]

It really depends on the price of housing, in Israel the average price of a 3 BR apartment is 135 average monthly salaries, owning a house is impossible for most of the population.

[@josephmancini1226]

Finally, someone else who watches Rehab Addict!

[@darrisx8146]

Actually some (if not most) of the property tax is paid by the landlord because land is fixed in supply so the only amount they can generally pass on to the tenant is the tax on the actual building.

[@kennygates1192]

Thanks for this video, I always wondered which was better. I'd rather buy a house in another state, but having family, and work in this state means it would probably be better just to rent around.

[@abrahamchapman]

Mike is mistaken when he says all the expenses, including property taxes, go into the price of rent. The price of rent, like most things in America, is the highest price that the market will bear. If the highest price rent the market will bear is below the cost of the landlord's expenses, the landlord will rent the unit out at that lower price, rather than leave the unit empty, because 50% of something is alway more than 100% of nothing.

[@Meloncov]

+abrahamchapman There's always both a supply side and a demand side. If it weren't for expenses including property taxes, more people would build and rent out apartments, driving prices down.

[@abrahamchapman]

+Kevin Baker That's mostly not true. In many areas, materials, labor, taxes, and land is inexpensive, and there are people who need housing, but nothing is built. The factors that go into whether or not an apartment building will be built are numerous. Expenses are a part of the equation, but not a deciding factor. To be clear, if expenses were lower, a few apartment buildings that would otherwise not be built would be built. But certainly not to the extent that there is demand for such housing. Also, you have gone off topic from my post. Mike was saying that expenses, including property taxes, go into rent payments. However, if expenses are legitimately $2000/month per unit, in an area where rents are only $1000/month, the landlord will still rent out the units at only $1000/month. There is not way to charge $2000/month when similar units next door are going for only $1000/month. Yes, in the long run such landlords will eventually go out of business. But we are not talking about the long run in my post. We are talking about how landlords determine what to charge for rent. And I should know. My father is a landlord. Not once did my father ever add up the property taxes, maintenance, insurance, repair bills, etc., divide that number the number of apartments in the building, and then use that number to figure out how much to charge for rent. It never even crossed his mind. There is no point in doing so. You're gonna get someone to rent a unit for what ever they will rent it for, and not a penny more. Worst case scenario, the business loses money for a handful of years, and then you sell the building to someone who will convert it into condos. That's it. So how does a landlord determine what rent to charge? They check out the "comps". Yes, there are "comps" for rentals. How much did the landlord three blocks down get for a similar unit? Add $100/month, and see if it rents in six weeks. If it doesn't lower by $50/month for six weeks. Keep lowering by $50/month every six weeks until unit is rented. FYI, the expenses, when divided by unit, are next to nothing. If expenses were a factor in determining rent, rents would literally be hundreds of dollars a month less than they are now.

[@Mellowman468]

Im ok Renting. In some places you can get lucky and have all the utilities included in the rent. Downside is these types of apartments are usually big houses that you share with the landlord. So dont expect to throw any late night weekend ragers in these apartments. But with rent and utilities included you can save quite a bit of cash.

[@xpalefectx9681]

I won't buy a house, I will build one. Just like everyone else where `I'm from

[@vice_santos]

No

[@yearginclarke]

@@vice_santos Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes

[@nikemeyer8888]

I'd love to see a video about owner-occupied duplexes. I'm wanting to do that next year and from every angle it looks like a great deal. Would love to know if there are downsides I'm not aware of. Thanks for the great videos!

[@J4444ke]

It would be cool if you could talk about the (perhaps very limited?) mobility of a homeowner and how that works. Also, the idea of "tenancy in common" and in general buying a home with others by pooling funds sounds really interesting to me and I'd be curious to hear your thoughts on that.

[@598Flower]

I need these videos. I have no idea how to survive

[@liviepollock]

Rehab Addict is the best!!! Wish there were more seasons on Netflix!

[@voltaireon]

Also, the Location is an extremely important factor! For instance, I live in Chicago and the property prices are higher, but the taxes are way lower than the subarbs. I've done the math, and it is 1/3rd the price to buy than to rent, and you have much better options. I would love to know more about mortgages: PMI, How to buy if you don't want to put 20% down right out of the gate, etc.

[@oxymoron0o]

Very helpful video! Thanks!

[@thePirateQueenKt]

I wish you'd mentioned condo's a bit

[@kibethnehema2069]

This is why I'm looking at town houses or condos. You have a little bit more decorating freedom, your payments go towards ownership, but often times (depending on the community) you pay a cost that keeps up with maintenance and repairs. So while you do pay a maintenance fee you don't have to worry about if the AC decides to go out (which can be super expensive). I've been looking at town homes because I think they are the happy medium between renting and owning a full on house.

[@mrtalos]

live in the UK. Then you don't understand the idea of air-conditioning outside of a car. Though heating. boilers are still expensive.

[@sombieowyeah4669]

THat's what I did. I bought an apartment in an apartment complex. Well not really, I bought a part of an LLC that owns the apartment complex in exchange I get to live in one of the apartments. I basically own my apartment but have to pay a once a month maintenance fee (like rent) in exchange for not having to worry about all the nonsense of owning a house on your own

[@Alverant]

This needs to be updated with a townhome/condo option. There is an association fee but the landscaping and the roof is done for you. OTOH there are limits about what you can do for remodeling.

[@Dark3nedDragon]

Rent a room for cheap, save up and buy a cheap house in a neighborhood where the mortgage is half the rent, make the place look nice, get a twice a month yardwork guy, rent the place out for average price of area. If done right you will make money, keep renters happy, and refill the down payment on the house quickly. Do not spend the money you get back, save that for repairs and such on the house. Offer longer contracts at slightly cheaper rates to what is considered a good and stable renter. Use the excess money granted after refilling that house's emergency fund to put a down payment on another, rinse and repeat. The more houses you get, all with emergency funds untouched, the quicker you can get another house, and repeat the process. Continue working a job, and renting a cheap room for awhile, and then move into a house that you buy if you are fond of it. Retire after a few years from your job, and instead manage your new business. Treat customers fairly and they will stick around. Example, after fees you make $100 a month from the property, put that, $1200 a year, and your money from your job into the emergency fund again. Assume down payment was $20,000. Once refilled, use the $1200 a year, and your savings to start saving for the next house. Assuming same thing, now $2400 a yr to the fund from houses alone. Repeat, $3600, then $4800, etc. All the while renter is paying mortgage and utilities, and even lawn maintenance. You pay $20,000 and the house is paid for by others, and so are the others. The emergency fund per house is in case of repairs, or if you can't find a renter for some time. Tell me what you think.

[@gab3963]

My boyfriend and I (both 19) are planning on renting an apartment. a lot of them in my areacover a chunk of bills (water is a big one). We're still saving up the funds as I am a part time worker and I'm currently attending university. My biggest worry is covering the cost of 200$ ish a month, which is two paychecks, plus any other bills. Hopefully I will get a better job soon and not have to worry too much.

[@emilierose]

I hate life

[@Lisa_Oz]

Couldn't have seen this at a better time. I've been debating whether to buy a home or a condo lately and at 25 i'm having a really hard time with it.

[@bevonbart9277]

I will be a house owner

[@Easyendeavour]

Very useful video! Both sides have strong benefits.

[@Blueman2018]

Like he said renting versus buying depends on your unique situation

[@12jmlnv7]

blue light owning is better in the long run.

[@ngwright]

Very helpful video. A lot of people seem to think that if you're a renter than you're not settled, which couldn't be further from the truth for many of us who choose to rent because it makes more sense for us. Lifestyle is part of it, but housing is not always the safe investment some think it is. Plus if I take that money I would have used on a house and put it in stock market, I can make a good return and generally sell those stocks quickly if I should need that money in an emergency.

[@greydaze234]

I cannot wait until I can buy a home! Sometimes it's not even about the money, but I've had so many bad experiences in renting that I am ready to settle down and be my own landlord. Sadly, my salary does not lend itself to the taxes+insurance+maintenance part yet, but I look forward to the video about how to buy!

[@nydelicious4u]

Does living in a renting house count as a property to the government?

[@jorgemarquezzepeda8179]

The one point you said several times was that rent is usually higher than a mortgage... It has been my experience that is almost never the case. Having lived in 6 states in the US I have never paid what my mortgage would be on a similar property. The rent was fixed and about 70% of what a mortgage payment would be.

[@AutodromoF1]

Jorge Zepeda I find that to be true, especially in big cities and it's surrounding suburbs.

[@michellemarie1197]

also there are those of us who buy everything outright, I own a house that is pretty new in a suburb where I live so I don't have a mortgage, also I own a sustainable farm in New Hampshire that was bought outright too, land is really useful and on my farm I have one of those tiny houses on wheels, those are low maintenance home owning options, also when you own you can go totally off grid and be self sufficient which is what I do for my tiny house in new Hampshire, they are small and on wheels and in a good state so I don't need insurance, I bought my property outright so I don't have a mortgage and it is totally off grid so I don't have to pay utilities, the only thing I do have to pay is property tax, you can't do that with renting.

[@michellemarie1197]

Marcus Halberstram who the fuck said i was rich????? i was never rich and im not rich now i just plan ahead

[@amandariviera]

One of the arguments I hear the most against renting is the "dead money" argument, but if your mortgage is large enough for you to only be able to pay the interest, that is also dead money. And in Australia, especially near cities like Sydney (not even just IN the city but the surrounding suburbs up to an hour away), the house prices are so artificially inflated that it is really difficult to buy, even with dual incomes, because the average AND median wage is so low by comparison :( I would love to buy a house, but nothing about it is feasible for me right now. Plus, I want the freedom to potentially move for work. I'm scared of being stuck in one place for 10+ years, especially if it turns out to be worse than originally thought.

[@12jmlnv7]

Amanda Riviera but a mortgage isn't the only way to purchase a house. Even if it was it would still be better than renting because you would own it later unlike an apartment. You can at least pass it on to your children so that they can use it as an investment.

[@brwneyedgirlx19]

REHAB ADDICT is my JAM.

[@Boycicle]

YAY Rehab Addict!! and Tom Sawyer too.

[@jazzyisme]

we have just found a happy medium in the uk! we are buying a house boat our payments over all should be the same as (or less) renting a room in london, we don't like the neighbors or fancy a change or need one for work, we can just move! I think the most similar in the usa is tiny house living?

[@mrtalos]

I know of a few people who have done this. I know that it has a few issues with it, but little else. I always wonder about the boat wearing out and getting leaks.

[@Dark3nedDragon]

+mrtalos I can't swim, so I'd be worried about it sinking or capsizing. XD

[@jazzyisme]

in the uk you periodically have to have it tested for insurance and you take it out of the water and paint blacking on it every 2-6 year depending on what kind of blacking you use

[@Dark3nedDragon]

+jazzyisme Still gonna have nightmares about it capsizing

[@EMNstar]

What about the depreciation?

[@googleuser3665]

You do not need to replace your water heater every 7 years! Know your facts!

[@justinedse3314]

WRONG! Your mortgage payment can increase if your taxes go up.

[@philheaton1619]

What you are saying about mortgage payment not going up does not apply to ARMs.

[@theilluminati7552]

I've noticed a recent trend of people living out of hotels. Hotels have made weekly rates cheap. Also, there's no utility costs, fully furnished, free maid service. Hotels such as these often house some questionable people, but, looking at cost and situation, it really doesn't seem like a bad deal if you're single, own nothing, and don't mind the company of hookers and drug dealers.

[@XyntXII]

basically the important info was at 5 years there are more or less the same cost longer it is cheaper though not neccesarily better to buy. firstly: did i get this right? secondly: is that info US specific? because here in Germany we have, if i am not mistaken more permanent houses that are more expensive to build and cheaper to keep standing and heated and shit. but maybe that is just a misconception.

[@JacksnFlaxnWaxn]

Thank you very much!

[@marloncapistrano6822]

My favorate is 3 rooms i love art room,make up room,bed room

[@LegendaryTeeVee]

Great video! I just made a video about leaving an apartment to buy my first house.

[@drumsofautumn]

On the one hand I would definitely love to own an apartment or house at one point in my life, on the other hand I'm glad I don't have to decide on what's better for me because I'm an musical actress, so the rent thing is kind of given because of working in different places all the time. I will think of what to do when I'm "starting a family" when it gets a little closer to that :D

[@danielleahelsie]

bravo, good video.

[@oliviasdisneyside3943]

Please do a video about- 401k(what is it) , how bills work and taxes, and college tips and stuff thanks!

[@sherrionaisempress]

I’m getting a house for sure 💯it’s expensive but it’s worth it 🤷🏼‍♀️

[@itsbeyondme5560]

Meh. Invest is better

[@matcha3257]

Thank you for making this video! I am tired of paying rent, but homebuying seems financially too far away. If you're doing a video on home buying, could you cover 15yr v 30yr mortgages? I've heard that a 30 year plan can be cheaper if you only plan on living in the house for a few years, but my math skills aren't on par to test that x_x

[@alexandertheamerican9663]

Can you please tell us how to build a house with a builder and all that

[@Onthebrightside4ever]

There is also tiny homes that are mobile and cost on average of $23,000

[@CheDeLila]

Nice set of option but why not including the mixed one the one that is used in the states more than other places "trailers" those mobile homes being carried wherever u want to by a car truck or whatever u use to move them.

[@sombieowyeah4669]

That's what I did. I bought an apartment in an apartment complex. Well not really, I bought a part of an LLC that owns the apartment complex in exchange I get to live in one of the apartments. I basically own my apartment but have to pay a once a month maintenance fee (like rent) in exchange for not having to worry about all the nonsense of owning a house on your own

[@Vallavender333]

Buying a mobile home has the best of both worlds.

[@coolionotcool]

you still have to decide how to pay for the land you put the house on tho

[@TheKchar]

+Official-Mashed-Potatoes +Vance Corsey Also mobile homes depreciate at a crazy amount, they never really appreciate.

[@Vallavender333]

You own your own space but you're not tied down. It doesn't cost as much as a mortgage. You can do pretty much whatever the hell you want with it.

[@TheKchar]

But you are tied down. You need to find servicing, a space to put it, you need to pay for a vehicle that can haul it and what ever money you put into it you're losing on. That said, if owning it's important to you and you're not looking for an investment, then yeah, great, it's awesome. It's 100% in the lifestyle category. But financially speaking, you're losing money on it, guaranteed, whereas with buying the house you could stand to MAYBE make some money, and with renting you're covering a basic necessity so there's no net loss or gain.

[@dantan1249]

+TheKchar perfect scenario would be buying something cash or with little debt.

[@noirblanque5324]

I LOVE your channel!! Im only a 13 year old girl in Sweden, but i wanna move back to America- maybe Virginia where i lived for 10 years or California- and i have seen the struggles of renting a house because of my parents struggling a lot with it. When i was like 8 or 9 i was like "Just buy a house! Its cheaper and you can fix things yourself! And no annoying landlord!" But i suppose i understand sorta why now, even though they Always answered "Naw." Anyway, i really wanna buy an apartment in the USA. Is it even possible to buy an apartment? I really wanna understand all this adulty stuff- such as mortgage, down payment, lease, its like a whole nother language!!- beacuse DAMN adulthood is coming up fast! And i really need to understand it so i am ready! :)

[@sombieowyeah4669]

I found a better way than that. I bought an apartment in an apartment complex. Well not really, I bought a part of an LLC that owns the apartment complex in exchange I get to live in one of the apartments. I basically own my apartment but have to pay a once a month maintenance fee (like rent) in exchange for not having to worry about all the nonsense of owning a house on your own. But your 13, you don't have to worry about this stuff until before you reach college/uni. So Don't sweat it yet

[@noirblanque5324]

+Sombie owyeah thanks!! 😀

[@matthewling3293]

Very wise to research. Knowledge is Power. Keep it up :)

[@12jmlnv7]

Owning is better.the money people put in renting is a waste due to the fact that they will never own it. There are other options other than a mortgage. Lease to own is one. At least people can own it eventually unlike renting an apartment.you can rent for 3 years and after putting 60 grand on renting, you lose your job and is out in the cold because the thousands you put on month to month renting would have been better used if put on a house even if it was a fixer upper.

[@alexandertheamerican9663]

I prefer build and buy cause then it’s really your own

[@Alex-mc6jm]

This is the video I've been waiting for!

[@geooo2]

so basiclly renting is better

[@gailburnette]

How about refinancing? How does that work and why do it?

[@wowerman]

Its quite simple.More liberal people would travel and have fun renting and more conservative people would buy property for themselves or as investment re selling it more expensive or renting to those who can not afford to buy.Frankly all good things come to those who wait.This is translation to lifestyle and reaching goals.Buying=patience and making savings ( earning money afterwards and paying less later).Renting=free of credits but dependant on high prices and mercy of property owners.Also in most cases not enable to customize own home.

[@seraphhis1004]

What if you build a house...

[@lordcrunk4790]

passive annual heat storage umbrella insulated earth berm :D

[@agreedboarart3188]

I just want whatever's cheaper lol I need to spend all of my money on food and healthcare.