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cedarapple t1_iwvzian wrote

Reply to comment by TheJanks in Home sales fell for the ninth straight month in October, as higher mortgage rates scared off potential buyers by ChocolateTsar

You are not "throwing away rent", you are renting a place to live in. When you buy a property you are making a mortgage payment in order to have a place to live in. In the first ~10 years of a mortgage nearly all of the payment consists of interest (sort of like paying rent to a bank for the use of its money) with a small portion of the payment going to principal (equity).

When deciding whether or not to buy you should determine if renting is less or more expensive than buying a roughly equivalent house with a mortgage payment (taking into account higher maintenance and insurance costs for owners). Also consider the increased flexibility that renting offers for relocating if necessary.

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ScrewAttackThis t1_iwwmt8y wrote

>Also consider the increased flexibility that renting offers for relocating if necessary.

That's been a big one for me. I haven't lived in a single city for more than a few years the past decade. Buying just never made sense. Now home prices are so high it doesn't make sense. Somehow they went up like 50% in 2 years. How that's supposed to be sustainable is beyond me.

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