Became a home owner today

[TeTe]

This will not be the case at all on most single family homes. For example, the market rent for my house vs mortgage payment (if financed 100% and taxes + insurance escrowed) is around 40% higher. It will obviously be market dependent, but on an apples to apples comparison, you are obviously going to be paying more for rent. The landlord needs to make a profit, assumes a risk, pays higher interest rate, pays higher taxes + insurance, etc. There was actually a thread on this years ago where research was done. In almost all cases in regards to apples to apples, it was more expensive to rent. The exception would be multi-unit condos or other multi-unit buildings.

I remember posting a link to story where they did research on this across the country. The only places it was cheaper to rent than buy was on the West Coast, in high demand low supply areas. Some of that having to do with rent control of course.

 

[TeTe]

Ive never understood this logic. I have a 3 bedroom HOUSE, why would you want to share it with someone else other than a S/O? The greatest thing of having a house is land and a barrier to separate you from your neighbors thats all yours. Go live in an apartment or townhouse if you want to share a place with someone unless its a S/O. So many of my friends told me to rent out a room when I got my house, It made no sense. If you cant afford the house on your own dont buy it at that time. I guess I just really hate roommates.

We were looking at some homes that have a granny flat behind them. I'd love to buy a property like that and rent out the flat. The best part is you may only have to share a yard.

 

[the ambush]

Welcome to the pack TS! Paying a home mortgage and owning is not as bad as everyone makes it out to be.