There is nothing wrong with renting. It makes complete sense for many people.
People who make fun of renting are either assholes or "misery loves company" fucktards. Home ownership as an investment is a joke IMO -- which I can back up with data.
The only reason you should buy is if:
(a) you really enjoy the idea of ownership
(b) you can't find a place that (you like) to rent in an area, that you can buy in.
Ownership is expensive. I've owned up to 3 places simultaneously -- without any form of debt -- and I can say that the cost of a $750,000 place is $2000/mo, and a $1.3m place >$3000/mo. Folks in the real estate business will jump on my throat but of course it's true.
I've always assumed that CiH is in real estate. Probably works with a commercial real estate firm possibly involving property mgmt and/or financing.
lmao @ 750,000 = $2000/mo
All markets and situations are different, if you need the flexibility then renting is likely the better and cheaper option.
If you can afford it and are putting down some roots than owning > renting... I'm sure Revo would back me up on that.
Hey Revo, how much better of a situation are you in owning a home with a boatload of equity in SoCal, probably for the cost (or maybe even less than the cost of renting that same place)
I'll provide an example.
Two friends of mine are engineers who went to school out of state and moved back here when they finished, both got pretty great jobs. One decided to rent on the westside and live carefree, the other bought house a little further away and rented out a room or two to make it work.
The one still rents, the other came up 6 figures on the sale of that place and parlayed it into an even nicer place and pays less per month than the renter, and still has all that equity. Give it another 10 years and he will be free and clear on a damn near million dollar asset and the other guy might JUST be buying.
Factor in the tax advantages and like I said, it's an excellent wealth building tool.