Quote:
Originally Posted by drew
(Not sure about now - but about 15 years ago I think home insurance was about 10x more expensive annually versus tenant insurance).
Yes. It comes down to a lifestyle choice. There is no right or wrong answer.
The "renting is throwing your money away" is a tired and mostly inaccurate argument.
Full disclosure - I pay mortgage payments every week, but I don't begrudge anyone who decides to forgo "ownership" to rent.
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You comparing tenant insurance for an apartment vs. a house is misleading. The cost of insuring an apartment style condo is roughly $200 a year, similar to the cost of tenant insurance.
You're right, about it being a personal preference though. If you don't want the anchor of owning then renting is perfectly fine. People are free to do what they please, they just have to accept the consequences of those decisions both positive and negative.
Personally renting was one of the smartest decisions I ever made. I bought a condo 7ish years ago, 5 years ago I moved in with a friend and rented the condo. Renting was about half the monthly cost due two us sharing an apartment. 3 years ago me and my wife bought a house and because the condo was revenue generating (Break even) the bank viewed it as a neutral expense and didn't count it against my income or ability to qualify for a mortgage. Now we have a home and a rental property generating equity.