Quote:
Originally Posted by biggus diggus
dtnphx is going to have a problem with me responding to your post but look...
renting is basically throwing your money away every month. You build no equity, you buy no tax shelter, and you have no net worth. Millennials are beginning to realize that and are making up some of the largest percentage of home buyers in a lot of markets around the country.
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Generally, I agree. I bought, BUT one caveat that comes with buying a high-rise condo specifically vs. renting is the HOA costs are SIGNIFICANT. This creates a scenario where the monthly outlay can be almost as much as the mortgage, so really only a small percentage of your dollars are going to principal and the rest to HOA and interest.
Houses of course are different. I'm talking specifically high-rises.