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Reply to "Rent vs Buy"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Two things are missing from this discussion-- MID and the fact that although you may only make a little money on a house you buy (100,00 to 112,000 in the PP example) you have lived "for free" for 25 years in this scenario. Renting for 25 years at $2000 would be $600,000. The mortgage payment is being invested in the house and you end up with something in the end. Also the mortgage interest deduction lowers your taxable income.[/quote] You don't live for free when buying. You have to compare what you spent on interest (after the tax break) against rent. I agree that people tend to buy a nicer place than they would rent. Its possible you end up spending nearly equal amounts in the end but have nicer lodgings from buying. [/quote] Owners also get the benefit of increased equity. In the case of Capitol Hill, many people have tripled or quadrupled their equity in a decade.[/quote]
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