Rent vs Own
There's a good guest post about Renting vs Owning on today's Get Rich Slowly.
Around the PF blogs, you have heard these arguments before for sure. The NYT calculator is pretty interesting though. When I plugged in what my rent is vs what a condo would be (at a mere $300k, a total lowball price for Bklyn - you can barely find them in Kensington for that amount anymore) with $12k down it calculated that it would take 25+ years for buying to be the better deal when you factor in things like how much of your mortgage payments to go interest, property taxes, property insurance.
That was a pretty big wakeup call. I don't think I'd attempt to buy anything until I moved away from NYC. It hardly seems worth it.
Around the PF blogs, you have heard these arguments before for sure. The NYT calculator is pretty interesting though. When I plugged in what my rent is vs what a condo would be (at a mere $300k, a total lowball price for Bklyn - you can barely find them in Kensington for that amount anymore) with $12k down it calculated that it would take 25+ years for buying to be the better deal when you factor in things like how much of your mortgage payments to go interest, property taxes, property insurance.
That was a pretty big wakeup call. I don't think I'd attempt to buy anything until I moved away from NYC. It hardly seems worth it.