When I look back over the last 30 years, I am 100% convinced I would be way ahead today had I rented for 30 years. The cost of home ownership is something few people ever calculate. We have spent huge amount fixing places up to better our lives, but we could just as well put that money to better vacations. Having a home also makes you accumulate stuff you don't need. When you rent, you live more minimalistic because you move more often. We are about to sell both our home and rental property and move into an apartment. Tired of the maintenance, the yard work the endless costs and worrying about all the small things that seem never ending. It is also our first step towards freedom to move wherever we want instead of feeling tied down to one area. One item that was touched on briefly is the mental freedom that renting gives you. I can not stress enough how important that is within this context.

@absndus

2 жыл бұрын

As long as they cannot come into one of your apartment room as use your apartment for meetings for free. "You own nothing and will be happy. ;)"

@chaselesser3191

Жыл бұрын

I think it depends on how many times you move. If I rented my house today vs 3 years ago. That would be a 40% increase. Luckily it’s a mortgage, so it will stay the same for the next 30 years. When rent and mortgage prices will be double or triple.

@LM-ch8rh

Жыл бұрын

@D T thanks for your comment. i rent because my job location keeps moving. i'm a bit older and most of my friends have homes so i feel a bit like i'm not doing something right. but at the same time by renting i really appreciate the flexibility to move when needed and to not deal with maintenance issues so i can focus on work. but also at the same time, i'm at the mercy of rent increases especially when the rental market is hot. i try to make the case that i'm a quiet, stress-free renter so i can normally reduce rent increases by a bit.

@Youdontknowwhatliterallymeans

Жыл бұрын

Why not compromise and buy a condo?

@afrivox

5 ай бұрын

Maybe a confirmation bias but this comes at a time when we are deciding whether it is worth buying. Basically if we buy we would be paying over 15k more than renting the same house. In unrecoverable costs, interest, insurance, council rates. Plus we will need to tie all of our net worth in this house, as they require 20% deposit and below average houses here cost over 1 million.

I went from 1300 sq ft apt @ $1695 to 1800 sq ft home for $1057 (insurance and mortgage; tax exempt US Army veteran). I will take that saving and set it aside to manage my own property. Great personal choice for me. If and when I move again I would initially rent to check out the area first. The ultimate goal for me is to own and add that money back into my income to spend it according to God's economy.

@moneytalkswithjonathanthom4150

2 жыл бұрын

Very well done!

What you didn't touch on about deciding to own a home is, that you need to be able to save, around 5% of the value of the house, every year, in order to have the money to pay for repairs or upgrades, such as a new roof, or HVAC system, etc. If you can't do that, then home ownership is not a good idea. So many people save for the down payment and then instead of continuing to save that same amount, they use it for paying the mortgage and then don't have any funds for when repairs come up.

@adambev9548

3 жыл бұрын

I mean I agree with this. Just another way of saying have an e-fund of 15-20k

@nohandlebravo

3 жыл бұрын

Good advice Kim

@kimpilkey3189

3 жыл бұрын

It also depends if you can do any of the repairs or installation yourself. If you have to hire a contractor/ handyman for just about everything.....you need to save that 3-5% 😲

@ibmtpx24

2 жыл бұрын

5%?? Plus the 2-4% of insurance and property tax, even if you paid with cash, the ownership of a house is costing the original purchase price every 10 yrs or so and it would only go up with inflation and property worth. I will get a small house or a apartment for seasonal renting (to others). Most of the time I will be living on the road.

I sold my house to be with a guy, didn't work out and now I'm in an apartment. Loved it...for a few months. Until my AC quit working in 100° weather and the landlord told me if I don't like it to move out. She is so right in saying find a place with good maintenance!!!! I'm ready to get out asap!

@tduck828

3 жыл бұрын

Pretty sure that is illegal. I would be reporting them.

@stevenporter863

3 жыл бұрын

@@tduck828 It is definitely rude and unprofessional, but not necessarily illegal. A/C is not generally classified as emergency (like heat in winter, electric issue, gas related issue, water related issue, etc. would be). It would be the same thing in a house or apartment (nobody can fix it immediately) except the home owner would be the one ultimately paying the bill.

@slamdunkslamdunk6995

3 жыл бұрын

@@stevenporter863 oh yes it is. in the south people die when the AC breaks- especially the elderly. You’re probably from a northern state and include heat in your list but NOT AC. That tells me you have no clue about surviving the summer in the south with no AC.

@stevenporter863

3 жыл бұрын

@@slamdunkslamdunk6995 I am not talking about personally but what the law is for the whole country not just the south. Most communities in the US AC is not considered an emergency. Less known is the stipulation unless the outside air temperature is above 90 F - I think that is what you are trying to allude to.

@wildrosecottage9844

2 жыл бұрын

When I spoke with an attorney he advised AC is not required however since I signed a lease on and apartment with a working AC then the landlord need to maintain it. They finally got it fixed now but I start a second job this week and will be buying myself another house as soon as my lease is up. I will not continue making someone else rich after being so disrespectful when I've been nothing but patient and polite about the whole thing.

Truly situation will dictate.... I'm single and don't require much room so a house would be way too much room for me

Im in Montreal for the long term. I do many of my own repairs. I own (mortgage) 2 homes, 2nd would like to rent. If your not afraid of a little headache, cost to call a professional, and sweat, owning is better for me, I love to invest and make some money and not just have nothing in the years to come.

That would be a good idea for another Ramsey show, bring in. Winston Cruze to show people how to fix things at home by ourselves, another way to save money. 👍 Please consider it!

I love this conversation! I've been wondering this and what's best for me and my husbands life!

So glad I watched this! Saving for a house and was feeling like, I need to be at the place where I already have my house down payment, but feeling way better about renting while hubby and I save up

Depends on how long you’re going to be there and whether you can afford it or not.

Thoroughly enjoyed both perspectives on renting vs home ownership. Very informative!

As George talked about his DIY abilities I instantly had a flashback to that 90s show with Tim Allen 🤣🤣🤣

@nursevinyl6185

2 жыл бұрын

😂😂😂

Being a home owner is the end game.

Hong Kong is as same as New York and even more expensive plus much smaller square ft. One million USD for just a 500 sq ft in average size with 200K - 300K USD down payment . Pretty much ‘ impossible’ to buy a flat for cash in this city . Baby step 5 is not realistic in hk but I’m renting so that I can achieve baby steps 7!

@admiralackbar4652

3 жыл бұрын

That's madness. Live in a van, bud.

I loved not having to worry about maintenance while renting and getting out of debt, but rent only goes Up every year. Right now I don't know how Anyone can afford to rent Or buy because rent has gone up astronomically with the housing market. So very grateful I was patient and was able to buy a condo in 2018. I feel sorry for people looking at either option currently.

This was such a great discussion! It confirmed that I am not ready to commit to buying.

@christopherrosas2738

2 жыл бұрын

Not everyone is, and for some renting is just better for them..... I probably could get into a house, but I am single and don't do well in large areas that are quiet so an apartment just works better for me, but I understand that it's not for everybody

I am 48 years old and I have always been a "renter" and the liability falls on the landlord!!!!

I agree that owning is expensive but dealing with neighbors that do not care about anyone around them is more expensive to health... rented for almost 15 yrs and every year it got more expensive and neighbors got worse.

LoL! I looked up some details about you, I was just being nosey. I found one that had a list, the boyfriend's name box read - "Under Review". It made me giggle; you should warn Winston! ;D Thanks for all you do.

😂😂😂 it's the Katy Perry lullabies for me

Average rent is $1,100?? Where might that be? In a tree house? There are no rents anywhere in my area and beyond that is anywhere near that price. Try the thousands.

@jillhoftiezer960

2 жыл бұрын

In Wisconsin we rent a 1500 sq ft townhome for $850

@alyssabird720

2 жыл бұрын

Paying $750 for a 600 sq ft apartment

@JuancoPRoFlow

2 жыл бұрын

@@alyssabird720 where?

@alyssabird720

2 жыл бұрын

@@JuancoPRoFlow in a place where rent is cheaper lol

@jojoangu901

2 жыл бұрын

Bout to rent a 3 bed 2.5 bath duplex 1200 sq feet for 995. Our current apt will go up to 1775/mo.

Which is better buy an apartment, pay off and later get a home or go straight for a home ?

I would much rather own a home but I’m renting now. The good part though is I have writing more about pros and cons in what I’m looking for my future home.

JOMO!!! Lol love it

I like the idea but the legitimate fear is that the housing market will never cool because access to Housing market data is so much more real time and on demand like Zillow and Redfin. That said timing is everything too.

I love JOMO!

I think renting would be better if your living in an expensive metro area like San Francisco, Los Angeles, and Washington DC where simply the mortgages in these areas alone can be like 3000 dollars a month. Now yes people can move to cheaper areas and buy homes but that is easier said then done. It is hard for most people to leave their jobs out of a whim to move to cheaper cost of living especially when one's family is situated well or as other family members living together.

@donaldlyons17

Жыл бұрын

Yep logistics are important. Ramsy people know is is difficult but don't like to admit the limitations.

I have multi house I live in the first floor and rent the second floor I want a single house

Renting is the best at least you have the freedom to move around and you still have left from your money to live❤️

@cazpk6840

3 жыл бұрын

Rent when young but after 40 use yr savings to buy. U need a paid off home by 50 or 55

@donaldlyons17

Жыл бұрын

@@cazpk6840 Well if the goal is to own the place where one lives it seem buying would be better regardless of age..... Unless one is renter to own how is renting ever owning?

Imo.. buying a home is kind of a way of rent control. My payment is the same as rent.

rachel is the best monetator...err....moderator 🥰

I like to buy a home and collect the rent as a passive income.

@DavidRamseyIII

3 жыл бұрын

No landlord would ever call it passive income, Knit

My rent is $1,750 😭 3bed 2 bath in the south.

@rubyhaskell1325

3 жыл бұрын

In the Seattle area 3bed 2 bath rents for $2500 😭

@MegaDiddlemaus

3 жыл бұрын

That's reasonable price👍

@mrseliephant

3 жыл бұрын

In the Austin area you can now rent a 3 bed 2 bath house rental for a whopping $3200 a month. It used to be around $1500 a month. Those were the days...

@laylagrace5398

2 жыл бұрын

@@rubyhaskell1325 😱

@laylagrace5398

2 жыл бұрын

@@mrseliephant 😱

From 8:10... 😭

I've done both. I prefer homeownership.

Owning a house ...... Money pit.

9:00 My Space... what year is this?

hire a maintenance man for your property!!!! yes, only people with money should own. people who can invest. owners only!!!

LMBO @get a hammer 🔨🤣🤣🤣🤣

"We're crying bc we went from owning a home, to a 2 bedroom apartment." Cry me a river...

Getting married for the first time? There is only one time, lady. Dont change scripture.

@jajabrownie1

2 жыл бұрын

lol this made me chuckle! I agree :)

@sharimason2977

Жыл бұрын

What if you're widowed?

That guy is creepy

This was an amazing discussion! Thank you all so, so much! The part that stood out to me the most (especially during this continuous season for me) is thinking “if I can just get this” or “get that” all my problems will go away when normally that is not the case! So thank you all for throwing that tid bit out because it really resonated with me and brought me back to my center to remind myself that I am doing just fine where I am currently. 🫶🏾🧡