Owning vs renting: which is more expensive? According to Dave Ramsey owning is more expensive. Agree or disagree?

[GlowUpGirly5]

Agree

Disagree

I'm 50/50 on this

Updates

1 y

Please ignore the pink user below. Nowhere in my post did I sat dave Ramsey said ," it's better to rent". I don't know why so many women can't read and lack comprehension skills. ill be deleting their comment anyway

Updates

1 y

This is why I say women have poor listening skills. Look at the men's comments vs the woman's. Men answered straight to the point the women rambled on and did not comprehend a simple question. I'm gonna have to start deleting and blocking the pink users from commenting I don't have the patience. I don't know how men do it

[exitseven]

Disagree. Even when my daughter had a condo she still paid a maintenance fee that was more than my mortgage.

Maybe because I do 90% of the maintenance myself it is expansive but I had two houses that are worth over 1.5 M and no mortages. If I rented I would have zero.

[GlowUpGirly5]

Was your daughter renting? If so why would she pay a maintenance fee as a renter? Never heard of this

[exitseven]

No she owned the condo but she still paid a maintenance fee every month and there was rules about what color door you could have and what kind of flowers you could plan.

[GlowUpGirly5]

Then owning is more expensive

[exitseven]

I think it was for her. She kept the condo for 5 years and sold it and I think if you added up all the maintenance fees it would be more than how much profit she made on the sale. I made out a lot better but I have owned my house for 17 years.

[Iron_Man]

if you can pay your house off right away Owning is a lot cheaper. Plus you can sell your house and make a lot of money off of it

[GlowUpGirly5]

Right that's what Dave Ramsey said. He said it's much cheaper to rent but if you have the money to pay off a home and have money set aside to be prepared for repairs since you're liable for it all then you're fine but ultimately renting is cheaper because you're not responsible for everything

[Iron_Man]

Yes….

[WindAtMyBack]

I agree. But it partly depends on the market in your area. The own:rent ratio can vary a lot.

Property tax can vary a lot. My state has some of the highest property tax in the country, and my local area has some of the highest in the state. My tax is higher than my friend who lives in California, even though his house is worth more than ten times as much.

My property tax is about half what it would cost to rent a cheap apartment. I don't mean a complete dive in a bad area, but something in a decent neighborhood. Last year, my tax went up almost a thousand dollars.

Houses ALWAYS need work, and it can be expensive work. Coming soon I will be needing a new furnace, a new A/C, a new roof, and probably some appliances. Plus a constant stream of little things. It's never ending.

Utilities are also much higher. Heating and cooling are much higher. Trash, sewer and water are usually included in rent, but owners have to pay those.

[lightbulb27]

its not about cost but control to me. was time hard to find apts, can get kicked out price increases in a rental. I don't like that. also limited decorating it. I want on place regardless.

yes maintaining is expensive. have to budget for upgrades and repairs, but generally property goes up w inflation.

take care of place and not so pricy... I've seen 1950's houses pristine. problem is we destroy things due to lack of care.

[AviatorTom]

I initially, owning is more expensive, because you have to make a suzezbke initial payment for downpayment and closing costs, which you don't have to do if you rent.

Over time, though, owning becomes cheaper, since you can use the built-in equity to borrow against, no equivalent in renting.

[midnightmoon05]

He owns all his properties cash.
I am as well.
one of my properties gained over 💯 inn10 years.
I started to listen to Dave Ramsey 2 years. ago… he and I think alike. He learned from his bankruptcy at age 28… learned by taking sensible risks.

[GlowUpGirly5]

How does this answer my question @midnightmoon05?

[GlowUpGirly5]

@Ironco did she answer my question or did she just ramble on? This is what I mean.

[Ironco]

Lol, 🤪

[midnightmoon05]

Silly girl…
If one owns all their properties cash… what do they believe in?

You think we got rich by renting 20-30 years or owning?

However… as landlords… we would def. tell others to rent! 😂

[GlowUpGirly5]

@midnightmoon05 you still did not answer the question. All the men did. It's like you. @Ironco this is what I mean they are poor listeners and just ramble on. Look at the men's comments vs hers.

[midnightmoon05]

Because it’s cheaper wink wink 😜 keeping renting … it’s cheaper…

[LiamS95]

Cheaper now but hou waste all thst rent money either nothing yo show for it in ten years time but if you bought right you may now own a property worth a million bucks and only owe taxes no rent.

[GlowUpGirly5]

@LiamS95 but see how easy it was for you to get to the point? Lol 😆 it's like brain salad with these ladies. They ramble on and on and on. I just wanted her to answer and say why

[LiamJHayden]

I inherited my house so I pay property taxes, maintenance, and insurance, which are far less than any rental 1/5 the size of the house around here. But in general it depends upon where you live, how you live, the condition and size of the house/property, and your investment strategies. If the rent is low and your investments generate more than the equity increase plus write offs minus upkeep, you will be ahead.

[andreasderjuengere]

Owning usually involves financing with a loan.

Thus, I enslave myself to a bank.

Paying with my freedom is the most expensive thing I can think of.

[LiamS95]

Owning may be more expensive upfront but long-term it's less expensive and with owning you build equity by renting in the end you're left with nothing to show for all the money you've spent.