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Originally Posted by hokiesandwich
The only investment class open to the average Joe that's done better has been property, and then only if you know where to buy. That's not something I handle. Personally, if you've seen the cost of real estate in NYC, you'll know why I rent.
Bob
Isn't it better to own your home than play the markets? Didn't a report just come out with statistics on overall wealth, race, and homeownership? My point is...should I be saving money to own my home, or rent and invest money instead. How are you calculating the break-even point here, with all the risk of the market?
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I don't know a whole lot about financials, but I do know this. Owning your own home IS an investment. Even if the value of the house goes down, once it is paid off, you have a place to live that has some value, and are no longer bleeding out rent money every month. Even if property taxes and upkeep are high, it is probably still going to be less than the rent on a place of equal size/value, and could be sold to make some of that money back. Renting is a fools game for the poor, and if I weren't repairing my credit from a few blunders when I was younger, I wouldn't be doing it anymore.