NYC rent control magic is a special situation but you’re still paying forever. You get an asset at the end of a mortgage. Can you imagine owning in NYC?
And just so we’re clear, “cheaper to rent” means that after the 25-30 years that a mortgage normally lasts, you’d have the money to buy a home without a mortgage. If what you have in savings is less than the value of the home you would’ve had, then it’s not cheaper to rent.
NYC rent control magic is a special situation but you’re still paying forever. You get an asset at the end of a mortgage. Can you imagine owning in NYC?
NYC isn’t the only place with rent control.
And just so we’re clear, “cheaper to rent” means that after the 25-30 years that a mortgage normally lasts, you’d have the money to buy a home without a mortgage. If what you have in savings is less than the value of the home you would’ve had, then it’s not cheaper to rent.