re: Renting vs owning

quote:

---

Also you left out taxes and upkeep which the renter doesn't separately pay. your 870 mortgage is not equal to 870 rent since the renter is paying taxes, etc in his rent already while you are not.

---

Renters don't pay taxes and upkeep directly, but unless the landlord is an idiot he's going to charge enough in rent to cover the P&I, taxes and some profit to make it worthwhile.

Of course, if the market won't allow the landlord to make money there will be less supply and rents will go up eventually.

I think someone already said it, but IMO the best rule of thumb is time. If you're going to live there for 15-20 years then its probably a good idea to buy, especially with the cheap money people are getting today.