Thread by @LPinFinance

My rent: $2,400
This is not the same as a $2,400 mortgage.

So the next time someone tells me I'm throwing away money and should buy a house and build equity, I'll be sure to remind them of all the hidden costs of being a homeowner:

- Private mortgage insurance
- Homeowner's insurance
- Property taxes
- HOA fees
- Water & trash
- Maintenance
- The downpayment that could have been invested
- Closing costs
- Emergency costs

My rent is the maximum I'll pay per month.
A mortgage would be the minimum I'd pay per month.

Also, the current home I'm renting is valued at $1.1 million.

Let's do some maths:

Buying this same home at 6.8% interest over a 30-year fixed term would give me a mortgage payment of $7,171.

Homeowner's insurance: $104
Property Taxes: $688
HOA: $414

Not including PMI or anything else I listed, I'd be at $8,377 per month.

I think I'll stick to renting.

I'm gunna go ahead and add something for the people who think name calling is cool.

I am talking about *MY* current renting situation and how if I were to buy the home I rent, it would not make sense for ME.

Cont'd

I am not anti home buyers. Buying a home just isn't for me right now in California.

I do want to own a home one day, but I won't do it if the numbers don't make sense for me. I'm sure you home buyers out there didn't buy your house if it didn't make sense for YOU.

Cont'd

So maybe pause, and realize I'm just stating what works for me and don't be so offended by my decisions that don't even affect you at all.

I still have assets. Just because I don't have a home doesn't mean I don't have assets. I invest in the stock market.

Cont'd

The stock market doesn't require me to deal with tenants, toilets, and termites.

I don't look at a primary home as an investment.

I am okay. Worry about yourself.

I honestly can't keep up with so many comments so I will say one last thing and let the rest of you go nuts.

Reading comprehension goes a long way. I said the home is "valued at $1.1 million."

cont'd

Meaning the owner likely bought it for less. Which he did 5 years ago, for less than half.

Reading comprehension is critical.

Assumptions will get you no where.

Notice how I never hated on anyone for buying their home. In none of these comments fired at me, have I once called anyone stupid for buying their home.

Yet here I am being told I'm stupid for wanting to rent right now and invest elsewhere. As if me renting somehow affects you?

I'm happy renting. I'll be happy buying one day too, just not right now. Thanks @Raul_DSF