Show 52 - Renting or Buying, What is Better? with Bree @Ritual_Finance
In this episode, I talk with Bree Lee from @ritual_finance about her decision to rent vs buying as a teacher in a high cost of living area and what you need to consider about the same choice.
9/25/20241 min read
Making the decision between renting and buying is hard. There is a certain freedom, status, and stability that comes with owning your own home. I mean, it is part of the American dream, right? But is owning a home always the better financial option? Bree Lee talks about why she made the decision to rent instead of buy even when she had the means to buy a home and the questions you can ask yourself when making the same decision.
Key Ideas
We spent most of the episode discussing the meaning of these questions that you can ask yourself to determine whether or not you should buy a home.
How long do I plan to live here?
What are the housing market conditions in my area?
Can I comfortably afford unexpected housing maintenance costs?
How much will I pay in insurance, taxes, interest, and HOA fees?
How does the rent compare to the total cost of the above additional costs of home ownership?