I recently read a fantastic article on the web called “Throwing Money Away – Buying vs. Renting.”
As a person who rents and has no intention to ever have a mortgage, I’ve been told many times by many people that I am “throwing my money away” by paying rent when I could be putting money into a home to “build equity.” It was great to read this article and have it explain exactly how I think and feel on this subject, so the next time this comes up, I’ll be sure to forward this post.
One thing this article doesn’t take into consideration is the advantage of being mobile when renting. Because I’m not heavily coupled with my apartment, I’m able to apply for many jobs around the world, without having to restrict them to my current area. Even if I was spending more than someone with a mortgage (which I do not believe), I would consider this an acceptable “cost of doing business” that allows me to move upward or sideways, in any industry or job I want to move towards. Sixty days notice and I wash my hands.
Which side are you on? Read the article then come back and comment.