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Comment by rokhayakebe | Hacker News Reader

I think if you are going to work for most of your life for someone else, than it is probably safe to buy a home, and at least recuperate some of the monthly payments you've made when you leave.

If you make decent money, and most likely will for the remainder of your life (aka used car dealer), then it is probably a better option to not own because you can always pay for rent.

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But again - why would you choose to rent if you can own? Rent is thousands of dollars thrown out the window each year. Mortgage (or buying with cash) is the same, with the exception that at the end 1) you own a property that you could, if need be, sell for roughly the same amount you threw out and 2) you stop paying for housing for the rest of your life (minus repairs, yes, but that's insignificatn compared to paying rent every month - or otherwise landlords wouldn't be profitable).

Maintaining a home can cost more than you might imagine. The reason it is profitable for landlords (at least for apartments) is due to the fact there many are paying rent within the same building (economy of scale).

Second, taxes are significant. Where I live (Fargo, ND) property taxes equal a rent payment alone. So it almost makes more sense (monetarily) to pay rent and invest the extra money into something more lucrative than a home.

Could you explain why you think you, as a renter, don't pay property taxes?

Probably because it's split between everyone renting in the building, and while the tax is higher, it's not so much higher that you end up effectively paying the same amount.

At least, that's my guess.

Because the IRS doesn't think I'm responsible for it.

Oh I am sure I do. That does not change the fact that for a $250k home I would pay ~400 a month in taxes (of course more or less depending on a variety of factors). Rent is currently $550 for a nice two bedroom apartment with balcony and heat included.

Let's not forget that I have to heat that house all winter, which is a couple hundred a month in and of itself. I could go on.

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