Which is economical, renting a house or buying?

[Tobi]

Financially it is cheaper but also you can’t be forced to move unless you don’t pay the mortgage. Rents only have a place to live until the landlord doesn’t want to rent to them.

My cousin rented a house, loved it. Her landlord decided to sell, nothing she could do about it. She was lucky enough to find a house to buy she could afford. She has dogs and cats, so renting is hard to find a place even with money. A friend has been renting a house from her old friend who now died. The heirs are selling the house. She is low-income elderly and trying to get into low-income housing but long waiting list. She may end up homeless.

 

[Starmix]

It's crucial for an individual to end up homeless, so while you are still young and having a good career or busines don't waste your money, save some so you can buy your own house. Renting is also risky if the house owner plans to sell the house.

 

[Augusta]

Buying is generally more economical in the long term because you build equity and potential profits, while renting is cheaper in the short term due to lower upfront costs

 

[Starmix]

Those transients opted to rent , they won't live in a certain place for years, only some months. It will be impractical to buy a house.

 

[Augusta]

If you have the money or means it is better to have your own abode. You would be having a legacy

 

[Starmix]

Newlywed couple usually buy a house through instalments. Once they have kids the property they purchased through installments will ease them especially if they almost fully pay the house and lot.