Re: Renting vs Owning
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Mortgage interest & property taxes are deductible so if you itemize, you can assume after tax costs of those items are around 30% less (depending obv on your marginal rate, state tax rate, etc.).
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I should have mentioned I'm Canadian so no tax deductions. In fact I'd lose the tax credit I currently get for paying too much rent.
Roommates are not something I'd consider and the place I'm looking at is new and quite nice so any improvements would be more for personal taste and a negative finacially.
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But hey, I'm not trying to talk you into buying. Prices have come down a little bit, but are still high in general IMO. Renting is a better financial option for a lot of people nowadays.
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I use to own but I've been renting for 8 years. I've paid out $259k in rent and if I stay another 8 years that will be another 1/4 million plus. It seems counterintuitive that the correct decision is to pay out 1/2 million and have nothing to show for it at the end. The math says I should keep renting.
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