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“If I rent…” there will be all kinds of benefits, so the thinking goes.

“…I can…”

Paying less for your rental than you will for a house means having money left over at the end of the month. All those wonderful things you hoped for can be yours! You’ll have money to travel far and wide, a nicer car, dining out, every tech innovation, the list goes on.

“You won’t…”

Every penny you spend on rent will never come back to you. As the cost of housing increases each year, more of your paycheck will go to housing. The last 12 months have seen rents rise quickly. In part, this is due to fewer homes being built and in part it is due to existing homes being bid up. Your landlord is paying attention. They are asking themselves, “Where’s my renter going to go? (insert snicker here)”  When you file your taxes, you will be paying much more in taxes than a home owner because you can’t deduct your rent.

“If you…”

…bought last year, you would be sitting pretty at less than half the interest rate and with a lower payment than you will if you buy now. And that payment will not change over time. If you buy now, you will have a lower payment than if you wait another year because interest rate will continue to rise. There is a lot of truth to this being the first day of the rest of you life.

“But I…”

…want a house with a garden and some space. A place of your own helps you see the same rise in prices aid you rather than hurt you. Your townhome or condo also rises and that builds up your wealth. This makes a house possible one day when you get that promotion. Your increased income will cover the larger loan payment. Selling townhouse or condo will mean you have the down payment without having to save for it.

Past generations bought to have a place of their own. Over the decades their homes’ value rose faster than their income. There may not have been enough for travel, fine-dining or any of a hundred other things. Today they reap the benefits. They can retire very comfortably and enjoy all those things they put off. Will paying rent allow you to do this?


If I Rent