[paulcole]

Why exactly?

I'm fine with paying for someone else to own the roof over my head. I've just prioritized keeping that cost as low as possible so I can do other things with my money.

[jjav]

> > The way I see it I'm going to be paying a mortgage either way. I'd rather it be my own than my landlord's.

> Why exactly?

Because if it is your mortgage, it has an end date. After that your housing costs drop dramatically. If you time it so that your housing costs drop dramatically near the time your income drops dramatically in retirement, it's a good combination.

[MattPalmer1086]

I can see two main reasons. When the mortgage is paid off:

1) you own a valuable asset. 2) your cost of living falls dramatically.

[paulcole]

> 1) you own a valuable asset

I guess this one is a matter of perspective. I don't see a house as an asset in my life.

> 2) your cost of living falls dramatically

My cost of living was dramatically lower the whole time leading up to the point where the drop-off occurs for the homeowner. They only start catching up after decades.

[jjav]

> I don't see a house as an asset in my life.

But you do! You said you are paying rent, thus you attach value to having a place to live.

> My cost of living was dramatically lower the whole time leading up to the point where the drop-off occurs for the homeowner.

In the other response you acknowledged this is from comparing rent on a tiny apartment to mortgage on a house, which cannot be compared.

If you don't need a house you could buy a tiny apartment. That gives you the benefit of a low mortgage now and zero mortgage when you're older.

[paulcole]

> But you do! You said you are paying rent, thus you attach value to having a place to live.

I mean obviously it’s an asset in that it adds value to my life b/c without it I’d be homeless. Thx for pointing that out.

[MattPalmer1086]

Well, I see my house as my home. But I do know that if things ever got rough I could sell it and live somewhere cheaper with a good chunk of money left over. So it is an asset, even if you don't think of it like that on a daily basis.

Whether renting is cheaper than buying varies. In the short term it often is, but not always. There is generally a long term point where buying is cheaper - but again, not always! If you can do something else with the money you save renting, then good for you.

To put this on context, to rent a house in my street is only a tiny bit cheaper than a mortgage on it. So it would not make long term sense to rent unless you had no choice.