Quote:
Originally Posted by c1pher
Right, ownership benefit is more of a psychological thing than it is a financial thing. Once you look at it on a spreadsheet, you quickly figure out what’s what. Being able to have consistent living expenses helps when you are trying to put money in savings. If you have house repairs or other bills that come up, it can cause you to reduce or eliminate savings, thereby reducing that final number you have at retirement.
I’m not saying don’t own a home, but if you’re young and trying to bank for retirement, it’s important to really look at the market you live in and determine which path is more cost effective.
With COVID, companies are now relooking at remote work and this does change the dynamic for many professionals who have been transitioned to changing jobs and locations every so many years, requiring relocation. So if remote work takes hold, it’s possible to stay in a home even if you’re changing jobs.
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You should definitely look at it in a spreadsheet or have someone like a financial professional look at it for you. If you can’t afford to do repairs/maintenance without eating into savings rate, it’s probably more than you can afford.