I Should Have Just Rented For Longer (The Truth)

I bought and paid off a house by the age of 24, that’s 30 years earlier than the average person. Which to be honest only sounds impressive when you don’t understand the value of money and time. You see my rich uncle told me, I know you’re going to do what you want to do, but I think you should rent an apartment and put that’s capital to work.

So in this video we are going to talk about renting, and is it good idea to try to buy a home so early.

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1. The math to figure out at what point renting becomes more expensive is fairly Simple

-Take into account all the cost of having the home

-And the cost of paying the rent and the price going up year after the year

-Let’s take a look at the math with the calculator

Austin Texas

-Let’s say the average rent is: $1,826

-Let’s say the median home Cost: $500,000

-If you stay for 26 years buying is cheaper than renting but the average person but of people leave because they something else

However Lets do the math:

-10% down is 50k

-Difference between the rent mortgage and all the expenses is let’s say 1,200 a month

-After 26 years of investing, you would have 3.3M or 737k in equity since the cost eat up the gains

2. However 26 years is a long time ( and here is my thinking )

-Why not just do both and try to own the home fast

-So if you buy a home and pay it off in 15 years while you invest 20% of your income

-You’ll have both a home-equity of around 500k plus 584k in investing with the 70k income

-And you continue to invest for the total 26 years you’ll have 2.3M ( 1m less roughly )

So here is the benefit

-Buy you have had your cost of living lowered by 33% for 15 years

-You have security that if you lose your job you’ll be solid

-And you own your home

3. Here is what I’ve learn

-Mathematically buying a home often doesn’t make sense

-But when you create a plan that everything has to be perfect that often doesn’t make sense either

-So the best plan is the one that takes care of you just incase

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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