I’m finally chiming in on the rent vs. buy debate. I’m graduating in a couple months and so are many of my peers. Everyone seems to have the I-need-to-buy-a-property-right-now bug and it’s really starting to get on my nerves. It enrages me when people stay at home till they can “save up” to buy a house (sorry friends) because they think renting is a waste of money. I’m really just not sure why people don’t think they should have to pay for their living expenses as an adult.
Anyways…. in my opinion, buying a home doesn’t make sense for a few reasons:
a) At 23 how do you know where you are going to be in 2 years, 5 years, or 10 years. This is the period of time where most young-professionals move around and try out new jobs and cities
b) You likely don’t have the money to pay down your mortgage fast enough for it to actually worth it
c) It is more expensive to buy
I could probably write you 1,000 word post making my case, and don’t get me wrong one day I will buy a home, however, this video explains it much better than I ever could. I encourage you to watch it and leave your thoughts in the comments below.