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follow tovarichpeter 2018 Sep 5, 10:56am
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Fast-rising home prices and higher mortgage rates have made it cheaper to rent a home than buy and own one. The monthly costs of buying and owning a home that you occupy are up 14 percent over the past year, more than three times the annual increase in rent rates nationally, according to Realtor.com. Rents are up just 4 percent. Renting and reinvesting the savings from renting, on average, will outperform owning and building home equity, in terms of wealth creation.
When your property tax is $9000 per year (e.g. Santa Cruz, CA) it sure makes you wonder just what is the great benefit of owning.