Either Way, You're Paying a Mortgage It Just Depends on for Whom
Yesterday, I got great inspiration from Steve Harney of Keeping Current Matters on why it is so important to purchase and not rent. There is a great quote from The Joint Center for Housing Studies at Harvard in Steve's post.
I have been meeting with a lot of folks about the importance of purchasing instead of renting an apartment in Boston. In the article, Steve and the gang basically say you are pay a mortgage one way or another. It's simply a matter of to whom. Will it be your landlord or yourself?
In most cases, people in Boston are going to be renting apartments for $1500/ month or higher. I have been meeeting with a ton of people who just don't realize that for about the same price, you can essentially purchase a comparable property that will work for you instead of your landlord.
I did a quick video on comparing rentals to owning in Greater Boston.
You can buy a home for about $1500/month with as little as 3.5% in downpayment.
You can see my video below.
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