OWNING vs RENTING A HOME – Why RENTING May Be The Smarter Move For YOU

OWNING vs RENTING A HOME – Why RENTING May Be The Smarter Move For YOU
In this video, I explain a few different scenarios where renting may be the better option than owning a home. I’m teaming up with Let’s Talk Money with Joseph for this video, he’s going to debate why OWNING may be the better option!

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  1. Freedom In A Budget says:

    🔥Check out Joseph's video: https://youtu.be/0JYFXxq6GPU
    🔥Check out Joseph's course, Crushing YouTube: From 0-75,000 Subscribers: https://simple-stress-free-investing-for-life.teachable.com/p/crushing-youtube-from-0-to-75-000-subscribers/?affcode=freedominabudget&affcode=284379_r1i6su6m
    Joseph's Books:
    🔥Crushing YouTube: How to Start a YouTube Channel, Launch Your YouTube Business and Make Money: https://amzn.to/33A9cjW
    🔥Step by Step Dividend Investing: A Beginner's Guide to the Best Dividend Stocks and Income Investments: https://amzn.to/2ppZgKO

    🔥M1 Finance: FREE Easy way to Invest: https://mbsy.co/BtpRv
    🔥Try Robinhood App + Get A Free Share of Stock: https://share.robinhood.com/kellys928
    🔥How We Save More Than 56% Of Our Income: https://youtu.be/fYTakSFEeHQ
    🔥5 Passive Income Ideas that earn $1000+ per month: https://youtu.be/yiqQARtPu8I
    🔥5 SIDE HUSTLES YOU CAN START THIS WEEK: https://youtu.be/v3bSWbVuSVM
    🔥Shop Excel Budget templates on my Etsy shop!: https://www.etsy.com/shop/FreedomInABudget
    🔥Capital One 360: Put your "Emergency Fund/Savings" in the same place as me! Also, get a $25 BONUS and up to 2% interest for doing so!: https://capital.one/2mbkriq

  2. Hannah Lukes says:

    Renting is like throwing your money away.

  3. RicoSuave Investing says:

    Lol great video Kelly. True, buying is not always the best option.

  4. Lyn Morris says:

    I'll need to watch Joseph's video, but I honestly believe it's about making the right decision for you at the right time. I think part of that is having the wisdom to know that comparing rent vs mortgage is not an adequate way to determine if you are better owning.

  5. arthrodea says:

    Super interesting way to lay out the numbers!
    I wonder how my rent would compare to a house….. I pay about $200 a month for electricity, water, and trash (which is only $30 of that).
    I don't think we have city taxes here (I had no idea your area did, geez!!) I thought state property taxes were just included in the mortgage price, but I never didn't realize some cities in Florida have city property taxes too!
    Have you done any graphs of how it would look if you did a 15 yr loan, 20% down or if you just pay off "X" much more each month on the mortgage?
    Now I'm scared to ever buy a house!! But I think Dave Ramsey recommends getting one (cash or paid off ASAP) for security in retirement.

  6. Penny Bentley says:

    I love renting we used to pay $460 a week on a rental then my husband took a new job for the government and we get a rental with it for $87 a week it's a massive house 4 bed to bathrooms so much open living space and a theatre room and anything that breaks they fix it only down fall two hours away from good shops ( target ) and 2.5 hours away from ( kmart ) 😂 but piece and quiet in the country gotta love it 😍 love watching thanks 😊💐

  7. tomzphone says:

    Comparing renting an apartment vs a house isn't apple to apples comparison. You should have compared your house to renting the same house. Around my way, you still are paying more than $1600 per month on a 3 bed 1 bath apartment vs $1200 for the same 3 bed 1 bath house (with everything including the mortgage payments except maintenance and water/electric with 3.5% down). Why would I want to rent and pay $5400 per year more ?

  8. tomzphone says:

    How do these number and advise work when buying a house where my total mortgage (excluding maintenance— 3.5% down) is $1150 per month but renting the same house would be $1600. That is $5400 per year more renting vs buying.

  9. Nirav Patel says:

    also, need to add Rent Increase year over year at least 2%(average), moving expenses. Comparison between $1.1M vs $370K (without home value price appreciation) is not fair.

  10. Harley Dancer says:

    I think rent is best for us (husband & i) because he only have 30% of his heart working so up keep of house can not be good by him and I can't do everything. I try though lol. Have a beautiful rest of week.✌🍊👻🎃👍

  11. Finding a way says:

    My husband always wants move after a year or two… so whenever we do end up buying a house I'm kind of afraid for that. Lol. We have moved over 10 times.

  12. Finding a way says:

    What is PMI insurance?!?!

  13. Finding a way says:

    Wow thanks for doing the breakdown of this. We are family of 5 and we rent we've been renting. Since before we got married 13 years ago. the least amount we've ever spent for a rental was $500 in the most is $925. Typically I think our rent has been in the $700-$800 range on average though. We purposefully have looked for homes that were less than $1,000 to rent. We live in the Pittsburgh area there are a lot of rentals that or more than what we pay. And we haven't always lived in the nicest of homes. The $500 left slot to be desired. Lol. but we have always lived in pretty safe neighborhoods areas / school districts. This is very important to me. we haven't made the best financial decisions otherwise so being homeowners definitely wouldn't be ideal for us. Especially right now. We would like to own a home with some land eventually. But we have a lot of other things that need straightened out first. and we need to be able to save money because I know comes, so much cost of their own typically repairs and I'm sure we wouldn't be buying a brand new home will you be buying something that would be a fixer-upper of sorts.

  14. Francis Mwangi says:

    I hope you guys have hurricane insurance. Hurricanes are the reason I'm scared of living in Florida

  15. Jacobl Hammonds says:

    I am currently 25 and totally agree with you about the perks of renting. I've been able to move around freely, explore new areas/demographics, and invest my money into stocks & bonds. My Mom is a realtor so you know she has been trying to get me to buy. I won't buy until I can find good cheap land and can use my construction business to try and build something small.

    Just subbed 🙂

  16. Brandon Kinnard says:

    Out of all the videos I've viewed on "Renting vs Owning", this video has by far been the most helpful. Other videos have been very informative but I believe this video just helped me to finalize a decision whether to rent or own. Thank you for posting this.

  17. DaltonsFriendswood says:

    People up north don't have to mow but they have to pay for or deal with snow removal. Brrrr.

  18. Joy Smith says:

    This was a great video! There are many perks to renting. Honestly paying a monthly rent that covers the cost of water, HOA, and repairs is a steal! We have owned our house for almost 2.5 years and have already had tons of maintenance cost. It’s so important to have a house maintenance/repair fund because they come so often. The true advantage of owning a home is if you plan to be there for many years. If you are only owning for a short time you are usually wasting money on interest, taxes, insurance, repairs. I heard somewhere that the amortization schedule for homes are made that in the first 7-8 years you pay a ton in interest because most people only live in a home for that amount of time. So the bank is winning! I love our home and the space we have but honestly we could have paid off our student loans faster if we had stayed in an apartment because we would have more disposable income. The baby steps make sense!

  19. Davi Todd says:

    I love this video. Being a military family we were told often that living on base or renting was a waste of money. We just did not listen to it because it is far easier to bring orders to a landlord, break a lease and move than it is to sell a home in 30 days or long distance landlord. Nevermind the peace of mind of having them make repairs when your spouse is deployed etc. There is a time and a place for everything. Also, when we did buy, we definitely needed 3-5k for home repairs and maintenance. Owning is definitely not a full proof "investment".

  20. Bridget Love says:

    Your rental is/was a good price for this area. We rented a 1200 sq foot apartment and garage in So Florida and it was $1900 plus water, which for some reason was an insane amount. Our mortgage is a bit over $2000 (including property and insurance) but its 2,600 square foot house. So not apples to apples. We do unfortunately have a higher HOA of $300 a month but you do have amenities for that price including a gym, pool, tennis courts, basketball courts etc. So I think in South Florida I think it is more economical to buy if you have a down payment. P.S. we do eventually want to get out of an HOA as not being in control of increasing fees and the over the top restrictions are annoying.

  21. Let's Talk Money! with Joseph Hogue, CFA says:

    Love that you shared your numbers Kelly! Makes me realize I missed the closing costs in mine. 🙄 Still like a home as a 'forced-savings' plan and some of the emotional benefits. Even as a bow-tie numbers nerd, I love our home and we've got an emotional connection with the house and our community…$1.1 million dollars though 🤑 that is pretty amazing!

  22. Passive Income Tom says:

    I just watched Joseph's video. Waiting to hear your take on this great topic! 😊

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