RENT PAID OVER 12 YEARS
Do you ever get the feeling you are losing the battle in life? Perhaps you are doing the wrong thing at the wrong time. It is human nature in life not to look too closely at our actions. Because at a closer look we often do not like what we see. The same holds true on renting a home. Yes on one hand renting is a lot more affordable, and convenient, but on the other hand rents are cumulative...and it all adds up!
If we look at renting more closely. It is just not the $1000 a month we pay in rent, it is the 12 months a year, and the years add up. Over the course of 12 years, a landlord will never keep the rent the same rate. Lets assume the average rate of increase for home rentals on the average of 3% a year. That also would be a very low rate of increase. In most major metropolitan areas it will be greater. So if we look at it realistically and conservatively it doesn't sound too bad.
However, in 12 years the monthly rent has risen to almost $1,400 a month. Now add that up over the course of time...months, years and wow! You are looking at a dollar loss of $171,725.00 We are not even talking tax losses yet! Mortgage interest can still be deducted each year from your Gross Annual Income.
Now when you consider that the average fixed rate mortgage right now is at all time historic lows...you are missing the boat it you are renting.
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