Rent or own: which would you do in my situation?

DX'd - Other
1
if you had two grand month in income, which of these would you choose?
  • rent a two bedroom apartment with costs of $420 per month and invest the savings
  • mortgage a $75,000 house with costs of $600 per month

0 voters

1 Like
2

Why don’t you get a mortgage on an apartment? Wouldn’t that be cheaper than a house?

3

You can rent an apartment for $420 per month?! Where do you live?! A two bedroom apartment where I live is a thousand per month

5 Likes
4

as far as i know, you can’t get a mortgage on an apartment. unless you are referring to a condo?

1 Like
5

There is no such thing as a $75,000 house in my State.
Yeah where do you live?

4 Likes
6

I have a mortgage on my apartment. We call them that or flats in the UK.

Don’t know what a condo is - I will look it up!

1 Like
7

Yes I meant condo

1 Like
8

i live in ohio, in a small town that is on the border of being a city, west of toledo ohio. i think they can make it cheaper than the market rate, cause we get utilities included at 620 and they can scale it up to make more money for them and pass on savings to us. i just deducted a couple hundred from the cost to make a fair comparison to a mortgage. (given around here two hundred would cover everything)

4 Likes
9

Wow! You’re very lucky!

2 Likes
10

I would pay a mortgage for a house.

1 Like
11

Of course buy the house, its just 180$ more/month and you keep the house, its yours!

12

But 75 000$ for a house? Here cheapest houses are about 200 000$.

1 Like
13

The cheapest homes in sf are about a million :joy:

2 Likes
14

I made 4 grand a month after taxes and still couldn’t afford rent in my hometown

15

Where is that? I heard houses in New York also cost millions.

16

San Francisco California

1 Like
17

My parents house is worth 2 million but prices are going down and rent is going down

1 Like
18

Not NY state, maybe NYC. I live in NY and we have houses where I am like 25k

2 Likes
19

Yea in the city like Times Square etc

20

Personally I would go with the option of an apartment. You would not have maintenance to pay for and do, and one thing i can say about living with this disease is I don’t have energy for the maintenance and as i age i have less and less.