I compared buying a $377K home via a 15‑year mortgage at 5.875% interest with renting, and it appears you lose about $32K in six years. Can someone clarify this situation?
Have you considered that home equity and potential appreciation could offset these costs? It might be more of a long-term win than an immediate loss. What do you think could make these numbers more appealing in the long run?
The feeling of losing money with home buying is common when looking strictly at monthly payments and short-term payments. In my experience, it helps to view the purchase as a long-term investment rather than a short-term transaction. The appreciation of the property, tax advantages, and gradual equity buildup can offset the immediate cash outflow. It is crucial to consider the broader financial picture including potential resale value and stability in housing costs. Adjusting the perspective may help alleviate the initial impression of a rip-off.