Sort of. Rent actually should some times be more than mortgages, but only for comparable property types. I agree that renting a 1BR apartment should not be more than renting a 3 BR house. But, renting a 3BR house should be more than having a mortgage on a 3BR house.
Not just risk but amortized maintenance. Water heater only lasts 12 years, furnace 18. Roof is about 20, siding 15-50 depending.
edit: Kitchen appliances now about 5? according to my recent experience. Probably the same for laundry machines. Toilet innards, like 10? Sink leaks, actual plumbing leaks, windows are gonna need it eventually and then fuck what about the garage door opener?
Sort of. Rent actually should some times be more than mortgages, but only for comparable property types. I agree that renting a 1BR apartment should not be more than renting a 3 BR house. But, renting a 3BR house should be more than having a mortgage on a 3BR house.
And it’s because of that old axiom, “Rent is the most you’ll spend on housing, a mortgage is the least you’ll spend on housing.”
Yeah, mortgage involves risks that renting does not. Rent includes compensation for the risk spread out over time.
Not just risk but amortized maintenance. Water heater only lasts 12 years, furnace 18. Roof is about 20, siding 15-50 depending.
edit: Kitchen appliances now about 5? according to my recent experience. Probably the same for laundry machines. Toilet innards, like 10? Sink leaks, actual plumbing leaks, windows are gonna need it eventually and then fuck what about the garage door opener?