whomper Posted July 16, 2009 Author Share Posted July 16, 2009 And the property taxes....... Correct . Which falls under the tax advantage argument. Quote Link to comment Share on other sites More sharing options...
tonorator Posted July 16, 2009 Share Posted July 16, 2009 Correct . Which falls under the tax advantage argument. owning is not really a tax advantage overall. while, it's nice to deduct the interest and taxes from your income come april, remember, you are still paying more in both areas vs. the tax credits you receive. so generally, a renter is paying less vs. a mortgage payment because they don't have to pay the interest and taxes at all. so it's a nice side bene, but owning is all about the equity. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted July 16, 2009 Share Posted July 16, 2009 owning is not really a tax advantage overall. while, it's nice to deduct the interest and taxes from your income come april, remember, you are still paying more in both areas vs. the tax credits you receive. so generally, a renter is paying less vs. a mortgage payment because they don't have to pay the interest and taxes at all. so it's a nice side bene, but owning is all about the equity. I was going to post the same thing and then thought about it. Are you not paying the taxes and interest in your rent payment? Quote Link to comment Share on other sites More sharing options...
whomper Posted July 16, 2009 Author Share Posted July 16, 2009 (edited) owning is not really a tax advantage overall. while, it's nice to deduct the interest and taxes from your income come april, remember, you are still paying more in both areas vs. the tax credits you receive. so generally, a renter is paying less vs. a mortgage payment because they don't have to pay the interest and taxes at all. so it's a nice side bene, but owning is all about the equity. I was going to post the same thing and then thought about it. Are you not paying the taxes and interest in your rent payment? Maybe not all but if you are renting a house you are certainly paying into the taxes and interest of the homeowner. My brothers rent is not very far off from my mortgage payment. Edited July 16, 2009 by whomper Quote Link to comment Share on other sites More sharing options...
tonorator Posted July 16, 2009 Share Posted July 16, 2009 I was going to post the same thing and then thought about it. Are you not paying the taxes and interest in your rent payment? i'm sure part of the rent payment is used by the owner to pay these things but if you are, say, in an apartment complex, it's pretty small/distributed. many people are also willing to rent their house for less than their full mortgage payment + escrow so they can continue to build equity. Quote Link to comment Share on other sites More sharing options...
whomper Posted July 16, 2009 Author Share Posted July 16, 2009 i'm sure part of the rent payment is used by the owner to pay these things but if you are, say, in an apartment complex, it's pretty small/distributed. many people are also willing to rent their house for less than their full mortgage payment + escrow so they can continue to build equity. apartment complex I agree with . My comparison was a house rental . You certainly have a point but I think we are both right to an extent Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted July 16, 2009 Share Posted July 16, 2009 American Dream is ta own your own home.....spin it all ya like......in the end ya have somethun that's yours and not some Megan Foxbag landlord Quote Link to comment Share on other sites More sharing options...
westvirginia Posted July 16, 2009 Share Posted July 16, 2009 apartment complex I agree with . My comparison was a house rental . You certainly have a point but I think we are both right to an extent I was talking about house also. I haven't been in an apartment since college... Quote Link to comment Share on other sites More sharing options...
whomper Posted July 16, 2009 Author Share Posted July 16, 2009 (edited) I was talking about house also. I haven't been in an apartment since college... My wife and I rented the top floor of a house for the first year of our marriage. Found a house when she was pregnant. Moved in and 1 month later our first daughter was born. The rent at the first house was 880 a month :divingboard: Edited July 16, 2009 by whomper Quote Link to comment Share on other sites More sharing options...
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