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If I borrow a half million from the bank, I have to pay it back in monthly installments, commonly known as a mortage. Those costs are now added to your regular expenses.
Most rents are cheaper than mortages. So taking on a giant purchase + the cost of the mortage is a huge financial cost. Yes, she gets an asset (which she could sell at any point) but it's going to be more expensive.
A quick look at Denver apartments for rent confirms this, a lot of 1 bedrooms available for between $400 and $500 cheaper a month.
Yeah because rental properties are often shitholes and it skews the numbers
For the same exact property, rent is absolutely more expensive than a mortgage. Rent is usually paying for someone's mortgage for them, why would they make it lower? Who are these generous landlords?
Sure but my point is that this lady has made an extremely expensive purchase and now continues to pay for it.
Yeah because rental properties are often shitholes and it skews the numbers
Ahhh, there's the misunderstanding. Local/single owner rentals are actually a small proportion of tenancies. Most are large organizations which have purchased a large building etc. It's actually a kind of fascinating issue but worth reading about!
You are surprisingly comfortable condescending to people when you're incredibly wrong and clearly have no idea how any of this works.
Seriously, if you're in the US you can get a fixed rate mortgage for a term of 30 years. There's literally no way to lose that one. Rates go up? Haha fuck my bank I pay the same mortgage. Rates go down? Haha fuck my bank I refinance so now I pay less even if rates go back up again.
Buying property as soon as I was able was one of the best decisions I've ever made, and I was not able to buy it particularly early. My head hurts a little bit whenever I think about how much money I've burned on rent in my life. And that phrasing is deliberate, I may as well have set the money on fucking fire for all the future good it bought me.
Edit: By the way:
It's going to be more expensive than what? Renting it? If someone rents something, they don't get an asset. You only get assets when you buy them, because they have to be legally yours to call them an asset. So no, buying isn't a more expensive way to get the same asset. It's the only way to make it your asset.