"Why should I pay rent and cause someone else to gain equity? With a mortgage, at least I get to keep the home at the end!"
So you're willing to harm your own ability to gain wealth in the name of not making someone else rich?
For the record, it's not just mortgage that you're paying. If your downpayment is too low, you're paying into mortgage insurance. You have to pay the homebuyer's tax. There's legal fees for the purchases, the home inspection, etc. Don't forget moving fees (unless you're one of those cheap bastards that gets friends to help move).
And during ownership, you have insurance, maintenance, strata fees, then emergency expenses (such as a refrigerator breaking down).
Then moving out, you may have to pay agent fees, moving fees, and taxes again when buying your new place. Perhaps even fees for refinancing if you're in a pinch.
None of those expenses are things you'd have to worry about if you just rented.
Rent, save the rest. https://www.bloomberg.com/news/articles/2023-02-10/millionaire-renters-are-on-the-rise-in-high-cost-us-cities
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Generally you will pay a good deal **less** per month with a mortgage even with all the extras. REally wheree i think there is an argument to rent is if you dont want to be locked down to a location. If you want to move every few years a mortgage is **not** the way to go. But if you are going to keep the house until you own it(and perhaps even rent it out rather than sell if you move) then a mortgage is a great economic choice and it certainly isnt "hurting your ability to gain wealth" since it is both giving you collateral and saving you money over renting.
