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How long have you been living in your house, rented or mortgaged, which is better?

I lived with my mom in the countryside most of my life
because she had stroke and a widow
when she passed away, I sold the house
then rented in the city for work
until now....
I was planning to get a mortgage before the pandemic
things were chaotic so it was shelved
now, mortgage shoots up double
ugh!
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samueltyler2 · 80-89, M
We moved into an apartment in Aug 2021, after living in our condo for almost 30 years, prior to that 20 years in 2 different homes.
1Dogma · F
@samueltyler2 all bought and owned?
samueltyler2 · 80-89, M
@1Dogma yes. First house we bought in 1972 cost $42k. Sold i lt in 1978 for $65k.bought next fir $75k, and sold it for $295 ish in 1991, bought the condo for $315 that year and we o kk d it in 2021 for $675k, lots of "sweat equity, " and renovations cut into any apparent "profit."
1Dogma · F
@samueltyler2 good investment, you earned some!
samueltyler2 · 80-89, M
@1Dogma yes, but if you factor in the upkeep costs, the cost difference between insurance, etc of owning and rental, and the amount we paid for interest on mortgages and real estate tax, and the income we would have made investing to lose funds, the earnings are less apparent. The difference is in the fact that the rent on our current apartment will go up a lot next year, the cost if we still owned the condo would be stable.
1Dogma · F
@samueltyler2 sorry to hear about that.
my rent never increased for 8 years.
samueltyler2 · 80-89, M
@1Dogma thanks to COVID and the global inflation, the initial rate increases in our apartment house is 20%! We are holding out, one of our neighbors waited until the last minute and got a 13 month lease at a 7% increase. It is usary!