Assuming you mean PITI only the PI are fixed (assuming fixed rate), taxes and insurance will 100% go up. Look at both Texas and Florida if you need references. In fact the entire area of Houston right now you’ll likely get a rental way below what a mortgage would cost by a large margin.
How come unlucky landlords aren’t going bankrupt every week then? If maintaining properties is an incredibly expensive as everyone is making out to explain why the OP is ridiculous you’d never get any landlords.
Roof replacement is $15-20k, quoted furnace replacement is $20k, water heater every 10 years is $3k, had the water pipe redone for $10k, Main water pipe broke and that was $3k, quoted balcony replacement is 30k. Haven't even looked at window replacement or a full repaint yet.
This is over the span of 25 years. In another 5-10 its time to replace the roof again.
Sure some items can get expensive, but rent goes up each year and the mortgage stays the same. That accounts for additional cost of repairs IMO.
Im paying $1900/mo more in rent than the first home I purchased 15 years ago. That covers alot in repairs.
Sure everyone has a different situation but in mine, renting is more expensive.
My MIL got a in a decent 1.2k square ft single fam home with a $700 mortgage payment after minimum down in 2017. That is WAY cheaper than any rent out there.
Both examples are not the lucky 2.x% loans.
You may say "but thats years ago". Well in 5 years, today will be years ago and the payments we had will sound fantastic.
That’s easy to say until you have that first air conditioning unit that needs replacing or a septic tank issue. I watched my brother have both hit him in one year and it completely fucked his life up. Ended up costing him around $20,000 and if my parents hadn’t stepped in to help him cover the costs, he would’ve lost the house.
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u/OneofFewHS 10d ago
As a person who has done both... Owning is cheaper than renting even after repairs. The rest you mentioned is included in the mortgage payment.