Renting is better, right? Hmm... let's think about that...
Did you know that if you are paying $1,200/mo in rent, you've paid your landlord $14,400 in a year? $28,800 in 2 years, and $43,200 in 3 years? That's insane! At that rate, you could pay off a $150,000 home in a little over 10 years (not including interest) or buy a condo in half the time and half the money! And there are people paying $1300 or more renting apartments or homes so you can just imagine how quickly that money racks up. And what do you have to show for it?
Now don't get me wrong! Renting is quick, easy, and you don't have to worry about things breaking down on you. You also have the opportunity to live in highly desirable areas (NOTE: the more desirable, the more expensive), and the amenities that come with it are always a bonus for friends coming over. When your building looks good, it's usually the "in" spot to come to.
In spite of all the good things that renting has to offer, there are several downsides. You have limitations and issues that can come up quite frequently, such as constant noise, thin walls, rowdy and unkempt neighbors, and high electric bills. Worst of all, you're building no equity and the amount of taxes you pay will continue to be high with hardly no return, especially if you're single.
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