View attachment 994551
This country beyond repair at this point.
Democrats love a good fallacy, too, Mr Massie.
The difference is huge, even if the terms suck.
1 -the first can still build equity through appreciation (avg about 5%/yr or more)
2- have the interest as a tax deduction
3- still pay less than rent
4- not worry about the principle and interest payment increasing
5- build in sweat equity if they make a good purchase
6- borrow against the equity to buy other properties and
7- turn those or their current property into income producing properties, then repeat the process
8- accelerate the payments during times of surplus to reduce the effective interest rate
9- refinance the property later to reduce the payment and/or term
10- add some roommates to help them either pay down the note or decrease their payment burden WHILE building equity
Those are ALL things you can't do when you don't own anything.
Other benefits-
You can't be evicted with just 30 days notice.
You won't have your rent increased whenever the landlord wants to increase their vacation time in the carribean.
You don't have to live in a rotting corpse of a home with things that don't work because you won't be reimbursed for repairs and updates you pay for out of your own pocket.
Just when you think a congressman is actually concerned about people, he grandstands again and proves you wrong. Apparently he's just an attention seeker