Hannah Hammond owns rental properties but rents her own home. With today's high prices and interest rates, her mortgage would cost more than renting the same place. She recommends renting now if mortgage payments exceed what comparable rentals cost.
Chapters
Is it better to buy a house right now or rent until rates lower? So in my personal opinion, I'm a renter right now, although I own multiple properties that are assets that are cash-flowing properties. They're properties that I own and I rent out. So what I decided that I prefer to do is instead of putting that money as a down payment to buy my own house, especially as prices are high, and if I'm going to go buy something that I want to live in, I'm going to be buying something nice, right? I'd rather rent a nice house because a lot of times in this market you can find rentals for cheaper than what your mortgage payment would be if you bought it. If the owner has owned the house for a long time and they have a lot of equity into it, they can afford to rent it to you at a cheaper price.