$125,000! That is how much money you’re losing if you rented the average 2-bedroom Boston apartment for the next 3 years.
People often discuss renting vs buying with a focus on the monthly cost - which is fair, you never want to be spending more than you can afford. But there is more to it - renting is ALWAYS a net loss. How much money are you making when you sell the apartment you just rented? $0! Hopefully you’ll get your security deposit back.
Owning is almost always a net gain over the long run, so long as you hold your property through the slow markets. The average sale price for condos in Boston has appreciated 4.6% Year over Year on average over the last 15 years.
So you could either have a guarantee of a loss in rent or the potential to actually make money in home ownership, as the value increases over time.
Want to crunch some numbers? Send me a message and let’s dig in to see which is the better option for you.