That's not the case here with today's prices. Even with the ultra low interest rates it's cheaper to rent than a standard rayment mortgage once you factor in basic maintenance.
Plus there's the fact that a mortgage is a long term repayment so God knows what the future holds so no one really knows.
I think the difficulty with the whole rent/buy debate lies on future income, specifically in retirement. Many people won’t have a sufficient pension income, and state pension could cease to exist if the politicians continue to bleed the country dry, so home ownership potentially reduces outgoings in retirement to give you some relative security.
State pension is around £8k per year and not enough to rent property and maintain it, especially at the rate rents and cost of living will continue to rise.
There are definitely pros and cons to both, but I’d rather own a home outright by the time I retire so that my private and (hopefully) state pensions can afford me a decent enough standard of living that means I don’t need to rely on credit. I’d also like to leave that financial asset to my kids as I think by the time mine are grown home ownership will be a huge expense. I save every month for my own future but I also save separately for theirs because of the way things are going.
The housing market can’t be sustained at this sort of level much longer, houses are exponentially increasing in price and salaries aren’t increasing at the same rate so something will have to give. We need a government shake up.
