Comment of the Day

Reader: Renting a Home Is Like Throwing Your Money Away

This two-bedroom, one-bathroom home at 4312 Umatilla Street went for $400,000 in June.
This two-bedroom, one-bathroom home at 4312 Umatilla Street went for $400,000 in June. redfin.com
A new report argues that renting a three-bedroom property is more affordable than buying a median-priced home in the vast majority of Colorado counties surveyed. The report drew from newly released fair-market rent data for 2019 gathered by the U.S. Department of Housing and Urban Development, as well as wage figures from the Bureau of Labor Statistics and public-record sales-deed info assembled by ADS researchers.

But readers were skeptical.

Kenneth argues:
No, it isn't, renting is throwing your money away.
Pat says:
Fake news. Do tell how renting a 2-bed, 2.5-bath townhome for $1,900 a month is better than a mortgage at $1,500 a month for a 5-bedroom house?
Anthony jokes:
Yeah, I wish I rented my house in 2012 instead of buying. I’m paying $1,100 in a mortgage but could have held out and been paying $1,900 to rent. The house has doubled in value, but I wish this ridiculous article had come out first and given me advice.
But John says:
I own a home, but if I were a first-time buyer I would think twice unless I had the skills to fix something up. If you can buy now (right now) and get the best rate, you'll be fine.
And Bianca adds:
After what we’ve been through with our little house, we’ve been feeling this. Just gotta trust that owning a home is worth it in the end.
Bob concludes:
When your rent cost becomes the same cost as a mortgage, is it still wise to rent and receive nothing in return; i.e., real estate appreciation? We were renting when we first moved back to Denver, but eventually our rent cost became almost equal to our current mortgage payment. Now I have $100 to $150K in equity built up and trending to stay on the rise.
Keep reading about renting and owning in Denver:

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