In my area rent is much more expensive than a mortgage payment would be. Renting means you have few responsibilities -no need to pay for repairs and you move at the end of the lease without having to sell the place. Buying with a mortgage means you often need to have money for a downpayment and closing costs and good credit- you have to repair things at your costs and when you move it may take a while to sell. f course if the place has gained value then thee owner gets that additional money and the Federal government does not tax profit on your homestead in almost all cases!

I am willing to bet the mortgage prices you are seeing are principal and interest payments only. When you add the taxes and insurance fees to that number the monthly costs will be higher.

But you are right a mortgage payment can sometimes be lower, but of course a mortgage requires a down payment and closing costs and the credit to get a loan that many simply do not have. Plus some find apartments better because they also alleviate the costs of maintenance home owners have to absorb. And lastly, but the most important aspect is LOCATION

It often isn't cheaper..... that's why people pay rent. But lots of people don't want to pay a mortgage because they're scared to actually OWN anything like a building.

Also to buy a building to live in, you have to come up with a down payment - and that's hard to do. And then if you want to buy a building, you have to get a loan at the bank - and lots of people don't have the credit.

runs about the same.....risk expenses tax insurance.....the only difference is a house is an appreciating asset.....5:1 really....rent is a thousand and a mortgage is 200.....I buy and you can rent for 600

Don't believe everything you see on the internet - especially concerning "estimated mortgage payments." And don't forget that owners must also pay property taxes, insurance and maintenance/repair costs.

Because rent often includes at least some utilities, and also the maintenance costs.

I was just looking at homes to buy vs homes/apts to rent and to my surprise the rent prices was way more expensive than the mortgage prices. I also noticed that the homes for sale vs rent was about 5:1 why is that?