I would say in my opinion that buying a home is the way to go once you get in your late 20s/early 30s. The theory is that you will get in at a specific price, and the value will increase as you own it, and you will be gaining equity in the property as you own it. To me, renting, you are just giving money away monthly and getting nothing out of it.
Ill use myself as an example. I bought my Condo in 2007 and still live here. Bought as 90k, and the current value of the property is 155k-165k. Also, in 2019, I re-financed my home to get some of my equity that I built up over the first 11 years and to get a lower interest rate, and got cash out of my home from the equity that I built up over the years. With that cash, I bought a vehicle outright (no payments) and put a down payment on a rental home, and currently making money off of that (and now that home is more net worth in my portfolio). Also, at this point, we have $50k in equity (meaning value of home- amount left on mortgage), so I am planning later this year to open a Home Equity Line of Credit (at a lower interest rate then most home loans) in order to buy my wife a car, and that line is available in order to do things we want to, such as home repairs, or another down payment on a rental home.
Also in the rent vs mortgage debate, the mortgage wont go up on you in a fixed rate, while the rent is up to the owner. Thats key.
I see where renters are coming from as far as not having to be responsible for fixing things, etc, but at the end of the day, owning a home is where its at. These are things that white people know and dont share, but we can take advantage of as well. Do your own research, and at the end of the day, do what is best for you.
