Many renters say they prefer to rent because it is simple and doesnt carry the stress of home ownership. In truth, they are simply making other people rich.
Equity
What if I told you that if you purchased a home, you wouldnt have to make any monthly payments on it? On top of this, Id promise you that when the house was sold, you would get to keep all of the equity gain in the home. Sound like a pipe dream? This is exactly what renters are doing for their landlords.
Regardless of how you break down a renting versus homeownership argument, there is one universal fact. If you rent, you are building equity for your landlord. Lets take a look at a simple example.
Assume you rent a unit in a duplex and pay $1,000 a month for it. Assume further that you live in the unit for three years. During this period, you will have paid your landlord a total of $36,000. You can further assume that your landlords mortgage payment was less than $36,000 or he would raise your month payment. The end all effect of this situation is you have paid his mortgage for three years. Think about that for a minute.
Over the three years, you have made every single mortgage...
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