My mortgage broker's rent-vs-buy speech in Phoenix finally clicked

He pushed me to run the numbers for a 15-year fixed at 6.1% against my current $1,800 rent, and after 3 years of renting I realized I'd paid $64,800 with zero equity. What finally convinced me was his line, 'you're building someone else's net worth,' plus the Phoenix market rising 8% last year. Has anyone else switched sides on this after seeing actual closing costs?

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brian_ramirez8d ago

Hold on, calling the rent 'zero equity' is a bit of a trick though. You also gotta count what you didn't pay in property taxes, repairs, and that 6% interest for the first few years. It's not like you're just throwing money away, you're paying for a place to live. Buying is great, but it's not some magic move for everyone, especially right now.