Some people don’t want to be locked down to one place for long. When I was in my twenties I moved to a different town every year when my lease was up just to see if I would like it better somewhere else. Or I’d get a raise and be able to afford a better place the next year. For people that want relatively short term housing, renting is a far superior option.
If I took out a mortgage on a place and then sold it a year later, I’d have almost no equity since you pay almost all interest in the front part of the loan.
Some people don’t want to be locked down to one place for long. When I was in my twenties I moved to a different town every year when my lease was up just to see if I would like it better somewhere else. Or I’d get a raise and be able to afford a better place the next year. For people that want relatively short term housing, renting is a far superior option.
If I took out a mortgage on a place and then sold it a year later, I’d have almost no equity since you pay almost all interest in the front part of the loan.