> I can get rich by investing the difference between a mortgage and my rent

After just a few years into ownership, mortgage becomes cheaper than renting so it is the homeowner who will have extra cash to invest for the rest of their life, not the renter.

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dbish 20 hours ago | parent [-]

Not in New York.

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cramsession 18 hours ago | parent [-]

Rents in New York are notoriously high.

	▲	dbish 14 hours ago \| parent \| next [-]
		Yes and they’re still much lower than buying an equivalent place. I’ve looked. Almost twice as much for a mortgage of a similar space for what I rent right now after putting 20% down. Only reason it makes sense to buy is if you really plan to keep the place for decades.
	▲	const_cast 17 hours ago \| parent \| prev [-]
		That's because real estate is notoriously high. Also, if you're buying in NYC you WILL get recurring and increasing monthly costs. That $800/month HOA? Yeah, it's not gonna be $800 in 5 years. Buying is not the same everywhere.