5. Owning a home is cheaper than renting one because you save on rent.

Most real estate agents will tell you this, but the argument doesn't survive scrutiny. It's true that if you own, you don't have to write a check to a landlord. However, you have to cover all the costs of maintaining the house. It is the same house with the same operating costs, whether you pay them directly or whether you pay rent to cover them. By covering these costs as the owner-occupier, what you spend (including your mortgage payment) comes very close to what you would have spent if you rented your house.

via Joseph Gyourko — 5 myths about homeownership – washingtonpost.com.

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