
How to Compete with “Billboard Agents” in Your Area (on a Budget)
There’s probably an agent in your area whose face seems to be plastered everywhere you look. You’re driving down the road and, boom, you see
If you rent a place to live, you might feel like people judge you for not buying a house, or at least make you feel like you should want to buy a house eventually. But buying a house isn’t something everyone wants (or is able) to do!
So you might appreciate what Ramit Sethi — a self-made millionaire who teaches people how to build wealth and get rich — recently said: “Renting can make you wealthier than owning a home.”
However, “can” is the key word in that sentence.
He’s not wrong saying that renters shouldn’t feel bad, or like they’re failures for not owning a home. It’s the right decision for many people for a variety of scenarios, lifestyles, and reasons.
But to say that renting a home is a better way to become wealthy than owning one is a bit misleading.
Let’s break down why it can make you wealthier, but probably won’t:
Although it’s possible to become wealthier by renting, it doesn’t mean you will become wealthy simply because you rent a home instead of buying one. You need to crunch the numbers and see if you can save a significant amount of money by renting in your area, and then be diligent about investing the money you save.
That said, owning a home isn’t the best choice for everyone, and it also isn’t a guarantee that you’ll become wealthy. However, time and data show that homeowners tend to be wealthier than renters in the long run.
The Takeaway:
Can you become wealthier by renting a home rather than owning? Sure. But you need to be disciplined and profitably invest the amount you save by renting versus owning in some other forms of investment, which many people aren’t good about doing.
But most people are good about making sure they keep a roof over their head by paying their monthly rent or mortgage. By buying a house and paying your mortgage down over the years, you’ll gain equity and wealth you wouldn’t have as a tenant paying rent each month.
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