How could owning be more expensive than renting, at least in the long run? If you are paying a mortgage, aren't you paying much of it essentially to yourself, and you will then own the property once it is paid off?
That's what I would have thought but property prices are subject to the law of supply and demand and different market conditions may make ownership more expensive, I guess. But there is another factor, mortgages involve borrowing money and you pay an awful lot of interest on borrowing. Over a 25 year period, you would typically pay double the cost of a house.
The difficulty is getting a mortgage in the first place. It's almost impossible for a lot of younger people to save enough for a deposit, and average house prices are way more than most could afford, unless they are part of some sort of scheme.
However, once you have the property, monthly mortgage repayments are usually cheaper than renting, and at least you'll eventually make a profit.
Re: mortgage. Here you have to pay off your entire mortgage within 30 years. If you manage to pay off more in a year, you pay less rent on the total. Which is why I'm working full time now, to repay as much as I can per year.
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