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| Version 3 | Version 4 |
|---|---|
| Rent or Buy? | Rent or Buy? |
| (about 2 hours later) | |
| Should you rent or buy your next home? | Should you rent or buy your next home? |
| It is a question that millions of people — especially younger adults who don’t own a home — wrestle with. It’s also a subject that I have written about in The Times for almost 20 years. Today, I want to revisit it, inspired by the interest of my colleagues on The Daily, many of whom are millennials trying to figure out what to do in their own lives. | It is a question that millions of people — especially younger adults who don’t own a home — wrestle with. It’s also a subject that I have written about in The Times for almost 20 years. Today, I want to revisit it, inspired by the interest of my colleagues on The Daily, many of whom are millennials trying to figure out what to do in their own lives. |
| (Today’s Daily episode is a discussion between Michael Barbaro and me about renting versus buying.) | (Today’s Daily episode is a discussion between Michael Barbaro and me about renting versus buying.) |
| Now is a good moment to examine the question — because the answer is clearer than usual. “This is not the time to buy for most people,” Mark Zandi, the chief economist of Moody’s Analytics, told me. “Mortgage rates are extra high, and house prices are extra high, and there’s not much to choose from in the market.” | Now is a good moment to examine the question — because the answer is clearer than usual. “This is not the time to buy for most people,” Mark Zandi, the chief economist of Moody’s Analytics, told me. “Mortgage rates are extra high, and house prices are extra high, and there’s not much to choose from in the market.” |
| Zandi added: “If you find the perfect place, then by all means buy it. But most people are not going to find it.” A recent analysis by The Economist magazine came to a similar conclusion. | Zandi added: “If you find the perfect place, then by all means buy it. But most people are not going to find it.” A recent analysis by The Economist magazine came to a similar conclusion. |
| I know that some readers will be surprised by this argument. Renting still brings a stigma. People equate it with throwing away money each month rather than investing in their future. The real estate industry promotes this idea because it makes far more money from a home sale than a rental. | I know that some readers will be surprised by this argument. Renting still brings a stigma. People equate it with throwing away money each month rather than investing in their future. The real estate industry promotes this idea because it makes far more money from a home sale than a rental. |