Reply #50: in my area renting more expensive than buying [View All]

I about fell on the floor when I learned what a neighbor down the block's house was renting for. People only think renting is cheaper if they rent a much smaller dwelling in a much worse neighborhood. Comparable properties, to buy ends up cheaper -- renters also have to cover the landlord's property tax and profit, buyers don't. However, we do have a significant homestead exclusion in Louisiana to keep owners of modest homes from being taxed out of their houses -- people with homes they live in valued less than $75,000 don't pay property tax while landlords do pay the tax on all homes.

To you other homeowners, I say, yes, it's tough, especially in the beginning when your income is low and it all seems overwhelming but it's well worth it if you can tough out the lean years.