Why Renting is a Waste of Money

As rent prices in Austin continue to rise, we can’t help but ask, “is renting a place worth all this money?” If you’re paying a mortgage, you are gaining equity with each payment. If you’re paying rent, you’re gaining…nothing.

SmartAsset recently released a study in which they discovered “how many hours a person in each of the nation’s 15 largest cities would have to work to pay their rent.”

You might be surprised to learn that SmartAsset “determined that Austinites are toiling for 59.8 hours each month in order to write a $1,047 rent check.” Unfortunately for those renters, they aren’t acquiring anything for each of those checks they are writing. However, if that money were being put toward a mortgage, Austinites would slowly become home owners.

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