Why it still makes sense to rent.
<p>Consider this <a href="https://www.domain.com.au/21-romaine-street-blackheath-nsw-2785-2018791263#repayments-calculator" rel="noopener ugc nofollow" target="_blank">listing</a>, and this <a href="https://www.domain.com.au/21-romaine-street-blackheath-nsw-2785-16756697" rel="noopener ugc nofollow" target="_blank">listing</a>, both for a lovely house in the picturesque town of Blackheath, just at the outer edge of the Sydney commuter radius. The house is on the market for rent, and for sale, simultaneously, with the owner clearly keen to test both markets and see where the interest is. This provided a perfect opportunity to do a side-by-side comparison of the costs of renting vs buying. At least in the short term, renting wins hands down. The overall monthly cost of renting $2400, is less than half what it costs to buy, which according to the domain mortgage calculator is $6,424, including interest and principal. An interest only loan would cost $5,254, according to the same source, implying 82% of the interest and principal payment goes to interest.</p>
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