A young multimillionaire investor type argues that renting is better than buying. She implies that non-rich people should also be renting. Reality is more complicated.
Many rich people have always lived in hotels because it’s an economically efficient way of having servants. Only a psychopath needs obsequious butlers and maids instantly waiting on his commands every second of the day. If you have money and want to avoid chores, an old-fashioned hotel accomplishes the goal**.
An apartment doesn’t provide maid service and cooking and laundry, but it does spare you from mowing the lawn and unclogging the drains and fixing the roof.
Renting requires a constant steady income. After the mortgage is paid off, ownership doesn’t require a steady income. On an old house repairs are typically yearly, not monthly. On a newer house you can go several years between repairs, so you don’t need a steady income to keep a roof over your head.
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** I got a taste of hotel life when I first moved to Spokane. I lived in the Ridpath for a month. Maids changed the sheets every day, and you could charge laundry to your bill. The building included two restaurants, a newsstand, a barber shop and a bar. If you had an independent income, you’d never need to do any real chores or leave the building.
Polistra's Mill 