In today's video we dive deep into what the Renting vs Buying situation looks like for prospective home owners. This video is inspired by Ben Felix, Canadian Portfolio Manager, make sure to check out his video here: https://youtu.be/Uwl3-jBNEd4
In Ben's original video, the 5% rule was presented when mortgage rates were around 3%. The 8.71% Rule takes into account the newest mortgage rates of 2023, as well as a slightly higher rate for property taxes.
Refer to the timestamps for all the fun stuff.
FREE STOCKS: 🏆 WeBull (Get 6-12 Free Stocks worth up to $30,600 when you deposit $100) ➭ https://a.webull.com/i/HumphreyYang 💸 SoFi Checking & Savings: Get up to 4.20% APY, pay no account fees and earn $250 when you sign up and set up direct deposit. Terms apply ➭ https://sofi.com/humphrey 🎓 Public ($10 Free Stock) Investing App ➭ https://pblc.co/humphrey
0:00 - The Premise 1:00 - Cost of Home Ownership 1:40 - Property Taxes 2:24 - Maintenance Costs 3:00 - Mortgage Payment 6:44 - The 8.71% Rule 8:28 - Flaws of Rule (DO NOT SKIP) 11:40 - Pros of Owning 13:47 - Pros of Renting 14:57 - The Main Takeaway
📧 GET IN TOUCH: I'd love to hear from you! If you have a longer question, or if you have a business related inquiry, please then send me an email at [email protected]. I try my best to reply to all e-mail but sometimes I do not have enough time to respond to everyone.
PS: I am not a Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel
