Am I (28yo) an idiot for wasting my money on rent?

I'm going to throw out another opinion.

That $2300 for a new place will be mostly a stagnant number. The whole point of a mortgage is the price will be the same for 30 years. The $1600 you pay for rent changes yearly. In 2-5 years, you will be paying $2500 for the same place, where if you bought now, you'd be paying $2300 for up to 30 years.

You are young and have decade of natural COL raises, promotions, job switches to increase your income. So you may struggle with paying $2300 for 1-3 years maybe, but once you're well within your 30's your salary will easily cover that.

I'm not saying you should buy a house or condo and I don't know your savings or other info. Just something to think about. If you plan on living in the place you are for 5-10 years, I would seriously start considering how to buy a house/condo.

/r/personalfinance Thread