Should you rent or own your home?  Host Keith Weinhold reveals the biggest homeowner myths. Complete episode transcript below. Read along. Subscribe to our weekly newsletter here.  Resources mentioned: Business Insider: Rent vs. Own: https://www.businessinsider.com/buying-a-home-instead-of-renting-isnt-always-better-for-your-savings-2017-11 Housing Wire: Homeowners Wish They Were Renting: https://www.housingwire.com/articles/49743-quarter-of-us-homeowners-wish-they-were-renting-instead/ Mortgage Loans: RidgeLendingGroup.com QRPs: text “QRP” in ALL CAPS to 72000 or: eQRP.co By texting “QRP” to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply “STOP” to cancel. New Construction Turnkey Property: NewConstructionTurnkey.com Best Financial Education: GetRichEducation.com Top Properties & Providers: GREturnkey.com Follow us on Instagram: @getricheducation Keith’s personal Instagram: @keithweinhold   Welcome to Get Rich Education. I’m your host, Keith Weinhold. Is homeownership a sham? Is it a rip-off?    When it comes to the home that you live in yourself, is it better for you to pay rent to a landlord, or own that home yourself?    For your primary residence, what should you do in your specific life situation? You’ll learn today … on Get Rich Education.   ——————-   Welcome to GRE! From Syracuse, Sicily, Italy to Syracuse, New York and across 188 nations worldwide. I’m Keith Weinhold, this is Get Rich Education.   Usually on this show, you learn about how buy-and-hold rental property, when bought strategically - produces wealth. We’ll return to that next week, but today ...   … it’s about your primary residence. And, when we talk about, should you own your home or is it better for you to pay rent to a landlord - think about how important this is.    Because whether I’ve had the chance to meet you yet or not, there’s one thing that I definitely know about you, and that is, you are always going to live … somewhere.   Your housing expense is one of the biggest financial expenses in your life.      Despite that it’s such a substantial financial decision for you, some people revert to orthodoxy - this FLAWED orthodoxy where they think that owning is always better. That’s not true.   I really want you to watch your mind as I tell you this today, because there are very likely a few tripwires installed there … and I am about to hit some of them. So do your best to remain calm … if you must.   Though more people are waking up to the fact that renting is sometimes better, I still think that popular culture has long reinforced this misplaced notion that owning is always better.      “Are you a homeowner, Greg? No. I rent. Oh.”    Haha! That’s from the classic comedy movie “Meet The Parents”. Owen Wilson & Ben Stiller - while Robert De Niro - the future father-in-law was party to that chat where he’s thinking that the homeowner is the more apropos suitor for his daughter than the renter is.    Look, if you can OWN a home and your monthly housing payment is $2,500, but you could instead PAY RENT on an equivalent home for $1,500 - now your cash flow has increased by $1,000. That’s money in your pocket today that could be re-invested at a rate of return.   Now with your $2,500 housing payment in this example - that’s more than just a mortgage payment remember.    When you own, your HOUSING payment consists of mortgage principal & interest, property tax, property insurance, maintenance, repairs, utilities and more. You’ve got to add all that up to get to $2,500.    What about that TIME it took you on HOW to repair the leaky faucet when you owned the home? Factor that in.   Now, the homeowner might reply, but at least part of my $2,500 payment is building equity for me. Yes, it is. A minority of that payment is building equity. You’d rather have equity - you’d rather have principal paydown than lose it to interest.    And you’d rather have equity than nothing.   But, as I’ve discu