Everyone says "renting is throwing money away."
On a $400,000 mortgage at 7%:
β Monthly payment: $2,661
β Interest paid over 30 years: $558,000
β Total cost of a $400,000 home: $958,000
You didn't buy a $400,000 house.
You bought a $958,000 house and the bank kept the difference.
Renting isn't always the dumb choice.