Buying vs. Renting in Cities - Which is CHEAPER?

Which is better financially in a HCOL area, buying or renting. Buying a home in 2023 may seen like a poor idea given increased housing prices and soaring interest rates which make buying more expensive than ever. But renting also seems like a suboptimal solution, given that rents are rising fast and renting at higher and higher prices may seem like throwing money away. Given these two less-than-ideal choices, what should you do? Let’s jump into all of the factors you should consider when deciding between buying verses renting in 2023. To demonstrate these factors in a realistic way, I am going to add in example numbers from my city, Austin, showing a real scenario analysis of buying verses renting.
#personalfinance #housingmarket #rentalproperty

[@tcmhs]

You got the property tax off by quite a bit. In Austin the propert taxes are closer to 3% of the home value. That's like 15k a year or over $1k per month on just taxes. However you have an issue where you compared renting an apartment to buying a single detached home. The apartment used in the example can probably bought for $200k when estimating the value at approximately 100x the monthly rent price. The comparison is apples to oranges. Renting a similar home to the one you described would cost more like $5k per month. This analysis also disregards things that come up in life like starting a family that would require a bigger living space. This seems to assume that you will stay single and alone for life in a small apartment while stashing away enough money to come out ahead.

[@georgekwiecinski8508]

Why are you comparing median home to a one bedroom apt? I would presume a medium home price in the area has many more rooms and space/// could you expand on this?