Ontario renters feel they're wasting their money: poll
Seven in ten (70%) Ontario renters say that owning a home is in their plan, according to a recent survey from the Ontario Real Estate Association. In fact, 12% say it’s their plan to purchase in the next two years, while others say within the next five years (19%).
While 78% say that renting is simply the right choice for them at the their current stage in life, most feel like they're wasting their money by renting.
What's keeping them back? Well, other than not being able to carry a mortgage (54%), not having a large enough down payment (52%), being spooked by potential maintenance costs (26%), not wanting all the responsibility (25%), or being a former home owner (13%), really not all that much.
Do you feel the same way?
But does it makes sense financially, given the possibility of rising interest rates and prices? I'd have to say maybe. But Ben Rabidoux, an unapologetic renter, who runs the Economic Analyst blog, regularly delivers an emphatic no.
Not convinced? Here are a few other considerations, courtesy of the Compounding Returns site.