this post was submitted on 29 Sep 2024
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No. Rent and mortgage are two different things. One is a fee for service and one is a loan.
If your home that you own doubles in market value and you decide to sell it, you pay off the mortgage (loan) and keep the profit (capital gain). If you are renting and the home is sold, you gain nothing.
If your home that you own burns down, you still owe the bank the money you borrowed for purchase (mortgage). If you are renting the home that burned down, you don't owe anybody money. There is to service to pay a fee for anymore.
Like sure, fuck capitalism. But we don't need to misrepresent how these systems work.
Yes of course there are actually a lot of differences, being a homeowner after renting for years I am very aware. My comment, partly in jest, was focusing on practical day-to-day differences. But also, getting equity in your house is actually not that big of a windfall if you sell, because you still have to live somewhere and the other houses/rentals have all gone up in cost to match. I suppose if I was to move in with someone... but I dont plan on doing that ever.
But anyways yea fuck capitalism