I purchased my first property in South Mission Beach in 1991. The cost of ownership was substantially more than what I was renting for. Now I own the property free and clear. It was, along with some other property purchases, one of the best financial decisions I have ever made. The argument that “If cost of ownership is more then rent, then rent and invest the difference. You’ll have much more money in the end than if you bought at inflated prices.” is merely conclusory in nature and is just plain bad advice. I’m not advising all renters to run out and buy property tomorrow, but I am saying be careful who’s advice you listen to.
