Home ownership is still a pillar of the American Dream, but not everyone agrees it is the best way to build wealth.
Transcript:
REBECCA MEZISTRANO: there’s been an ongoing debate about renting versus buying. So from your perspective, which makes more financial sense.
BARBARA CORCORAN: Always buying. Why do you want to pay somebody else for where you live? And you have to live somewhere. You might as well pay for it and own it yourself. But rental prices are flat. It’s cheaper to buy to rent an apartment or rent a home today than it is to buy one. So many people are lured into that false security in a way of having a cheaper price.The best investment was my first studio apartment. I could barely afford. I could barely scrape the money together. But if I hadn’t bought that studio apartment, I would have never gotten in the market. I knew it wasn’t my forever home, and I used that to parlay it into a one bedroom, two bedroom, three bedroom. Right now, I live in a gorgeous penthouse. I don’t think it would have been possible if I hadn’t jumped in the market when I was very young
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