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“Rent, dont buy says Economist…

“Rent, don’ t buy a Home says Economist”

In the Herald on Tuesday the 6^th of November 2012 It had an article on page 7 titled “Rent, don’t buy says economist”. Buyers warned of lifetime costs of paying off a mortgage and home maintenance. By Anne Gibson.

Aucklanders’ love affair with property has been questioned by a leading economist who says renting makes more sense.

Shamubeel Eaqub of the NZ institute for Economic Research said the lastest Barfoot and Thompson figures which revealed a record average house price of $618707.00 showed most buyers did not think renting was a viable alternative, yet it was better in the long term.

Would you buy a loss-making business?Mr Eaqub asked , pointing out how many house buyers did not factor in the huge loss incurred through paying off a mortgage, maintenance and other expenses.

The NZX had performed on a par with the housing market in the past few years, yet people continued to favour residential property, he said…and so on.

So what do you all think about what he is saying?
Is it better not to own your own home? What do you all think?