Sorry for a “dumb question” but please read my specific situation to see if this makes sense…it seems to but I am clueless. Moving this spring to a location where I will live for three years. This will be the longest I have continuously lived somewhere. Obviously it depends on the market, but IN GENERAL….I keep hearing not to buy if you will only be somewhere five years or less. That doesn’t make sense to me.
Assuming 2k in rent per month, by the end of three years I will have spent about 73,000 that I will NEVER get back. If I buy a house and sell it in three years, I will lose the closing costs, taxes, and interest as well as any maintenance costs.
I can’t imagine those coming close to 70,000. Am I way off base? Is homeownership really costing people that much? I feel like if I sell it for around the same amount I’m going to come out on top compared to renting and even if I take a loss it will be cheaper in the long run than renting.
Am I way off base? Tia.