Rent vs ownership

“Rent your way to riches” News SMH 15 July. Sounds pretty good correspondent Martin Beard, 55 years old but what happens when you come to 65 years, not working, still renting at some astronomical rate unless you are in public housing. Then you will realise how important it is to have your own roof over your head. Perhaps you have accumulated a good bank account, which will be decimated by the rental costs these days. And of course you may be evicted at the whim of whomever.
At least if you own your own home and even if you find it hard to maintain, you know it’s yours, Martin Beard, and you have that great feeling of pride of ownership, security of tenure and freedom to make of it what you will. Obviously you pay off your home and accumulate an equity in it.
Rent and you make someone else rich and will they look after you?


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