It’s time to change the narrative about renting versus buying, says Jo Masters.
The chief economist for EY Oceania is co-author of a 2019 paper titled – Is renting really dead money? Which examined why people sometimes compromise on quality of life to buy a home.
“Many families choose to put themselves under risk of financial stress, others choose to move out of Sydney just to hit this ‘milestone’,” she reported.
Yet via economic modelling, the paper’s authors discovered renters with a very clear savings and investment plan could use leverage to create the same, and sometimes greater, wealth as their home-owning contemporaries.
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