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Rent vs Buy Debate
An investor and a CEO recently sparked a debate on social media about renting vs buying. The investor favoured renting, while the CEO believes buying is the better option.
Kiran Rajput, an individual investor, recently posted on X that fifty years ago, the middle class aspired to own a house, and this aspiration remains unchanged today, often keeping many in the middle class.
“50 years ago, the aspiration of the middle class was to have their own house. Even today, the aspiration of the middle class is to have a house first. One of the reasons why many middle classes remain middle class,” Rajput wrote.
50 yrs back aspiration of a middle class to have own house.
— Kiran Rajput (@_KiranRajput) August 4, 2024
Even today aspiration of a middle class is to have house first.
One of the reason why many middle class remain middle class.
Reposting Rajput’s post, Aman Goel, co-founder and CEO of GreyLabs AI, criticised the investor's viewpoint.
“Nothing is worse than being kicked out by your landlord just because someone else paid them 10% higher rent. Don't listen to Finfluencers. Being able to live under your roof is a privilege. If you can afford a house, buy one. Just ensure that you don't get into a debt trap,” Goel wrote.
Nothing is worse than being kicked out by your landlord just because someone else paid them 10% higher rent.
— Aman Goel (@amangoeliitb) August 4, 2024
Don't listen to Finfluencers. Being able to live under your roof is a privilege. If you can afford a house, buy one. Just ensure that you don't get into a debt trap. https://t.co/cmHo74Fgt8
Rajput clarified his viewpoint in another post.
“Not having your own house is a social stigma, a taboo. Few courageous middle class break those boundaries & elevate their family from middle-class struggle. I get abused when I say: I don't have a house. Btw I am not an influencer, I am here to share my failures & learnings,” Rajput wrote.
Social Media Reaction:
With over 150,000 views, the post has gone viral, sparking debate among online users.
One user wrote, "Isn't that an outlier event? I have lived in rented houses all my life, never had to experience anything like that. Buying a house only makes sense if you plan to live in it for at least 10 years, my career requires me to switch cities hence renting makes more sense for me."
Another user commented, "One thing that I have learned bitterly and luckily very early - never to believe what the financial advisers and so-called wealth managers and relationship managers recommend - it's all about their commission and not your interest. Pay a little attention to your own finance."
A third user replied, "Ppl who have purchased the house wil always voice out to buy the house , ppl who have been wealthy and living in rent house wil always go with voicing rented house!! This debate is never ending !!"