The mortgage and rent debate has been talked about over and over on social media, so I thought we had moved on until I saw a post on IG that brought it up again.

According to the lady, it doesn’t make sense for anyone 40 or above, to buy a house in the diaspora and start paying a mortgage for many years. She believes it’s not a smart financial decision, especially if someone might still be paying their mortgage in their 60s or 70s.

Personally, I believe people should be allowed to make life and financial decisions without being judged. Everyone’s situation is different.

For me, I would rather pay a mortgage than pay rent for 20 years or above. Here are some financial reasons why many people prefer a mortgage:

▪︎ Equity building: With every mortgage payment, a portion goes toward owning the home.
▪︎ Mortgage as savings: If you decide to sell later, the equity you’ve built comes back to you especially if the home has appreciated in value. In that sense, part of what you paid serves as your own savings, not lost money.
▪︎ Rent vs ownership: Money paid as rent builds wealth for the landlord, not the tenant.
▪︎ Asset appreciation: Homes can increase in value over time.
▪︎ Legacy: A home can become something to pass on to your family.

There’s no single right choice. Renting works for some, homeownership works for others and that’s perfectly okay.

What’s your take on this and what’s your preference between paying mortgage or rent?