A Reddit user in New York City is contemplating early retirement but is concerned that living as a renter might hinder his financial goals. He notes the high costs associated with homeownership in the city, which far surpass his current rent expenses. While many who retire early advocate for paying off a mortgage, he believes that owning a home may not be the best option for him and his wife. They might consider moving and buying after their son graduates, remaining uncertain about their future plans in a high-cost urban environment.
Owning a home can be a great way to grow your net worth, but it isn't the right choice for everyone, especially in high-cost areas like New York City.
The Reddit user expresses concern that ongoing housing payments will hinder his dreams of early retirement, questioning whether renting can allow for financial security.
Retiring early as a renter is feasible if you manage your finances effectively, ensuring you have adequate savings to cover housing costs without homeownership.
The Reddit user considers the possibility of moving after their son graduates, but acknowledges that staying in New York City might be their ultimate decision.
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