Its bullcrap that people have to pay a property tax but it is still better than flat out renting your building equity and have control over the property to do what you please with it. Renting you are always under the landlords thumb and your rent is getting you nothing.
Plus ... renting seems to be more expensive than a mortgage, for the same living space. At least that's true everywhere in Washington and Oregon, that I've looked at.
If you rent an apartment, part of what you pay in rent is used by your landlord to pay the property tax on the building. Where I live, the taxes on rental property are much higher than on property that is owner-occupied. The rent you pay also includes all the maintenance that you would be paying on yourself if you owned your home. Your rent will also include some profit for the landlord above the tax and maintenance expenses. There are advantages and disadvantages to owing vs. renting and only you can decide which is right for you.
It always seems to go back to "the money." I think to own a piece of the earth, (also relating to money) is a false feeling of immense power. It gives you responsibility and courage to protect it. It also gives you a ton of headaches if not taken care of properly. Owing a chunk of the land is power. With power comes responsibility. With responsibility comes stupid little bills paid with dollar bills which create more bills that go back to the people who are named Bill and in charge of the bills who make other bills by a machine. This leads me to the answer of this question. Pink Floyd said it best ..... "Welcommmmmeee To The Machinnnneeee."
Because even if you live on the sidewalk, there is always something else to pay. You need to eat and drink water. You need clothing and shelter.
You cannot escape paying. Paying is a symbol of exerting energy. You work, you get paid. If you don't work, you need to work harder to even survive on the streets. So there is no escape.
I find that after living in apartments all my life, I vowed I would never go back if I had a chance to own something. What happens is that property increases in value while money spent on rent is just thrown away. At least I have something to show for my work and sweat.
At least I have something to pass on to my daughter.
" Its not like you own a house, then there's nothing else to pay anymore beside electricity. "
That may be true where you live, but not in many other places!
Mortgage paid off, but my standard household bills before any repairs & maintenance to the building itself, are:
Council Tax. Mine's in one of the lower bands. Insurance - building & contents. Gas - and annual central-heating boiler service Electricity Water - but as that's on a metered supply the costs are a lot lower than if I was on fixed rate.
Also Telephone & Broadband service, which is not compulsory or vital to household upkeep.
The list is not in any special order, and is typical - many hundreds of thousands of other households here, rich or less well-off, would make the same list. I have not included TV Licence for 2 reasons: I choose not to have a television, and it's a luxury, not a necessity
(Some might argue that of the broadband service too, though we are being manipulated by businesses into needing that.)
Benedict Arnold 