Grant Cardone says ‘America will become a renter nation.’ Can you make the most of the market without a mortgage?

Moneywise and Yahoo Finance may earn revenue through links in this report. High mortgage rates and escalating home prices make purchasing a home an expensive prospect for many Americans. The Federal Reserve kept its federal funds rate steady at 3.5% to 3.75% in July, while mortgage rates remain significantly higher than the low interest rates buyers enjoyed earlier this decade.

A Realtor.com analysis discovered that renting a starter home was more cost-effective than buying one in all 50 of the largest U.S. metropolitan areas in March, with renters saving an average of $920 per month. Jeff Bezos has backed a platform enabling anyone to invest in rental properties with a minimum investment of $100.

Grant Cardone, a real estate mogul, believes that high mortgage rates are creating a unique environment for the American housing market, predicting that housing prices will surge over the next decade. Renting a property can provide financial benefits, as Cardone states, "Rents in this country are about half of what a mortgage is." Renting allows individuals to save money that could be invested in income-generating real estate.

Cardone argues that Americans can maximize their wealth by investing the money they save by renting in properties that generate cash flow. While many believe that owning a home is essential, Cardone suggests a different approach: "You will rent your cars, you will rent where you live, you might even rent your clothes in the future." He encourages people to live in a house and invest the saved money in properties with cash flow.