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Location: Stuck on the East Coast, hoping to head West
4,641 posts, read 11,969,053 times
Reputation: 9889
Quote:
Originally Posted by RunD1987
Reading the local article how the average family needs to make $100 Thousand a year to purchase a home in our area. With down-payments ranging from $50 thousand or more I am okay with renting.
Any renters love renting??? Be great if more rent to own took off across the US. You live at a place for 5 years then own it I be game.
We are contemplating renting a house next year or year after for almost $2,100 average home mortgage payment in our area. Then looking to buy in 5 more years is the goal.
Anyone enjoy renting? Starting to like not having to own a property have the ability to move around more in the same area to different properties till finding the right one.
Thoughts???
I owned for over 25 years (the same property), sold, and now rent. I love renting. I rent a condo (looks like a townhouse, but classified as a condo) and not doing any maintenance, whatsoever, has saved me so much time and money, it's absurd. This place is also completely updated whereas my old house was never finished. There were always projects waiting to be done, maintenance costs to plan for, etc.
Until I sold the house, I seriously underestimated the cost (in both time, money, and stress) of maintenance, rising taxes & insurance, being stuck next to bad neighbors, etc.
Don't get me wrong, there were some nice things about owning, but, IMHO, they were vastly overrated.
As we near retirement, we're finding our ideas of retirement are changing, too. Turns out we're commitment-phobic. I want to have the flexibility renting affords me, for as long as possible. At some point, I may buy a retirement place, but I'm not as sure as I once was.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,389 posts, read 8,629,726 times
Reputation: 16752
Quote:
Originally Posted by mathjak107
sometimes they can and sometimes they can’t get more then markets allow them to ask.
markets don’t care if you need a 15k roof or have a 7% mortgage and other landlords have paid off properties.
as a landlord i wish i could have just passed my expenses to my tenants
If we could pass all the increases onto renters they would soon be saying “jeez it wasn’t so bad before. We thought rents were high until we stated seeing all the bills the landlord faces and now have to pay”
If we could pass all the increases onto renters they would soon be saying “jeez it wasn’t so bad before. We thought rents were high until we stated seeing all the bills the landlord faces and now have to pay”
this belief that renters pay all expenses is a myth .
it certainly isn’t something actual landlords know they can can do when there is competitive rentals in a desirable area.
the last expenses we had were not recoverable at all in rents , we spent 15k on new windows in the apartments when the building voted to put them in and there was an assessment.
we owned quite a few apartments and got a big bill
Jumping on here late.. Anyone sick of hearing realtors tell you it's still a good time to buy? I ask them to explain the math to me and just a deer in the headlights look. Where I am right now, you can rent a 4br/bath house in the $3500-4000 range.. To buy those houses, WITH a 20% down pmt, you'd be paying around $5k..
Don't talk to me about equity because there is none when you're buying at the tip top of the market.
But this whole situation sucks big time. First we're hit with high prices, then high rates, now with high inflation insurance is whipping around. This, along with record high credit card debts in the US spell disaster.
Unless you're the top 1% and can buy with cash, we're looking at bad days ahead. It's absolutely unreasonable for the normal person to afford $4-6k / month mortgage making $150k per year which is high!
We've been spoiled with mini mansions, safe neighborhoods with amenities etc.. All the things our entitled generation loves. Now we're having to look to rent smaller, find roommates, invite family to live with you etc.. Basically, everything other countries have had to do for a long time.
Other countries live in multi-generational homes and/or apartments... That's what we're going towards.
Again, we're almost a $180k household and we cannot afford our current neighborhood. Two paid off cars and no CC debt.. STILL can't afford a $600k house which isn't a mansion in my metro. Something has to break.
Jumping on here late.. Anyone sick of hearing realtors tell you it's still a good time to buy? I ask them to explain the math to me and just a deer in the headlights look. Where I am right now, you can rent a 4br/bath house in the $3500-4000 range.. To buy those houses, WITH a 20% down pmt, you'd be paying around $5k..
Don't talk to me about equity because there is none when you're buying at the tip top of the market.
But this whole situation sucks big time. First we're hit with high prices, then high rates, now with high inflation insurance is whipping around. This, along with record high credit card debts in the US spell disaster.
Unless you're the top 1% and can buy with cash, we're looking at bad days ahead. It's absolutely unreasonable for the normal person to afford $4-6k / month mortgage making $150k per year which is high!
We've been spoiled with mini mansions, safe neighborhoods with amenities etc.. All the things our entitled generation loves. Now we're having to look to rent smaller, find roommates, invite family to live with you etc.. Basically, everything other countries have had to do for a long time.
Other countries live in multi-generational homes and/or apartments... That's what we're going towards.
Again, we're almost a $180k household and we cannot afford our current neighborhood. Two paid off cars and no CC debt.. STILL can't afford a $600k house which isn't a mansion in my metro. Something has to break.
here we have coops which for most of us is the poor man’s way of getting ownership and building equity .
because the apartments are in buildings they are a fraction of the price of a single family home with none of the maintenance and up keep .
many of us and our kids started off thru coop ownership .
coops are very popular in nyc but not so popular in other parts of the country so although we are a high cost area we do have some perks that come with that cost of living.
starting out not us or our kids would have been able to jump right into a single family home and i am talking going back as far as the 1980s
Last edited by mathjak107; 05-15-2024 at 06:16 AM..
It's the housing versus a "home"... I don't think anyone could feel that a 2bed high rise is a home. Not that there's anything wrong with that, it's a choice when you exclusively look at where you live as a financial transaction. Have to admit it's kind of tough to believe in Santa Claus... but, I get it.
Owning a home makes all kinds of sense for someone in my family situation... and that's true of many people.
Quote:
Originally Posted by bfmx1
Jumping on here late.. Anyone sick of hearing realtors tell you it's still a good time to buy? I ask them to explain the math to me and just a deer in the headlights look. Where I am right now, you can rent a 4br/bath house in the $3500-4000 range.. To buy those houses, WITH a 20% down pmt, you'd be paying around $5k..
Don't talk to me about equity because there is none when you're buying at the tip top of the market.
But this whole situation sucks big time. First we're hit with high prices, then high rates, now with high inflation insurance is whipping around. This, along with record high credit card debts in the US spell disaster.
Unless you're the top 1% and can buy with cash, we're looking at bad days ahead. It's absolutely unreasonable for the normal person to afford $4-6k / month mortgage making $150k per year which is high!
We've been spoiled with mini mansions, safe neighborhoods with amenities etc.. All the things our entitled generation loves. Now we're having to look to rent smaller, find roommates, invite family to live with you etc.. Basically, everything other countries have had to do for a long time.
Other countries live in multi-generational homes and/or apartments... That's what we're going towards.
Again, we're almost a $180k household and we cannot afford our current neighborhood. Two paid off cars and no CC debt.. STILL can't afford a $600k house which isn't a mansion in my metro. Something has to break.
Where I moved to almost four years ago is a hot market. Me and everyone else were looking for better career opportunities. I am at a lower price point than you, earning below $100,000, and I cannot afford a 1,000-1,400 square foot house that is now considered a "starter home." at prices hovering around $300,000. I have been renting. But, my realtor says, prices are going to keep going up, buy before you can't. Yeah, they probably will, but what I could afford now is either dumpy, in a bad location or a big fixer-upper or a townhouse that has a large HOA. I am not a fan of townhouses, so, no thanks anyway. If the interest rates would drop just a bit, I could afford what I would like to have. But, the CPI wasn't all that great today, so I will keep renting, even though I miss having a house (sold mine in 2020). Kids screaming a 11 pm, pot smoking coming through the walls, hearing the bass from a car stereo and apartment management that changed last September, and not for the better (now charging an extra $15 a month for garbage because of lower occupancy), has worn pretty thin.
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