My mortgage is $1900 a month and I am extremely grateful for that, because it's been that for three years. I chose to buy so that I could have more predictability in my housing costs, and maybe someday I'll move, but then I'll rent it out. All that to say, if you can buying is infinitely better.
My thoughts on renting versus buying
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Re: My thoughts on renting versus buying
#12All I know is my mortgage is $1,800 a month and to rent my place now is at least $6K/month. I love knowing that my monthly payment can't go up.
Property taxes and insurance go up pretty much every year.
Re: My thoughts on renting versus buying
#13All I know is my mortgage is $1,800 a month and to rent my place now is at least $6K/month. I love knowing that my monthly payment can't go up.
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Re: My thoughts on renting versus buying
#14All I know is my mortgage is $1,800 a month and to rent my place now is at least $6K/month. I love knowing that my monthly payment can't go up.
yep
my life cannot be uprooted based on the whims of a crummy landlord or because my obligation has crept out of my budget
i bought conservatively and now have a tiny payment relative to what i’d otherwise have to pay to live in the bay area. peace of mind is hard to put a price on
Re: My thoughts on renting versus buying
#15> The Flexibility of Renting Is Undervalued
And the stability of buying is undervalued. It's telling that this article frames housing as an investment vehicle rather than as a basic necessity. And it's not just a necessity because it shelters you from the elements and gives you storage for your stuff; it anchors you in a neighborhood and allows you to begin forming a local community. The flexibility of renting that this article glorifies is itself anathema to knowing and befriending your neighbors on anything but the shortest of terms; even if you don't intend to move, you have no guarantee that they won't up and exercise that flexibility. This is a major contributor to the modern loneliness epidemic.
Re: My thoughts on renting versus buying
#16[deleted]
Re: My thoughts on renting versus buying
#17The argument the author makes about the returns in stocks being higher than returns in real estate does not really hold when taking leverage into account.
In my country, buying a home is the only way to get cheap debt for the vast majority of people.
Re: My thoughts on renting versus buying
#18If renting doesn’t make sense economically, how is it profitable for the landlord? Because it’s almost always profitable for the landlord.
Because of the price, and the market willing to pay that price. If nobody was willing to pay $2500 for an apartment, nobody would rent it, and the landlord wouldn't have any money. For one person that can't afford a place, there are 10 who can. So landlords quite naturally match the market demand.
Re: My thoughts on renting versus buying
#19If renting doesn’t make sense economically, how is it profitable for the landlord? Because it’s almost always profitable for the landlord.
they bought it ( or refied it) at lower interest rates.
It currently only profitable only of ppl who got super lucky during covid .
Re: My thoughts on renting versus buying
#20It's interesting to paint the homeowner as an emotional person and the renter as the pragmatic, however both are roughly equally emotional.
As the rent prices keep rising, the renter in the end will end up spending much more money in the same duration as a mortgage, won't they? After a few years, when they end up owning more of the property, they can secure a good deal with better monthly mortgage payments.
They can also quite easily set up an AirBnB or get proper renters, if they want to have some flexibility, and in most cases the rent money will be more than the mortgage payments, so if they want to rent another place of their liking, the additional income will offset the monthly costs.