Posted on 08/08/2023 11:26:37 AM PDT by ChicagoConservative27
My work required I relocate often...so renting was always the best way to go. After taking an early retirement it was a no brainer to continue to rent. No outside upkeep, no shoveling in winter, no inside repairs, .....for me this works well.
I’m 76, and never owned a home. Raised my two sons alone, and back then, the only option was to rent. Couldn’t afford a down payment, or maintenance fees to fix anything that broke. Glad I never fell into that trap. Brand new loft apartments were built just down the street from me on ground that used to be a part of Griffiss Air Force Base. Rents start at $1500. No thanks. Been at my current abode since 1998. I wouldn’t dare tell you what my rent is, because you’d think I lived in the slums...but I don’t. The landlord who owns this complex and many other properties in the area, is just good to the seniors who rent from them. I’d be nuts to move from here, so they’ll have to carry me out. The other reason I’m glad that at my age, I don’t own a home, is that when I die, my sons won’t have to get rid of a home neither wants to live in.
That dude definitely registers on my faggotometer.
They have to figure their time - and expense for repairs or pay to have it done. Upkeep is not cheap.
I also recognize Gn Z isn’t willing to take a cheaper rental so they can save money to buy.
If you plan on moving every few years, renting is probably better. Selling a house will take 10% off the top each sale just in transaction costs.
I can’t imagine ever wanting to rent. What a soul-crushing way to live. I like waking up in my bedroom every morning, not some else’s.
“the Greatest Generation were so obsessed with new opportunities/money/success that they let their Boomer kids run wild”.
Good comment—I grew up in a very materialistic suburb where everyone tried to “keep up with the Jones”.
As a kid I noticed these folks were not really happy—they were just busy busy busy—and I vowed never to live an adult life like that.
We live modestly—but appreciate everything we have—and compete with no-one.
I know a young couple who would like to buy a house but can’t afford to.
Young people roam to try and find a place to rent that they can afford.
GenZ is between 11 and 26 years old
Renting makes sense here.
My kids don’t.
My son has a house that God really provide for him, and my daughter wants one so bad she can taste it. We’re praying for God to provide one.
I’m sensing buy-in for the great reset premise: “You’ll own nothing, and love it.”
My impression is that very few “Gen-Z” people even expect to be working for the same employer five years from now — which makes the prospect of buying a home even less enticing.
No responsibility.
“Hardly proof of renting being a “better option”
Indeed it isn’t. For one thing, if renting is better than current owners would be dumping their properties for low prices. Instead they are asking sky high prices.
Couldn’t builders be building cheaper homes? Maybe they are. I don’t fully understand home pricing. It must have a lot to do with the income of the non-owners.
of course they say that when the cost of a home is so high
“I own a home. It’s still very expensive to own a home. Property taxes, homeowners insurance, new roof, new gutters, new paint job, resurface driveway, new appliances, interior painting, new carpeting, termite policy, bug policy, HOA fees, outside landscaping and utilities. I’m sure it might be cheaper, but not by much.”
Mrs. BBB333 and I started in a 14 x 70 mobile home for $8,300 - no one would rent to us with two cats (very tight rental market in this town in the 90’s (still is).
We purchased a lot and built 3 1/2 years later. Sold the mobile home for $12,500...when we closed on our home we had 25% equity so no PMI fees.
Sure we have upkeep, HOA (removes snow from our roads and currently we are paving our roads so the annual fee is now $1,750 which will go back down to $550 per year next year) taxes and insurance.
Our home value has increased from roughly $180,000 to $1,250,000 over the years.
Beats renting by a mile.
All those costs are, of course, baked into the rent. Every building deteriorates and needs maintenance whether you rent or buy.
Right now we have a large 15 year old pergola made Douglas Fir that is rotting away, the house needs painting, we need new gutters. Ugh. Last winter we lost a lot of plants (as did everybody in North Idaho) so there was a lot of time and expense fixing the landscaping.
The people who sold us the house preferred to play golf all the time and didn’t do a lot of maintenance. I can’t stand things that are falling apart or at the end of their lives, so I’m always fixing, improving, updating, etc.
Maybe the worst part of owning a home is you are a slave to it. It’s not only an endless money pit, but it’s the biggest time suck imaginable. Good thing I never got into golf!
I believe those renter rental increase notices come out at the same time the homeowner needs a new roof, the furnace dies, the AC isn’t cooling, and the basement fills with water.
Just to keep harmony and balance in the world.
Even owning is renting, when the government charges you 2% property taxes, it means the land is actually owned by the government, you’re paying rent for the right to use the land.
That is moronic. A home is a much better place for your money. Fools.
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