That tells me that they think renting is better because they can bag on paying it and disappear to the next town. Kinda like they are doing with their student loans.
“...because they can bag on paying it and disappear to the next town”
I’ve owned exactly ONE rental property and I rented to that guy. In Santa Cruz County, CA, you simply cannot get rid of non-paying tenant. It takes six months and innumerable public notices and sheriff tacking notices to the front door.
Turns out the guy did this over and over.
Of course, there’s nothing new under the sun. This was 40 years ago!
Actually renting vs buying is an easy calculation at the 7% rates, unless the buy is exceptional value for you...rent. More often than not, until you reach a house you want to hold for 10+ years, renting is the way to go in a market that has a good posiablity of being a crisis. Most of the people on this board are either paid off less than a decade left on a loan at 3%.
https://www.beta.reventure.app/dashboard
Rent/Buy. Your particular location, zip code, local tax status may favor one or the other, if you dont look at the data your guessing. Throw myself back to 32 years old, if 50% of my income was rent and investments vs a house and taxs that I consider overpriced... im renting and Dimond handing meme stonks. If I dont trust the local politicians... im renting. If I dont have good vibes about my industry, employer or boss, the state or federal government...I am renting, seen to many housing crashes at 52.
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.