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In many parts of the country, owning a home is actually cheaper in the long run than paying rent. Rents are quite high in many cities. If you have saved up a down payment, you can buy a modest home and get your monthly housing cost to be lower than typical rent for an apartment of similar quality.
The issue is whether you have job stability. If you do expect to have job stability in a metro area, it might make sense to buy. Even though renting gives you a sense of freedom and flexibility, you are paying a lot.
I think this can be arguable when you factor in property taxes and insurance. Traditionally cities have higher property taxes and insurance, then add in maintenance into a house as it's a money pit at times. Anything that breaks is out of your pocket, and then you need to invest a bunch of things for the house such as a lawnmower, weed-wacker (spelling), rake/leaf blower, tools to fix common problems around the house, and there is probably more stuff that I'm missing. The worse thing about the house, and while this is rare, when something breaks like your AC or water heater. You'll be out hundreds of dollars anytime that happens, and lets not forget how utilities cost more with a house as you have more space to keep lit or warm.
I think this can be arguable when you factor in property taxes and insurance. Traditionally cities have higher property taxes and insurance, then add in maintenance into a house as it's a money pit at times. Anything that breaks is out of your pocket, and then you need to invest a bunch of things for the house such as a lawnmower, weed-wacker (spelling), rake/leaf blower, tools to fix common problems around the house, and there is probably more stuff that I'm missing. The worse thing about the house, and while this is rare, when something breaks like your AC or water heater. You'll be out hundreds of dollars anytime that happens, and lets not forget how utilities cost more with a house as you have more space to keep lit or warm.
You don't have to live in the city. You can live in the suburbs. If you are single and have a good job, you can buy a modest house, maybe two bedrooms. If you want to live in a space that houses a family, of course it would be expensive. But that's not necessary. A smaller house means lower property tax and lower insurance.
If you want to live in the trendiest area and own a home there, you better earn a lot of money.
You don't have to live in the city. You can live in the suburbs. If you are single and have a good job, you can buy a modest house, maybe two bedrooms. If you want to live in a space that houses a family, of course it would be expensive. But that's not necessary. A smaller house means lower property tax and lower insurance.
If you want to live in the trendiest area and own a home there, you better earn a lot of money.
Even suburbs in most cities aren't cheap. Then what's worse is your commute from suburbs in most cities. Heck, that is a main reason I like Chicago as I can take the suburban rail to work. St Louis, Dallas, Seattle, Kansas City, Memphis, Nashville, Atlanta, etc don't have that option. Only a few cities have a true public transportation network, otherwise you have to drive which is a nightmare during rush hour. Now when I worked in another suburb in the Chicago area and I had to drive, it was awful. Normally my commute should be 30 minutes, but due to road construction and flooding it made my commute an hour nightmare. Now with the train I just catch a 30 minute express train from the my suburb to the loop.
Lol typical West Coaster. Enjoy your droughts, floods, and fires.
Please don't lump me in with poster k374, to whom you were responding above. For the life of me I can't understand why he would spend so much time bashing Michigan, especially inasmuch as he has never been there. Usually the shoe is on the other foot, and I am defending California against bashers - could that be what has gotten k374 in such a tizzy?
But two wrongs don't make a right. I like it here in Southern California, have no desire to move to Michigan (or anywhere else, for that matter) and also no desire to put Michigan down. I sure as hell hope that k374 is NOT a "typical West Coaster".
Metro Detroit is an area that is woefully behind the times (as much as it would like to deny it). I really believe it is a ticking time bomb. And the worst part is my parents are still in that dump of a place.
Why is it so bad? The potholes are so bad there that you can't even drive your car without incurring lots of damage. You shouldn't have to tolerate that. The politicians are racist, backwards and corrupt. The people are insular and highly judgmental of anyone not like them.
Need I go on? There is no real public transit. The only major metro region not to have it. So what do you think will happen if gas prices rise yet again? It already happened in 2008, and it economically devastated the entire area. Empty storefronts everywhere. The unemployment rate was officially at 20% in the suburbs, 50% in Detroit. That means a lot of jobless people turning to crime and vandalism.
Also, everyone there is constantly in a terrible mood. No one ever seems happy. The mindset is not open to other people's views, and honestly it can feel about 30 years behind modern times. Any time there is a progressive new restaurant, salon, whatever that comes out the press hypes it up as some grand example to disprove the naysayers. The truth is that there are hidden bright spots, but overall it is just a mess.
The housing stock in the suburbs is typically poorly constructed and overpriced. Why people pay it is a question of mentality. The truth is that they are socially programmed, many of them, to just follow the herd and do what their parents did. But the overall housing prices are woefully low, especially compared to the coasts. The jobs simply are not there unless you are in a narrow supply of industries (certain areas of automotive/engineering/medicine/corporate exec/etc.). There is little opportunity if you want to do something outside of that you are truly passionate about. Little to no support, no sense of community.
Everything is on a giant grid that makes no sense from an urban planning standpoint. There is no truly vital center downtown so it creates a strange way of navigating about. It is not sustainable, and it will fall apart within ten to fifteen years. The only thing that will eventually save Michigan is its geographic position to the water supply. But it is cyclical, and will get worse before it gets better. Also, the cars the automakers put out suck and I wonder how long they can hack it. Think about the mentality of the guy designing your car. Think about global competition. They are not diversified and are quite literally sitting ducks.
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