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And this is exactly why I favor renting, at least at this point in my life. It makes better sense financially (even long-term) for me, but it also means I don't have to worry about these unexpected expenses or the labor involved fixing them.
There's nothing wrong with renting. I thing the problem is as a society we shame people into owning, even if it doesn't make sense for everyone.
But you don't expect to be renting in your 50s. Most Americans think there IS somethng wrong with renting for a lifetime. There are stages in life when there's nothing wrong wiith renting. The peak of ones working and earning years is usually not one of them.
If owning a home is so expensive and so burdensome, why do most Americans own a home?
The Ten Commandments of the American Religion - -#1 Own a Home.
Quote:
Own a Home. The American Religion wants you to have a home with a white picket fence. Why would the high priests of the American religion want that?
So then you owe the banks money for 30 years or more (after second, third, fourth mortgages). The banks need to borrow from your checking account at 0.5% and then lend right back to you at 8%. That’s how they make money and its one of the largest industries in the country.
So you are not flexible as to where you can move. The job market is ruled by supply and demand. Supply of jobs in an area is finite. So they want to make sure you can’t move so quickly so that demand only goes up (you can’t move and more and more people hit the age of 18 or higher)
Note that many people equate owning a home with “having roots”. Its as if owning a home connects you in some immortal way with the 3 billion year old planet. Your roots are now connected to it. It’s linking “home ownership” with the “fear of death” that every religion attempts to assuage (through “heaven”, “reincarnation”, etc).
But you don't expect to be renting in your 50s. Most Americans think there IS somethng wrong with renting for a lifetime. There are stages in life when there's nothing wrong wiith renting. The peak of ones working and earning years is usually not one of them.
Actually, I DO plan to be a lifelong renter, unless some circumstances come along which somehow make it more attractive to me to own. Renting is built into my retirement planning. Renting is amazing. You're not tied down to one place, all maintenance is takes care of for you, you don't have leverage, the list goes on and on.
I notice you're talking more about social pressure than financial pressure. Do you really care that much about how people view you as a renter? Sounds like a potential inferiority complex. Renting FTW! Renters unite!
I have paid more than the principal balance plus accrued interest. What more can I do on a poverty level income?
Yes I am familiar wth concepts like maintenance and useful life. That's why one should always budget a reserve fund for these items.
e.g. rent = $1200/mo ... mortgage payment (including taxes and insurance) = $900/mo ... dedicate $300/mo to reserve fund and apply as needed ... and verify useful expected life of major items (e.g. roof, HVAC, major appliances) before you close and adjust reserve as necessary.
In a tiny home, these costs will be generally lower, e.g. roof will be much cheaper.
Wow, talk about twisting things to further your cause.
Why is rent $1200 a month, but a mortgage only $900, leaving money for a reserve? Before buying a house, I rented. Rent was $700 a month. Now, my mortgage with taxes and insurance is $1,200 a month. Same square footage and lot size, in the same area.
In the real world, the renter has more money to sock away for a reserve fund.
If owning a home is so expensive and so burdensome, why do most Americans own a home? Why dn't you sell yours and rent? (Are the local government restrictions greater on rentals than on owner-occupied homes?)
In my case it is more of a lifestyle choice...
I have a home shop that I use to restore antique cars... mechanical, body and paint... it just wouldn't be feasible to do this in a rental plus the cost of setting it all up with sufficient power to run my welders, air compressor and tools would eliminate 99% of the places around here or more... and this is IF the owner would even permit this type of hobby work as a renter...
On simpler terms... I know quite a few dog lovers that simply would not be able to keep or breed in most rental situations...
If owning a home is so expensive and so burdensome, why do most Americans own a home? Why dn't you sell yours and rent? (Are the local government restrictions greater on rentals than on owner-occupied homes?)
Again, more twisting of words. Nobody said it's more burdensome - you said that.
If renting is so expensive and burdensome, why haven't you done something in 30 years to change that?
Personally, I own a home because I have pets and enjoy gardening.
I have paid more than the principal balance plus accrued interest. What more can I do on a poverty level income?
Yes I am familiar wth concepts like maintenance and useful life. That's why one should always budget a reserve fund for these items.
e.g. rent = $1200/mo ... mortgage payment (including taxes and insurance) = $900/mo ... dedicate $300/mo to reserve fund and apply as needed ... and verify useful expected life of major items (e.g. roof, HVAC, major appliances) before you close and adjust reserve as necessary.
In a tiny home, these costs will be generally lower, e.g. roof will be much cheaper.
But not for 30 years. Let me repeat - if you had paid it off as originally agreed to, 30 years ago, you wouldn't have that hanging over your head.
Why on earth would the American Religion consiider tiny homes sinful and worthy of banishment?
We're supposed to inflate our lifestyles, buying much more house than we need, thus tying us to our government and corporate masters rather than obtaining financial independence through spending less. Note how much home sizes have increased over the years. A tiny home is like heresy.
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