Why do Canadian renters have nearly 20x the wealth of US renters? (credit, pension)

[lieqiang]

When you start constructing rent comparison scenarios that include no maintenance costs, renters filling it every day of the year who all actually pay, every home being purchased then lived in for life, etc. sure trot out that unicorn and we'll follow the trail of chocolate turds.

I've owned two, one of which we bought cash. Ten years was longer we kept one.

[cebuan]

Originally Posted by s1alker

Absolutely. This misconception of renters has always bugged me.

Exactly. Americans let others do their thinking for them, and the "American Dream" (owning your own home) is defined by the wealthy interests who build and sell and insure and repair houses. and develop subdivisions and sponsor the media which tells people everything they know.

[Quietude]

Originally Posted by lieqiang

When you start constructing rent comparison scenarios that include no maintenance costs, renters filling it every day of the year who all actually pay, every home being purchased then lived in for life, etc. sure trot out that unicorn and we'll follow the trail of chocolate turds.

I haven't done anything of the kind. I'm fairly agnostic on the point, but both sides have escalated this into something of a religious war.

I did ask for some specific scenarios where renting builds wealth better than owning, and mostly got a few "I did! I did!" responses, which may be honest or nonsense but in any case are not indicative that there's a general scenario where renters build wealth better than homeowners.

The arguments from the Rent God side seems to be entirely about replacement roof costs and plumbing repairs, none of which have been convincingly from someone who's put a roof out for bid or woken up to a foot of water they had to deal with, and doomcrying about how houses won't be the appreciation machines they've been for, pretty much the last 100 years.

Buy. Rent. Spend. Save. I'm not the one who cares.

[Quietude]

Originally Posted by cebuan

Exactly. Americans let others do their thinking for them, and the "American Dream" (owning your own home) is defined by the wealthy interests who build and sell and insure and repair houses. and develop subdivisions and sponsor the media which tells people everything they know.

I'm the last person to discount an international viewpoint, but have you ever actually lived in the US, or are we a show on CNN to you?

[lieqiang]

Originally Posted by Quietude

I haven't done anything of the kind. I'm fairly agnostic on the point, but both sides have escalated this into something of a religious war.

I think you overestimate the war side of things here. From what I've observed there are a few "my way was the right way" types but the majority seem to acknowledge there are a lot of variables that go into it and I've seen quite a few define the rent/buy equation as more of a lifestyle choice, which I'd agree with.

From my perspective I've owned homes and rented, in fact I'd wager most people who have owned homes have also rented although not always the case other way around. The main thing I'm objecting to in here is any notion that choosing one or the other path is some panacea to wealth and success.

[lieqiang]

Originally Posted by cebuan

Exactly. Americans let others do their thinking for them,

This kind of broad brush stuff usually comes from really bitter expats who believe their failures in USA are the result of everyone else and they are now enlightened in the land of no drinky tap water and wives 30 years younger than them.

Get real dude, there are 320+ million people in USA you can't assign a behavior to all of them.

[Susan1940]

In Vancouver there are old run down houses for sale at 2 million dollars. Many people do not live in Vancouver or rent in Vancouver, to rent a apartment in Vancouver would be $2,000 a month for 400 sq. feet if lucky. I live in a smaller city outside of Vancouver where the rents average $900 - $1,000 monthly for a 1 bedroom apartment, 600 sq. feet that is 40 years old. You could buy a very nice new house here close to the beach for 2 million on a small city lot. A lot of people who work in Vancouver, travel there to work & live elsewhere. I do not find people in Canada richer because our prices on everything is much higher, housing, vehicle prices, restaurants, clothes etc. is all higher priced. I live about 1 hour from a U.S. border.

[Quietude]

Originally Posted by Susan1940

In Vancouver there are old run down houses for sale at 2 million dollars.

My brother who lives in Vic sent me a clip of one at $3M... and I wouldn't buy it as a fixer with two zeroes knocked off. Crazy market. Almost as crazy as Denver in recent years.

[Quietude]

Originally Posted by lieqiang

I think you overestimate the war side of things here. From what I've observed there are a few "my way was the right way" types but the majority seem to acknowledge there are a lot of variables that go into it and I've seen quite a few define the rent/buy equation as more of a lifestyle choice, which I'd agree with.

The discussion just seems very polarized and wandered off into a basic rent-v-buy argument no longer connected to the wealth-building question. I'll just say I haven't been convinced there is any renting path to wealth building that exceeds the same assets in an owning situation, and that careful ownership is usually financially advantageous - the exceptions being people that get caught in an economic downturn, and those who buy a house needing more skill and effort than they can provide.

If you can't fix a loose doorknob and can't hire out every home task... rent.

[Quietude]

Originally Posted by lieqiang

This kind of broad brush stuff usually comes from really bitter expats...

I have a stepson in his 30s who is now an Irish citizen and never misses a chance to slag how awful the US was to him and his skills that qualified him for a corner office at 24.