U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-01-2018, 05:37 AM
 
3,302 posts, read 915,017 times
Reputation: 2016

Advertisements

Owning a home is also an investment, especially in a desirable location, so that has to be taken into consideration, too. We have two mortgages on two homes with 15 year mortgages, so we spend quite a bit on the mortgages, but we also live very frugally, hardly eating out, rarely purchasing non-essentials and generally being thrifty.
Reply With Quote Quick reply to this message

 
Old 02-01-2018, 07:39 AM
 
33,046 posts, read 20,714,185 times
Reputation: 8928
Quote:
Originally Posted by mathjak107 View Post
in nyc and the boroughs we saw rents not only come down in 2008 and through those early years of the great recession but we saw incentives to rent like we never saw before . get 13 months for the price of 12 months as an example

Recently I was looking at YOY rents and as I recall, the outer boroughs were all up about 10% from a year ago.
Reply With Quote Quick reply to this message
 
Old 02-01-2018, 08:16 AM
 
17,205 posts, read 14,812,677 times
Reputation: 32772
Quote:
Originally Posted by aslowdodge View Post
That has been suggested many times. I just said the same thing on another thread. Where's the beating the dead horse emoji?
I am an 18 year renter turned homeowner and have told OP my story (my monthly home payment including taxes and insurance are more than double what my rent was, for a relatively inexpensive home (100k) plus we need a new roof in the next 5 years, so add $10,000, and we will also need a new septic system, add another $10,000+. Property taxes of course rise every year, so my monthly payment is going to go up and up as years go by.

OP seems to think my situation doesn't count, even though it's an example of expenses changing as I went from renter to homeowner.
Reply With Quote Quick reply to this message
 
Old 02-01-2018, 08:19 AM
 
Location: Paranoid State
12,672 posts, read 9,425,981 times
Reputation: 14930
Quote:
Originally Posted by freemkt View Post
...what is the term for those who spend too much on home rentership?
Lunch.

Reply With Quote Quick reply to this message
 
Old 02-01-2018, 08:22 AM
 
17,205 posts, read 14,812,677 times
Reputation: 32772
Quote:
Originally Posted by xPlorer48 View Post
We are the opposite: house rich and cash poor.
That's what house poor means...all the money went to the house, leaving no other assets or cash.
Reply With Quote Quick reply to this message
 
Old 02-01-2018, 08:25 AM
 
4,718 posts, read 2,251,841 times
Reputation: 8729
Quote:
Originally Posted by ocnjgirl View Post
I am an 18 year renter turned homeowner and have told OP my story (my monthly home payment including taxes and insurance are more than double what my rent was
OP studiously ignores evidence contrary to his world view, even when they come from his previous posts.

This dedicated filter on information is probably part of the reason for lack of achievement.
Reply With Quote Quick reply to this message
 
Old 02-01-2018, 09:16 AM
 
Location: Annandale, VA
9,447 posts, read 7,595,884 times
Reputation: 6000
Quote:
Originally Posted by aslowdodge View Post
Can't say they are all foolish, but I don't see very many constantly complaining about it here over and over and over. It might be that they are instead working extra to make ends meet or improve their lot in life.
... or get some roommates to get housing expenses down to 30% max.
Reply With Quote Quick reply to this message
 
Old 02-01-2018, 10:59 AM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
Quote:
Originally Posted by freemkt View Post
...what is the term for those who spend too much on home rentership?


A house poor is a situation that describes a person who spends a large proportion of his or her total income on home ownership, including mortgage payments, property taxes, maintenance and utilities. House poor individuals are short of cash for discretionary items and tend to have trouble meeting other financial obligations like vehicle payments.
First of all your mortgage provider makes sure you can qualify for a home therefore you can't be house poor unless you choose to be so such as if you just qualify and then go buy a car with $1000 a month payment that you can hardly afford. Another way you can become house poor is if you lose your job and the new one pays half of what you made before.

There is no tern for rent poor besides broke.
Reply With Quote Quick reply to this message
 
Old 02-01-2018, 11:09 AM
 
Location: Denver CO
18,975 posts, read 10,040,378 times
Reputation: 27746
I would consider renters who pay a high percent of their income to also be house poor, even if that's not the standard definition.

But I think it's more closely linked to home ownership because people tend to want to stretch more when it comes to buying. They might be ok living in a rented one bedroom apartment but they want to buy a house rather than a condo because it's a better "investment." So I think it's more common to fall into that trap as a buyer rather than a renter.
Reply With Quote Quick reply to this message
 
Old 02-01-2018, 11:10 AM
 
Location: Denver CO
18,975 posts, read 10,040,378 times
Reputation: 27746
Quote:
Originally Posted by LifeIsGood01 View Post
First of all your mortgage provider makes sure you can qualify for a home therefore you can't be house poor unless you choose to be so such as if you just qualify and then go buy a car with $1000 a month payment that you can hardly afford. Another way you can become house poor is if you lose your job and the new one pays half of what you made before.

There is no tern for rent poor besides broke.
Lenders don't look at everything. When my son was a baby, my daycare costs were significantly more than my mortgage but no lender looks at that. So going by what the lender claimed I was ok to borrow, I would have been house poor (actually, I would have been bankrupt). I wouldn't assume that a lender making sure of what you can actually afford, just for what they are thinking you'll be able to repay.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top