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Old 06-02-2008, 02:11 PM
Location: Championsgate, Fl
986 posts, read 3,203,782 times
Reputation: 290


So let me get this right, you are saying people should not buy homes, just rent them for the rest of their life, because that is the only possible explanation for what you said. the point i made about those websites including the one you like, which is the only one i looked at is unless you are buying cash, which not many will do, it is showing time before a good amount of payment goes to the principle. It isnt really showing buying v renting because when people do buy a property and get a mortgage they are going to have go through it anyway. Who in their right mind wants to rent for the rest of their life. At one pont i thought i understood what you were saying, but i think now you have proven my point for me. Its madness to suggest renting for life.

Assuming i have understood what you are saying you are saying renting for life is cheaper than buying. How can that be. Im 30 and i have bought a house now. That means in 30 years it will be paid for. Going by what i think your saying assuming i live until 80 in your scenario i would have to pay rent for another 20 years and at the end of that my children wouldnt have a property they could sell and get the money from. Crazy!! We will have to agree to disagree

Old 06-02-2008, 02:58 PM
670 posts, read 1,513,474 times
Reputation: 269
Default I'm saying: people use the calculator and make up your own minds.

Originally Posted by cfIfan View Post
So let me get this right, you are saying people should not buy homes, just rent them for the rest of their life....
NO and no.
I'm saying to use the calculators!!

Sometimes it makes sense to buy, sometimes it does not.
In your example you were going to use earlier, it would surprise me if the calculators did not say "buy."
So, no, no, no, no.
I mean how many ways can I say "no?"
I'm saying that if an individual is making a decision on renting versus buying then these are great tools.
The calculators will of course take into consideration closing costs, interest rates, insurance, taxes... on the buying side.
Versus rent and the calculators even take into consideration renter's insurance and the security deposit money. Jezz, how much fair could that be?
I mean that's fair. For me I would have to add flood insurance on personal property.
I just do not know a more unbiased approach.
Again, I'm saying for MANY the calculators will say "rent" for some "buy"
I can not make this clearer. I say all should use the calculator!

Originally Posted by jbravo View Post
Here's an own versus rent calculator:
The New York Times > Log In
I know it says New York Times log in, but if you click all you will see is a graph / calculator.
It's a lot of fun to use.
Use the sliders on the left to set appreciation to zero.
Many what if's to play with or keep it simple.
Notice the graph that pops up and how the time you predict you will live in the house may be the deciding factor.
Similar calculators elsewhere, it's just a nice tool if money is a factor in the decision.
I am not telling everyone that they should rent; for many this would be silly because price / cost may not be the deciding factor i.e. they have the money and want to enjoy it on their own terms.
For many $$$ is a factor, you should not listen to me or for that matter anyone else, it's an important decision, specially if you may need to move due to job circumstances.
In MY opinion, for a very few it amy even make financial sense to buy now. There are no absolutes, you may have the opportunity to buy a cheap foreclosure and the numbers work, for that matter, maybe you just want to protect your assets against an impending lawsuit (ala OJ)
If this helps anyone, then I am glad.
For full disclosure, I just saw CFian post above. Yes, I made my decision to rent.
Yes, I could buy a nice house in a very nice neighborhood, though not were I currently live (I consider it a vacation / spa time)
This post is on topic and I do not see how it could possibly offend anyone.

This is just background but is interesting and ties in with the OP
in an unexpected way
Originally Posted by jbravo View Post

On topic here's a letter from the FED in March 7 2003 ! House Price Bubbles - FRBSF Economic Letter (03/07/2003)

It has rentals and home prices and warns of "bubble" in home prices!
In 2003!!!

Notice they do a rent and home price comparison.

Old 06-02-2008, 03:01 PM
20,917 posts, read 39,213,491 times
Reputation: 19213
I think we're in a renter's market for a good while to come in most areas. Still way too many vacant homes, prices will fall more. Wait for better bargains ahead. All this is IMO, but I watch the papers and follow this issue.
Old 06-02-2008, 03:03 PM
Location: Living in Paradise
5,702 posts, read 22,267,244 times
Reputation: 2987
Due to the personal and unprofessional approach by a member I'm closing this thread. For future threads discuss the issue and that should suffice.

Thank you.
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