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A) You can move to some random city that happens to have cheap homes. Because you want a home quick, and are impatient, you choose that city. You do not consider anything beyond home price and crime. Climate, quality of life, things to do -- not an issue.
B) You rent in a place you love, you save up for a long time and FINALLY achieve a home.
To me, B sounds better. Rent may be a waste of money, but almost everyone does it for many years before a home. Additionally, nobody starts with their dream house. Some people don't understand that. The fact is, you start out with something less then what you want and eventually move up.
Would you rather buy a cheap home in Abandoned, USA (just a made up town obviously) for $25k, or rent in San Francisco (an example of a desireable city)/ have to work two jobs to afford it?
I'd pick San Francisco because despite the "two jobs leaves no time for doing things" argument, you could still take the same day off for each one leaving you with time. I just don't see the fuss. I think going where you want, even if you cannot buy a home, is more important then wasting your life in a cheap house in a town you don't particularly love just because you can afford it.
It's a question of personal preference and priorities. Some people live in hovels and work three jobs in in NYC and L.A. because they love the city so much, and I think that's crazy. Other people choose to live in the cheapest place possible but have little social life, no options, nothing to do, and I also think that is a little crazy. In general, going to any extreme is not good
A place is just a place...you can make what you want out of it. I love where I live...but it is too expensive for us. My husband and I are not willing to work 2 jobs each to afford to live here, and we are confident we can love another place just as much. But we're not going to move to the cheapest place either, we have other criteria that is important to us.
I could never imagine living in a hotel. I would think it'd add up to be more expensive then an apartment. But I guess you don't have as many bills, or property taxes, etc.
It's a question of personal preference and priorities. Some people live in hovels and work three jobs in in NYC and L.A. because they love the city so much, and I think that's crazy. Other people choose to live in the cheapest place possible but have little social life, no options, nothing to do, and I also think that is a little crazy. In general, going to any extreme is not good
A place is just a place...you can make what you want out of it. I love where I live...but it is too expensive for us. My husband and I are not willing to work 2 jobs each to afford to live here, and we are confident we can love another place just as much. But we're not going to move to the cheapest place either, we have other criteria that is important to us.
To each his own.
I agree. Extremes arent good. What kind of life is it if you spend most of your life working just to pay the rent and make ends meet? You will have no time and be too tired to have fun. Also many people dont have any money left after renting so they can not save for a house. I know I wont have any money left after renting so why should I rent? I will just live with parents till I have enough for a house then buy whatever house I can afford and in several years ill buy a second house or upgrade to a bigger, nicer house. Most of the time, its cheaper to buy than rent and you also get equity. Most of those that rent do so only for a year to see if they want to stay. Many others rent because no bank will give them a mortgage due to low income and/or bad credit. Still others rent in cities where houses are over half million but many get tired of high costs and relocate to where they can afford a house.
Once again, most people rent until they can buy at the place they like. You seem to think everyone agrees that home prices are so unreachable. Yes, many people do, but people rent and save up and be patient. They don't dash to Oil City just because it's cheap. They save up for something they like.
Renting isn't even THAT expensive. As long as you're in a normal city, a 1bd should be less then $1,000. And don't start telling me about your collections. Seriously, unless you collect cars, your goldfish will be fine in an apartment.
I disagree....extremes can be good for certain people. The question can be answered in as many different ways as there are people giving answers.
It is an individual decision that encompasses so much more than where you live and how much you pay and whether you rent or buy. If someone is content with how they are living their life it does not matter if they are renting or buying or where they are located. If you are not content after making a choice then that is where a forum such as this can come in handy for researching somewhere else to live. One huge variable that people forget about is the freedom that renting gives you to explore other options and areas.
That being said, in general, I think it is more important to live where you would like to live and rent than to own a house where you are unhappy.
I have lived in several different states and owned many different homes, some with high mortgages and some paid for. I have also rented many different times over the years and have been both comfortable and uncomfortable with both situations at different times. Again, it really depends on what you are looking for at any given point in time in your life as to what gives you the happiness (for lack of a better term) or contentment in your life.
You can't afford to buy a house or even a closet-sized condo, so you rent. Lucky you, your building is under rent control! Ten years later, you realize that rent control is both a blessing and a curse, as the quality of your fellow tenants has gone downhill and you have crazy neighbors on either side of you. You'd be willing to do just about anything to be able to move - but even rent anywhere else locally is beyond your means. You live in a place where wages have been far outstripped by the price of housing. Welcome to L.A.!
I love my area, can't stand my apartment building. It's okay, though; once my kids get through college, I'm out of L.A. altogether! I'm grateful that I only have to wait two or three more years instead of ten or fifteen.
I could never imagine living in a hotel. I would think it'd add up to be more expensive then an apartment. But I guess you don't have as many bills, or property taxes, etc.
lmao!
hovel n. a small, wretched house.
Yes, that is the actual definition! Hovel, not hotel.
I rent because I like my neighborhood and city, and cannot afford to buy in it. Buying here is most certainly NOT cheaper than renting, not even close. I have a job that ties me to a large city that I have no desire to leave, so there you have it. This year I've begun a saving/getting out of debt plan toward the goal of eventually buying a small one-bedroom condo, I'm hoping in 3 years time I'll be able to start thinking about it.
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