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Some of you have made me realize I should have added another option to my poll:
"Neither"
I'd be interested to know how many adult children are still living at home with their families in order to make it here on the island and have a piece of the "American dream" and one day own their own home.. just saying
Wish I could have done this. My family living situation was less then ideal so I had to move out at 23. Im 32 now and my partner and I have some $ saved but we're going to be renting a house for at least 3 more years. I would definately like to own a home, seems like a great accomplishment.
On the plus side, since we're renting and not owning, we have a nicer house then any of our friends right now, with no upkeep responsibilities
The one thing I learned down here (on Long Island) is the rent is too "dang" high for what it gets. There should be more of an incentive to provide better living quarters for the price (ie. like a tax break).
Wouldn't it be great if there were an apartment registry in which an apartment could be rated on a scale similar to what Consumer Reports does for things? And there'd be the "Best Buy" designation.
I know of some "hidden" apts. in which the owner gets close to what their monthly mortgage is. That's really unfair to the renter. Rent shouldn't be more than owner expenses of the apt. + $500/mo. (at most).
I'd be interested to know how many adult children are still living at home with their families in order to make it here on the island and have a piece of the "American dream" and one day own their own home.. just saying
That would be interesting to know. I bet it's a lot higher than many of us would guess.
I never rented either. I lived in a rental unit for 2 years in college but thats only because I went to college 4 hours away from NYC where I grew up, so I lived on campus for 2 years, then gathered some friends and moved into a 3 bedroom apartment for the last 2 years - we used it as a place to sleep mostly as our time was spent on campus or in the dorms helping out with activities, etc.
Like lubby, I lived at home after college and did not move out of my parents house until I was almost 30 years old. I went straight to law school after college and since my parents live in NYC, I just moved back home and commuted to school. I saved a ton of $$ this way. By the time I had enough $$ saved up and was in a position to be independent (a decent job at a decent salary), I bought a condo. Of course, hindsight is 20/20 because I am an accidental landlord now (underwater mortgage and now married living in my husband's house) - but the fact remains that I do not regret buying my own place. For the 2-4 years I lived as a condo owner, I pretty much did whatever I wanted, whenever I wanted. I painted every room and changed the carpets to my liking.
So no..I do not think I missed any part of life by choosing to own vs. rent. If you can afford to buy, it is not bad to do so. Renting works for people who are either too poor or too young to buy, have issues like bad credit, cash flow, etc problems; or are subject to job/career fluctuations that demand flexibility with housing (ie military contracting work or the like).
My husband did the same thing. When he graduated from grad school on Long Island, he could not afford to rent a decent apartment in Nassau County. So he lived at home until his early 30s and saved enough to put down a 60% downpayment on the house he did buy. He wouldn't have rented either, he likes doing stuff around the house, and likes the flexibility of paving the driveway or adding a new deck in the backyard if he chooses to.
When I turned 18 my family gave me the option of paying them rent or paying someone else rent. Though their # was about 20% less than a studio apt. (and incl. utilities, phone, and cable) it came with the caveat of a midnight curfew. So, for 20% more (plus utilities, etc.) I got a studio apt. until I made enough to go to college (then I lived back with my family rent free for 2 yrs.).
I'm glad they did it that way because it helped me grow up differently than my friends (whom tended to feel entitled to what was given or denied them). It's not that way for everyone but some don't appreciate things like the rest of us do.
My husband is a car guy and has many hobbies, he's been a car guy since he was kid. We could never rent for this reason plus he likes having his own garage and he's able to anything he wants in there without a landlord getting all upset. He has too much stuff so owning was the best option for us.
I own. Going back to renting. There was a study that showed renting long term vs owning during the same period of time is actually cheaper. Less grief and aggravation too. But then there is the whole American dream crap of ownership. For me personally, been there done it, had enough. Let the landlord worry about everything.
So you've never rented for your entire life? For a single person coming out of college who wants to live on LI (and not with their parents), it is nearly impossible to own.
we have rented and owned -- first a co-op, and now a house. although everyone talks about the equity and all that (and I agree and see what they mean), we do feel a lot "poorer" now that we own rather than buy. Because our mortgage payment + taxes adds up to a lot more than what our rent was....but that's how it goes!
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