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.
Prices will go up for everything....not really a hypothetical. You're renting from a homeowner who faces the same economic problems you think you're getting away from by renting. Prices haven't gone done in this day and age, its inflation.
OK, and how much will they go up in 3 years? 5 years? 10 years? You don't know. You're just speculating.
OK, and how much will they go up in 3 years? 5 years? 10 years? You don't know. You're just speculating.
Speculating how? For the same home, Home prices were $300-400k 40-50 years ago? There were more like 10-30k. How much was a soda or pizza 40-50 years ago? What has gone down in price? My time window is more than 10 years.
Land is finite and the population is exploding. Unless LI gets flooded or we build homes underwater or another planet, i dont see investing in a primary house as a bad investment.
Prices will go up for everything....not really a hypothetical. You're renting from a homeowner who faces the same economic problems you think you're getting away from by renting. Prices haven't gone done in this day and age, its inflation.
Speculating how? For the same home, Home prices were $300-400k 40-50 years ago? There were more like 10-30k. How much was a soda or pizza 40-50 years ago? What has gone down in price? My time window is more than 10 years.
Land is finite and the population is exploding. Unless LI gets flooded or we build homes underwater or another planet, i dont see investing in a primary house as a bad investment.
Who said owning a home Long Island was a "bad investment"? I certainly didn't. You were the one that was claiming that renting medium term for $1,300 was throwing your money away while ignoring the realities of home-ownership. The point was that investing your money in the market while paying $1,300 is probably an equal or even slightly better investment than buying a home in the medium term once you factor in the costs associated with buying, selling, and maintaining it. It's not rocket science, really.
I don't blame you, I would do the same. Enjoy it while you can. I was able to save a good amount in my early 20s renting from a family member for well below market rate and no increases for a few years.
Who said owning a home Long Island was a "bad investment"? I certainly didn't. You were the one that was claiming that renting medium term for $1,300 was throwing your money away while ignoring the realities of home-ownership. The point was that investing your money in the market while paying $1,300 is probably an equal or even slightly better investment than buying a home in the medium term once you factor in the costs associated with buying, selling, and maintaining it. It's not rocket science, really.
Which proves my point. Thank you.
Yea for folks renting from a family member or friend.
Yea for folks renting from a family member or friend.
Well since my post was only addressing the person who was paying $1,300 a month for the medium term as he said in the first instance, I don't see why you would think I'm talking about anything else. You were the one who said he was throwing his money away. It seems you were wrong.
Well since my post was only addressing the person who was paying $1,300 a month for the medium term as he said in the first instance, I don't see why you would think I'm talking about anything else. You were the one who said he was throwing his money away. It seems you were wrong.
Well he or she only mentioned he was renting from a friend of a family member in the last post. That obviously changes the situation. Majority of renters are not renting this way. They are renting from strangers subject to the same price increases like everyone else. You're renting from homeowners and if their expenses go up, it's more than likely to increase in rent for the renters. The smart thing would be to live with your parents' house until you get married and move out. That way you can pay just for utilities and save lots , but that's for another thread.
Well that depends. Once you factor in property tax, homeowners insurance, heating oil, upkeep/maintenance/repairs, etc... you're looking at about what someone pays in rent per year anywhere outside of the expensive areas of manhattan and its surrounding areas.
I live in Middle Village Queens and pay $1,300 for a 2br w/ backyard and parking. My rent has stayed the same for the past 3yrs with a written agreement to not raise it for as long as I'm residing there (unless the building is sold of course). I did the math and I'm better off renting vs owning for what I pay. In the meantime I will continue to save $ until the day comes where my wife and I decide to buy something NOT IN NY. Well I would consider Westchester County where you get more bang for your buck. Home prices/taxes here are flat out ridiculous! In my area I've seen fixer uppers go for around a half mil!
He said that his rent was not being raised in the first post.
Well he or she only mentioned he was renting from a friend of a family member in the last post. That obviously changes the situation. Majority of renters are not renting this way. They are renting from strangers subject to the same price increases like everyone else. You're renting from homeowners and if their expenses go up, it's more than likely to increase in rent for the renters. The smart thing would be to live with your parents' house until you get married and move out. That way you can pay just for utilities and save lots , but that's for another thread.
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.