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I am "older" and I don't make much money; most likely will never be able to purchase a home. I don't like renting only because I am hypersensitive to noise and like many of you, have a tough time with neighbors noise and general lack of privacy (workers coming in, etc.).
Are you okay with renting? Are there any other "long term renters" here? How do you make peace with it? Plus, these days (with the exception of a few major cities), a mortage is cheaper than rent (assuming you make enough money to get one). So I am not even saving money by renting.
Renting is all I've ever done. I could look back and be regretful of the choices I made along the way that prevented home ownership but that would be fruitless.
I am "older" and I don't make much money; most likely will never be able to purchase a home. I don't like renting only because I am hypersensitive to noise and like many of you, have a tough time with neighbors noise and general lack of privacy (workers coming in, etc.).
Are you okay with renting? Are there any other "long term renters" here? How do you make peace with it? Plus, these days (with the exception of a few major cities), a mortage is cheaper than rent (assuming you make enough money to get one). So I am not even saving money by renting.
Shrug. Having done both in my life, I now prefer renting. There are pros and cons for both, but at this point in my life, I don’t want to be tied down by ownership. Thirty years ago, I felt differently.
I am "older" and I don't make much money; most likely will never be able to purchase a home. I don't like renting only because I am hypersensitive to noise and like many of you, have a tough time with neighbors noise and general lack of privacy (workers coming in, etc.).
Are you okay with renting? Are there any other "long term renters" here? How do you make peace with it? Plus, these days (with the exception of a few major cities), a mortage is cheaper than rent (assuming you make enough money to get one). So I am not even saving money by renting.
You need to move to an area where you can buy an inexpensive home. I never thought I would be able to buy a home but I did. I got in right before prices doubled for small starter homes, so now my home is worth twice what I paid less than 3 years ago and my mortgage is less than what it would cost to rent a studio apartment in this area.
i never got sad about renting, I just accepted it as a necessity until I found out that it's not as impossible or complicated to buy as I used to think.
I feel renting is much easier than being a homeowner. Houses take a lot of work and money to maintain it all. Owning a house is not for everyone and many people wind up broke due to a mortgage and expenses they could never really afford.
It depends on the person. As a general rule, everyone should aim to own. It is cheaper in the long-term. But there are certainly reasons why people have to or should rent, at least during certain time periods (very young and don't have long-term plans set yet, new to an area (rent for a year to learn the area), newly married (it's usually good to rent while so many things are changing in your life), older, etc.).
However, a lot of people don't rent because they set rules for themselves that aren't real. I'm talking about people who have to be in a certain state, city, or area and simply choose not to live where it's more affordable, and in their mind, it's set in stone. People who choose to spend on their disposable income rather than saving up a down payment. Without knowing your details, we have no idea if you fall into this group at all, but all too many people do and they are just doing themselves a disservice.
I think renting is the best option for us currently because of those reasons, as well as the fact that we are not responsible for issues that arise. As a homeowner, repairs can be costly and frequent, it’s nice to know that an issue that pops up isn’t on us now.
We are friends with a couple a year older than us who bought recently. They’ve racked up massive credit card debt because of unforeseen repairs that had to get done. From my own personal experience, people who are buying young, have a tough time affording things when something goes wrong. You almost have to hope you don’t need repairs or something doesn’t break.
It depends on the person. As a general rule, everyone should aim to own. It is cheaper in the long-term. But there are certainly reasons why people have to or should rent, at least during certain time periods (very young and don't have long-term plans set yet, new to an area (rent for a year to learn the area), newly married (it's usually good to rent while so many things are changing in your life), older, etc.).
However, a lot of people don't rent because they set rules for themselves that aren't real. I'm talking about people who have to be in a certain state, city, or area and simply choose not to live where it's more affordable, and in their mind, it's set in stone. People who choose to spend on their disposable income rather than saving up a down payment. Without knowing your details, we have no idea if you fall into this group at all, but all too many people do and they are just doing themselves a disservice.
No, I am not in any of those groups. I am older and mobile. I have no kids. But if the "3 x salary" mortgage rule is true, I could never qualify. I could move to where wages are higher, but then houses would cost more, too.
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