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People UNABLE TO BUY DO NOT DECIDE AGAINST BUYING AND TAKING THE RISK.
Not being able to buy inherently entails taking the risks of rent inflation and being priced out.
Which is riskier, locking in a payment for 30 years or paying more and more every year for the rest of your life while having to move frequently?
: smack::s mack::sm ack:
You could try to make a reasonable response not so filled with childish insults, but oh well.
Buying has risks, look at what happened in 2008.
Also renting is simply easier as is obvious. You don't have to think about the future, you can get out of a rental agreement far easier than your house. You don't have to think as much so people obviously take renting over buying for many reasons both real and mental.
You could try to make a reasonable response not so filled with childish insults, but oh well.
Buying has risks, look at what happened in 2008.
Also renting is simply easier as is obvious. You don't have to think about the future, you can get out of a rental agreement far easier than your house. You don't have to think as much so people obviously take renting over buying for many reasons both real and mental.
Next time, respond like an adult.
Since most domestic housing markets have recovered from the bobble and recession, and since rents in the meantime have necessarily skyrocketed, I believe most 2008 buyers who held are better off today than if they had not bought and rented the whole time.
While renting is easier it is financially risky. Not having been able to afford to buy yesterday means I'm always worried that I might not be able to afford to rent tomorrow.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by freemkt
Since most domestic housing markets have recovered from the bobble and recession, and since rents in the meantime have necessarily skyrocketed, I believe most 2008 buyers who held are better off today than if they had not bought and rented the whole time.
While renting is easier it is financially risky. Not having been able to afford to buy yesterday means I'm always worried that I might not be able to afford to rent tomorrow.
Yes, that can be a problem. When you buy, and stay there, your taxes may go up but the mortgage payment remains the same. Every time you get a pay raise, you have more income to spend or at least offset inflation on other purchases. When you rent, your 5% pay raise cannot keep up with a 10-20% rent increase, and in some places we see that now rent can go up 100% in one year.
I am generally opposed to gentrification as a concept. But, I have grown to uhmm.... "tolerate" the sight of it in my area rather well.
Not only are property values going up, but some of the young yuppie flippers of the female persuasion look rather nice in their trendy excersize spandex. Who would have thought that saw dust (well, at least the sort produced by hired contractors) and spandex would go together.
One argument I've seen against gentrification is that people should not be priced out of their neighborhoods. That is both interesting and ironic from my POV..........The first part being I'm part of the gentrification process in my adopted city. Second is I just checked on the last sale of the home I grew up in inside the DC beltway and was startled to see it sit at $690k. Actually that was in '08 and the value should be even more now. In other words given my income and assets I could not come close to being able to buy back the home I lived in with my parents. In a way that sucks but I've also come to realize that not moving on is sometimes the worst mistake you can make.
After reading The Death and Life of Great American Cities, Root shock: The Consequences of African American Dispossession, and the Joseph Owen Curtis photograph collection from Old Southwest Remembered, I am conflicted.
The history of it, starting with the Housing Act of 1949, and the preferred use of Cataclysmic Money over Gradual Money, makes me cringe.
I would be more inclined to support gentrification if Gradual Money was used more in areas of need.
And, let's get real. If there's a neighborhood that's been revitalized or gentrified or whatever noun you prefer, those kinds of businesses are going to pop up automatically. The struggling hot dog stand suddenly is replaced with the cafe, and so on. Despite all that reverse snobbery, you might as well try to sweep the sand off a beach once the process begins.[/quote]
Not to sound like a pompous know-it-all, but revitalized and gentrified are adjectives, not nouns.
Also, that"struggling hot dog stand will likely see a big spike in business.
Considering gentrification transformed DC from the murder capital, to a wonderful and beautiful city, I have not that opposed to it on a surface level.
With that being said...it does have downsides, just not the ones people think. The later waves do present issues with retail blight for example, and can kill historic businesses.
The one thing that people need to remember, cities change all of the time. It is in their natures to change when they are healthy. It's the unhealthy ones that have to deal with blight and slowly die. It's the healthy ones that gentrify. Gentrification is a direct result of high demand to live in a city, often because of a healthy urban labor market. Without demand spurred by a healthy job market, gentrification does not happen.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,260,275 times
Reputation: 57826
Quote:
Originally Posted by verybadgnome
One argument I've seen against gentrification is that people should not be priced out of their neighborhoods. That is both interesting and ironic from my POV..........The first part being I'm part of the gentrification process in my adopted city. Second is I just checked on the last sale of the home I grew up in inside the DC beltway and was startled to see it sit at $690k. Actually that was in '08 and the value should be even more now. In other words given my income and assets I could not come close to being able to buy back the home I lived in with my parents. In a way that sucks but I've also come to realize that not moving on is sometimes the worst mistake you can make.
Yes, staying where you are is the best way to make money on your home. We paid $199k in 1993 and are now at a value of close to $700k. My parents bought a 25 year-0ld home in Lafayette, CA in the early 1960s for $30,000, where I lived until moving out at age 19. A few years later after they divorced, and they sold it for $55,000. Today, despite being 77 years old, it's worth 1.7 million, and the same person they sold it to still owns it.
I am because it ruins any underrated character of a community and it prices people out and causes a community to become more expensive and more crowded and worst of all a bunch of bars will open up and people will party nonstop. So I am against gentrification.
On the contrary, Manhattan had far more nightclubs before gentrification than it has now. Rising real estate and rental costs have priced most of them out of existence.
As per the city's character... Sure Manhattan had a lot more 'grit' in the heyday of the Rotten Apple. Crime was off the charts, the police were utterly corrupt, Bryant Park was full of junkies and you wouldn't go near Times Square after dark unless you had a deathwish. I don't really see how that is better than the sanitized version we enjoy today. I mean seriously... If you want to visit a city that enjoys all the problems of 70's era NYC with even more grit and crime, plan your next vacation in Detroit.
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