Advantages and Disadvantages of being a long life renter in California? (Oceanside: oceanfront, apartments)

[Bodybuilder91]

It seems like i’m never going to be able to save to afford a house these day in the desirable locations I want so i’m “stuck” renting. I honestly don’t mind renting forever but it seems to have a negative connotation like if I’m wasting money on what could be better spent on a down payment.

I don’t have any wife or children, I enjoy being close to my job/the beach, and i’m only 27 years old earning about 240k a year. So it’s perfectly reasonable for people in my situation to rent for decades since I don’t crave a backyard and larger square footage right? And plus apartments tend to be closer to “ammenties” due to being in front of main street corridors most of the time.

What do you guys think? I could see why someone with a family would prefer a house but assuming you were single, what would be your advantages and disadvantages?

[bmw335xi]

People kicking and screaming because the landlord wants to sell the unit they are renting or increase rents to market price should realize, this is the reason why many people buy instead of rent. You save money on property taxes, insurance, maintenance, mortgage, etc... but the downside is you don't have long-term stability.

[Bodybuilder91]

Originally Posted by bmw335xi

People kicking and screaming because the landlord wants to sell the unit they are renting or increase rents to market price

I can see this happening in revitalizing/gentrifying pockets but places that are already desirable don’t have the same entitled mentality like lower income folks living paycheck to paycheck.

[aslowdodge]

Is this really a question? You are single with $240K a year income and you can't see buying a house in the future?
What are you spending all the extra discretionary income on?
Why are you even worried about affording a house? On another post I stated I moved for economic reasons and now have a home I never dreamed of. You made a comment that basically said that people who couldn't afford Ca need to leave because they can't cut it. Are you now saying you can't cut it either because you can't afford a house?
It seems to me you are in a perfect position financially to buy a house unless you want a house for 10 million or so.

[Ruth4Truth]

OP, where are you located? You're making 240K, but can't save up even for a townhome or a good condo? You're near the beach? Is this in SoCal? Or Pacifica or SF?

The problem with some locations, especially the Bay Area, is there's no stability to rental pricing, even in some rent-controlled buildings. So eventually, people get priced out, and have to move farther and farther away from work, and fight traffic to get to work. But generally speaking, I don't think there are negative connotations to renting, because it's common for people to not be able to afford to buy in coastal CA, these days. YMMV, but you can blow off people who would look down on you for that.

But if you enjoy apartment living and apartment locations, why not buy one, instead of renting? If you're in SF, you could probably get a nice townhome around the Presidio.

[JGC97]

Advantages: Not having to do major repairs. Just pick up the phone and call the landlord.

Disadvantages: Cost to live there continues to rise, maybe not every year but faster than having a mortgage with a fixed rate that never increases. 'Course, you're then a slave to your house and have to do your own repairs. Personally, in the end, I think home ownership is worth it. I can make changes without asking permission. Even as a kid, I hated asking permission but that's a whole other topic.

[BeauCharles]

Owning a home is one of the biggest wealth generators most people have. Owning rental properties on top of that is how many get wealthy.

[Bodybuilder91]

I live in Oceanside renting by the beach and I could definitely afford a house if I wear to move 10 miles more inland however I still want to be walking distance to the ocean. All oceanfront properties are easily over 3m, and even the ones that aren’t directly on the water are over 1m.

[Ruth4Truth]

Originally Posted by Bodybuilder91

I live in Oceanside renting by the beach and I could definitely afford a house if I wear to move 10 miles more inland however I still want to be walking distance to the ocean. All oceanfront properties are easily over 3m, and even the ones that aren’t directly on the water are over 1m.

Do not buy oceanfront anything. According to reports from Vancouver, BC, by 2050 the sea level will have risen by 1 meter. Buy on high ground a few blocks from the beach, if that's an option. And who said anything about a house? Again--condo or townhome. You're in an apt. now, right, and you're happy? So why think "house" for buying? Be practical.

[nightlysparrow]

Originally Posted by Bodybuilder91

I could see why someone with a family would prefer a house but assuming you were single, what would be your advantages and disadvantages?

Your desire to keep renting may make you less attractive to a potential mate who wants to have kids and maybe a dog and a cat?