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Do any of you feel its worth the big city life if it means having to rent an apartment or living in a 1 bedroom condo? How do you feel about this? Would you rather be in a smaller city and cheaper location and be able to enjoy a nice house instead of a 1 bedroom condo? I made this thread because this is exactly how I feel. 1 bedroom condos here in WPB, FL are going for $130k. That kind of money can get me a nice huge 5 bedroom house in the cheap places and a medium 3 bedroom house in the more expensive places, but cheaper than south Florida! I cant enjoy a 1 bedroom condo as much as I can enjoy a 5 bedroom house with a large lot. I dont consider the big city life worth the tradeoffs in housing in my opinion.
You bet renting in a major city can be worth it. I rented in San Francisco and renting gave me the access to build my career at a time there was no way I could have afforded a house, and...gave me the freedom to keep material possessions light and myself ready to move quickly if needed to follow opportunity. Owning is wonderful if you're pretty sure you are going to be stable and in one location for a number of years, if not, it can be a hassle to own if the market stalls and you need to follow a job transfer or opportunity and can't because you can't sell the house.
I know people that rent more than half their income away. They have little or no money saved up for their future house or to retire. They have no equity either which could come in handy when they sell the house and use that money to retire or buy a house elsewhere. In the meantime they live in tiny 1 bedroom apartments(or share 2 or 3 bedroom with roomates) and miss out on enjoying the american dream of a house
Is the urban big city lifestyle worth not being able to enjoy a house?
The short answer to me is no. I like owning my own home. Also I don't care for big cities. All the traffic and crowds bother me. I like my privacy as well which is hard to find in a large city. Yes I've been there and done that long ago.
Sometimes it seems like some young people have a desire to live amoung the bright lights of the big city. It'll probably get old after a few years.
I know people that rent more than half their income away. They have little or no money saved up for their future house or to retire. They have no equity either which could come in handy when they sell the house and use that money to retire or buy a house elsewhere. In the meantime they live in tiny 1 bedroom apartments(or share 2 or 3 bedroom with roomates) and miss out on enjoying the american dream of a house
True but you more than anyone on this site with your extensive real estate market studies and broad perspective on conditions around the country know that in a real estate market that is stalled or falling, one can't build up equity anyway. In those cases, those people who bought houses with nothing down become underwater in their mortgages. For those who put less than 10% down in cash, any drop of 10% is effectively a cash loss to them. Any further drop puts them in the same position as the 100% financer. It works when prices are jumping quickly, but there are times when it's cheaper to wait and rent.
For me, I like having the shopping convenience that living in the city provides. If I can't find something at one Target then I just drive to another. I was researching a town in Wyoming once, and discovered that it was over two hours to the nearest Target or Wal Mart! Wow.
I also like living only twelve miles from work. To me, a shorter commute with less stress and aggravation more than makes up for not having a house. Then again, I'm also in a rent-controlled apartment, so my rent isn't astronomical.
When I retire I'd like to have a house, but nothing fancy. I'd like to be in the middle of nowhere - and twenty minutes from the closest Target!
It's subjective and comes down to individual priorities and taste. At the moment, I have absolutely no desire to own a home and would much rather live in a tiny cramped apartment in the city than an expansive house in the suburbs (not that I could afford one). I prefer being in the center of the action, enjoy being able to walk to the store, seeing street life and having day-to-day human interaction, being able to get around without my car if need be, and being in close proximity and walking (or public transit) distance to friends and various cultural events. As far as the size of a place, I don't need a lot of space. I'm just one person. Public schools don't matter to me at the moment, and I can deal just fine with noise, grittiness and some crime. To me, there are few negatives to living in the city, but this is not the view held by many people. The opportunities for someone of my age and lifestyle, both social and professional, are much greater in the city than they are in small towns or the suburbs. I'm sure my views will change as I grow older as I acquire more things and my priorities change and if I choose to have a family, but right now, as MoMark pointed out, a home would just be a hassle for someone like me who isn't ready to put down roots someplace for the time being. It's a responsibility I don't care to take on and I don't really feel like I'm losing out on anything.
True but you more than anyone on this site with your extensive real estate market studies and broad perspective on conditions around the country know that in a real estate market that is stalled or falling, one can't build up equity anyway. In those cases, those people who bought houses with nothing down become underwater in their mortgages. For those who put less than 10% down in cash, any drop of 10% is effectively a cash loss to them. Any further drop puts them in the same position as the 100% financer. It works when prices are jumping quickly, but there are times when it's cheaper to wait and rent.
Im not saying buy or rent in a metropolis, buy and build equity in a cheaper location that has future potentional. I wont buy in Florida because prices are still falling and I cant afford prices, at least not yet, maybe they will fall far enough. I also wont rent in Florida because this would mean half of my income would be "gone" I would just own elsewhere, my money would go into equity and ill enjoy a nice big house instead of a 1 bedroom apartment! So I benefit in everyway except the privilege and perks of a big city. Very good tradeoff, id say. You can not live the same lifestyle when costs of living is so high!
Dullnboring is entitled to his own opinion. My priorities are different. I want a quiet, laid back place with low or no crime, I want to enjoy living in a nice big house(4000+ square feet would be nice) with at least 2 stories(3 or even 4 is better) and basement. I prefer at least an acre but will settle for less if the house is amazing. I need lots of space for my collections and stuff as well as for family and friends that will come to visit. You cant invite anyone in a 1 bedroom condo!
For me no city is worth living in some pigeon hole that many other people have lived and died in. In a city you pay for everything, but it's the right lifestyle for someone with specialized talents or who's very social. If you're willing to give up some freedom to make decisions yourself and fit in the system, there's a small possibility you'll be very successful! Everyone I know, however, who went to a big city got nowhere and hads to leave for a less crowded area. In the big city you don't use your "home" for much more than a place to eat or sleep. In a smaller town/city your home reflects your personality more. I would be so bored living in a city I would probably end up going postal. So much better to live among the trees and animals.
I like being able to walk places or take public transportation if I want to, plus I like the aesthetic appeal of urban areas more than the weird, alternate-universe land of subdivision houses (which is all I could probably afford for the time being)... being in the country is great but I'd feel too isolated living there and a big house with just me in it would creep me out. I'd rather have something cozy with a restaurant down the street and a bar down the other street and cool buildings to look at... but that's just me.
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Could go either way.
