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These rents are about what a mortgage would cost in most of these markets. I don't know why individuals choose to throw their money away to a landlord unless they were in short-term employment arrangements. Much better to buy a house than to rent.
These rents are about what a mortgage would cost in most of these markets. I don't know why individuals choose to throw their money away to a landlord unless they were in short-term employment arrangements. Much better to buy a house than to rent.
Upkeep may be high depending on age of housing stock and building quality. Also have to consider real-estate taxes as well. Also, not everyone wants the responsibility of ownership.
Also, not everyone wants the responsibility of ownership.
True, I myself prefer living the studio/1br apartment bachelor lifestyle as opposed to living in the settled down lifestyle of owning a house with a yard and having kids and all that. If I were rich though I'd buy a house somewhere in LA and hire people for upkeeping and landscaping.
True, I myself prefer living the studio/1br apartment bachelor lifestyle as opposed to living in the settled down lifestyle of owning a house with a yard and having kids and all that. If I were rich though I'd buy a house somewhere in LA and hire people for upkeeping and landscaping.
Yep. I've moved to a new apartment in a new neighborhood every year for the past several years, I just get bored of being in the same place. No intention of changing this
These rents are about what a mortgage would cost in most of these markets. I don't know why individuals choose to throw their money away to a landlord unless they were in short-term employment arrangements. Much better to buy a house than to rent.
Except in the most sideways situations, I have to believe a mortgage is cheaper than rent. Demonstrably so when square footage is factored in. That’s before you even start thinking about equity. I understand renting if you must, but if you had the opportunity to buy and simply don’t, well.
Owning v renting really depends on where you live and your situation.
We owned a home in the Chicago suburbs for 15 years, and poured 10s of thousands into it, only for it to go up all of 20% total in those 15 years. It was not a good investment at all. But we raised a family there, had a big yard which suited us. It was good to have roots, and make updates to the home as we wanted.
Now that our kids are in their 20s, we are renting in the city, pay $0 for any yardwork, repairs, etc. and I'm happy as a freaking clam. Also, first 3 years, zero increase. We will be going up 7% when we renew in the summer. Not too bad. Having things break and worrying about the cost to fix is a major source of stress for a lot of people. I'm in no hurry to re-enter that life.
Renting has been better on my pocketbook, and I have way more free time.
With interest rates set to rise that should cool off the housing market, including rentals—though that will take time to kick in.
The other factor since Covid is WFH—some cities and states have been big benefactors from this trend, Miami one of those (attracting people from the Northeast and CA—who have brought their higher than FL salaries with them in the process which has reduced supply and driven up prices).. Is it long lasting and/or will it be a thing of the past in 2-3 years, with people moving back to where they came from??... Bottom line, I wouldn’t be expecting there to be “rent relief” or a trend back towards lower prices for at least another year or two.
Last edited by elchevere; 02-02-2022 at 08:12 AM..
Agree, I think some WFH stuff is permanent now. It's hard to shove toothpaste back into the tube. And because of this, people want more space at home to work, and have more freedom to move around.
Rents are probably going to stay high for a bit. Supply and demand may turn it back around a bit later, but not now.
Owning v renting really depends on where you live and your situation.
We owned a home in the Chicago suburbs for 15 years, and poured 10s of thousands into it, only for it to go up all of 20% total in those 15 years. It was not a good investment at all. But we raised a family there, had a big yard which suited us. It was good to have roots, and make updates to the home as we wanted.
Renting has been better on my pocketbook, and I have way more free time.
In Chicago, for the past 2 decades, you are better off renting than buying. But I think Chicago is relatively unique among the major metro areas in this country. In West Coast, Mountain West, New England, Northeast, Southern states, Florida and Texas, you would be better off buying.
If you were in the Seattle burbs especially one of the more middle class ones, your house would have tripled in those 15 years. Anyone who sold in Seattle at any time the past 15 years to rent would be kicking themselves.
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