Renting inside the loop VS. Buying way outside beltway 8 (Houston: apartments, rent) - Texas (TX) - City-Data Forum

jojobeans2 · 08-26-2013, 06:57 AM

Just curious of everyone's opinion. I'm having a personal dilemma now on which is the better option.

On one hand, there's less commute in town and you are close to everything. But you end up paying as much monthly to borrow a 1/1 apartment as buying a 3/2 beautiful house in a suburb with little crime, while slowly gaining equity and doing whatever you want to the home because it's yours.

I'm in my mid-20's and wondering if anyone has done this and if I will be missing out on a lot by moving out of the loop? I would love to be a homeowner, but I can only afford something in the suburbs.

lhafer · 08-26-2013, 07:24 AM

I think you have to look at other things as well. Do you like nightlife? Clubs/bars/etc? Are you dating? Are you married? Want kids?

"Close to everything" is a relative term. I live in the suburbs and am close to "everything" that I need. I rarely make the trek in to Houston. If by "everything" you mean museums, clubs, etc - then yes, downtown is a better bet. If by restaurants/shopping - then you can get that in the suburbs.

PedroMartinez · 08-26-2013, 07:32 AM

Crime is everywhere. Yes, it will be worse in some areas (the ones you're probably not looking in).

If I were in the 20's, I'd be leaning towards being in the loop.

The ONLY reasons why you should even consider the burbs are:
1. Interest rates are probably going to keep inching up. So if you believe that finding a spouse and starting a family are pretty close to inevitable in the near future, it might not be a bad idea to get in while the getting in is good.
2. If part of your lifestyle demands more space. Let's say you ride motorcycles and need a garage, you build rc planes and need a workspace, you are into movies and want a home theater like nobody's business or you're into hosting swinger parties and need lots of bedrooms.
3. You have several dogs and want them to have their own yard to run and play without leashes.

Unless there is some specific reason for you to move to the burbs (I live in the burbs), I'd say you should look live in town for a while and enjoy a few years of nightlife.

Meyerland · 08-26-2013, 07:32 AM

I would say living in town is more appropriate for someone your age and stage of life. I think you will feel isolated in the suburbs. Saving for a bigger down payment will save you money in the long run, and later on you can buy a more expensive house.

You might be able to save enough to buy a townhome in your preferred area that has a small monthly fee. Sometimes, you can find a duplex in town and rent out the other side to cover some of the mortgage. You could also find a roommate to help cover the cost of a mortgage in town.

Good luck!

jojobeans2 · 08-26-2013, 08:22 AM

Good points. I work in the Galleria area and I currently live maybe 10 minutes from work. Having to drive 45+ minutes to work is a scary idea to me. However, I would love to have a garage and multiple bedrooms. The one bedroom apartment we have now is getting crowded. We use the small living room as our home office, living, dining, and workout area.

As for "being close to everything", all my friends and hangout spots are in town, as well as work. For you guys who live out there, does driving into town to see your friends sound like an ordeal? I think it might deter me from going out.

I do have a boyfriend who will split costs with me. We are getting married soon, and figured this would be a good time to start building some equity and enter the home market (what people tell us is a good idea).

Is renting for few more years to save a larger down payment better than buying a starter home and selling it later to buy a larger home?

winkosmosis · 08-26-2013, 08:38 AM

Why don't you look for houses in the Westchase area?

BTW the property tax will obliterate any house appreciation you are expecting.

crono_clone · 08-26-2013, 08:45 AM

I would also caution you to make sure you're ready to be a homeowner and not just in it because you feel like you'd be missing out.

If you're still in a transitional stage in your life, I'd argue that renting is the better choice. A house is like a huge anchor -- it'll either provide the stability you need, or be a drag on your plans if you need to move quick. Sure, they're selling like hotcakes right now, but it won't always be that way. So make sure you're ready before you make the plunge.

For example, do see yourself staying at your job or in town for the foreseeable future? Do you have plans for kids? Will you need school options? Etc etc.

Schumacher713 · 08-26-2013, 08:50 AM

No way I would ever live outside the loop till I was 30 or had a family. Have fun and enjoy being young. Owning a house is highly over rated. Most of my friends still rent apartments. A few have townhouses with roommates. Most of my friends make six figures and could easily afford a house in the burbs. Why on earth would you want to lve in an area with old people and young families? You will see a decent house appreciation in the burbs. Don't expect your house to rise 100K like in the loop though. I have had a few friends that have made the mistake of buying a house in the burbs when they were younger. They all sold them and moved back in. Some of them took a beating on it too. Live in a nice apartment with a fun pool scene loaded with women. Live in a place that is three minutes from a bar. DWI's are expensive! Driving all the way to midtown from the burbs drunk is a bad idea. You won't want to take a 40 dollar cab ride either. It just does not make sense to me. Then again I am a partier. Some people are home bodies.

txdemo · 08-26-2013, 08:54 AM

You don't have to live out in the suburbs to find an affordable relatively safe neighborhood. Neighborhoods such as Robindell and Westbury have great starter homes that will continue to appreciate. You can get to the galleria in about 15 minutes.

winkosmosis · 08-26-2013, 10:50 AM

Quote:

Originally Posted by Schumacher713

No way I would ever live outside the loop till I was 30 or had a family. Have fun and enjoy being young. Owning a house is highly over rated. Most of my friends still rent apartments. A few have townhouses with roommates. Most of my friends make six figures and could easily afford a house in the burbs. Why on earth would you want to lve in an area with old people and young families? You will see a decent house appreciation in the burbs. Don't expect your house to rise 100K like in the loop though. I have had a few friends that have made the mistake of buying a house in the burbs when they were younger. They all sold them and moved back in. Some of them took a beating on it too. Live in a nice apartment with a fun pool scene loaded with women. Live in a place that is three minutes from a bar. DWI's are expensive! Driving all the way to midtown from the burbs drunk is a bad idea. You won't want to take a 40 dollar cab ride either. It just does not make sense to me. Then again I am a partier. Some people are home bodies.

I think the idea that urban neighborhoods are for young people, and then when you hit 30 you move to the suburbs, is very Houston... In other cities it's more normal for people to want to live in the city forever. The exception in Houston would be the very wealthy who live in River Oaks and West University. That might explain why the Heights and Montrose have such a tattoo-sleeve character. Greenville and White Rock in Dallas, and Austin's Hyde Park plus the big expanse of urban residential, are more family-oriented. The equivalent in Austin to Montrose and the Heights would be West Campus I guess.