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If you had no hope of owning a home, and your rent kept going up and up and up, would you believe there was something you needed to protect or would you just shrug it off and accept having to keep cutting back your meager standard of living?
I would do just what I did....increase my income.
Then learn how to write it off.....giving me an edge on life.
Miillions of low-wage workers have no hope of owning a hime - haven't you read Nickel and Dimed? Owning a home is crucial for low earners if they hope to be able to retire someday without becoming poor or destitute.
Define low wage for us. While you are at it define "no hope". You can buy a house for as little as $10K
Quote:
Originally Posted by freemkt
The financial difference between owning your mortgage-free home and paying half your income on rent is...vast.
Not really, if renting is cheaper then the difference can be put into the equity markets which will generate a higher return for you. It only makes sense to buy if the mortgage and maintenance is cheaper than your rent would have been.
Define low wage for us. While you are at it define "no hope". You can buy a house for as little as $10K
Not really, if renting is cheaper then the difference can be put into the equity markets which will generate a higher return for you. It only makes sense to buy if the mortgage and maintenance is cheaper than your rent would have been.
Oh, anything below $10/hr would probably be considered low-wage by most Americans.
How often - and for how long - is renting cheaper than owning? Last I looked 49 of the 50 largest US housing markets were more expensive to rent than to buy. Even where renting is cheaper than buying, that usually lasts for only a short time until renting becomes more expensive than if you had bought originally.
Oh, anything below $10/hr would probably be considered low-wage by most Americans.
That's still enough to buy a house in Chicago - one of the more expensive US cities.
Quote:
Originally Posted by freemkt
How often - and for how long - is renting cheaper than owning? Last I looked 49 of the 50 largest US housing markets were more expensive to rent than to buy. Even where renting is cheaper than buying, that usually lasts for only a short time until renting becomes more expensive than if you had bought originally.
Well as you know, real estate markets are local. It is currently cheaper to rent than to buy in the Chicago market and will be for the foreseeable future, but alot of developers overbuilt the highrises. I'm curious though, when you last looked at renting vs buying, did you look at the rent cost compared to the mortgage & maintenance +insurance cost? Most people just look at the mortgage after a 20% down payment and then compare that to the rent, which is flawed because the rent typically includes all of the landlord's costs + return on down payment.
That's still enough to buy a house in Chicago - one of the more expensive US cities.
Well as you know, real estate markets are local. It is currently cheaper to rent than to buy in the Chicago market and will be for the foreseeable future, but alot of developers overbuilt the highrises. I'm curious though, when you last looked at renting vs buying, did you look at the rent cost compared to the mortgage & maintenance +insurance cost? Most people just look at the mortgage after a 20% down payment and then compare that to the rent, which is flawed because the rent typically includes all of the landlord's costs + return on down payment.
What landlord is going to lose money on a tenant?
When you rent from me, you the tenant are paying my mortgage & maintenance +insurance cost. Plus I put some in a bank account, for repairs and pocket the rest.
??? Your school district subsidizes your property taxes by taxing nonhomestead property up the wazoo. Which apparently is irrelevant to you since you have gamed the income tax to get back all your homestead school tax anyway.
When you rent from me, you the tenant are paying my mortgage & maintenance +insurance cost. Plus I put some in a bank account, for repairs and pocket the rest.
Is this a great country or what? Where else do other people buy property for you?
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