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As I've observed the rental and housing market in my area (a large midwest metropolitan city that is growing and becoming more pricey day by day) I, a single young male, noticed a couple of trends that friends around me have partaken in:
Renters seeking good location:
*I have a friend who is currently a grown adult splitting a bunk bed in a studio apartment in the hottest area of town.
*I have another friend who also rents a studio in this same location but isn't as financially conservative and lives by himself.
I have many other friends that also rent solo or with friends and aren't in a 'hot' location but also tend to be less picky about where they live and just want to be within 20 minutes driving distance of the places they normally go.
Buyers seeking financial gain:
*I have 2 guy friends who purchased single family houses in a distant suburb (the same one) with a higher crime rate than usual and currently have about 3-4 other men living with them at a given time for good cash flow opportunity.
*I have another friend who purchased a duplex in this very same suburb who is currently renting out the other half of it.
*I have another friend who purchased a home in a higher crime part of the city. This guy also is hosting 4 roommates and continually making advanced DIY improvements to his home to make it more valuable.
*I have a female friend who purchased a large tudor in an area of the city proper that has a higher crime rate but is rapidly changing due to development. She hosts a girl house with 4-5 other women, many who live in community with one another.
*I have another friend who bought a house way out in one of the distant suburbs that has been owned for 6 months now and he hasn't seen any roommates come on board (not sure he knows what he's doing).
4/5 the buyers in my friend group seem to know what they are doing and have turned a profit.
Most of my renter friends tend to live in suburbs and the few that do live in hot areas of the city seem to have accepted smaller living spaces (studio apartments).
Which is your style?
Are you someone who picks the location first and then picks their financial option (renting / buying) or are you someone who is in it for the money and would rather miss the mark a little bit on location as long as you can get yourself into a profitable living situation?
neither ,, i am a renter who rents just so i can seek financial gain and not have so much money sitting in a house.. i invest in far more lucrative things that can easily pay the rent and provide far greater wealth growing ability .
While I am now a senior citizen, the way it worked for me was always to find a job then find the nicest reasonably priced home to rent or buy nearby. Worked for me. But I spent my early years getting educated and sharing rentals with other students.
I made money when I owned my house by making sure it was well maintained and by making reasonably priced improvements as soon as I could. Never counted on making money on my property.
I bought and flung a huge pile of cash at remodeling. Profit was never a motive and I'd never fully recover the cost basis of my house. Quality of life from the location and the fit & finish I wanted was the motive. I couldn't rent anything like the location or housing quality.
I rent , and NOT for any of the limited choices you parlayed.
I absolutely can't stand waiting 30 years to OWN dirt, brick and some water flowing to and fro. Let alone having to pay taxes,abide by ordinances, and have insurance claims be denied simply because their wheel of Denials keeps spinning and landing on.."because we can".
negative to renting, you are basically their atm machine....you get to be privileged to live in Their commodity, fund that commodity, and get zero return. Yeah its a blessed fact that renters are the silent partner who get nothing ...other then increase rent based on this fictional lie that Ohh everythings going up...(yeah the bank account funds ...) . I used to ask How can a LL sleep at night...then I realized...They sleep very well on their upgraded home...and willingness to squeeze the silent partner for more cash flow. Meeting an honest LL is like finding an honest politician....Neither exist.
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