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Old 04-08-2021, 09:46 PM
 
Location: Sandy Eggo's North County
3,380 posts, read 1,246,614 times
Reputation: 4784

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Quote:
Originally Posted by forzalugano View Post
Looking at the average priced home in the 70,80, 90, 2000 etc I would say ownership is a must. It protects you from inflation, rents go up but your mortgage is fixed until it paid off in 15 to 30 years.

Retirement would be much more conformable with a paid off home vs paying market rents.
Especially if your rent had grown from $1400 to $3500/mo. And you only get $1750/mo. SS....
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Old 04-08-2021, 11:40 PM
 
2,354 posts, read 935,009 times
Reputation: 7638
Geez... everything isn't about money.

Sometimes people wanna just be happy.

Rent, buy, wander the world... who cares?

In the end we all wind up with a little 6'x2' plot!
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Old 04-09-2021, 12:10 AM
 
7,275 posts, read 5,522,633 times
Reputation: 9462
Quote:
Originally Posted by PamelaIamela View Post
Geez... everything isn't about money.

Sometimes people wanna just be happy.

Rent, buy, wander the world... who cares?

In the end we all wind up with a little 6'x2' plot!
Well yes, while the talk has been strictly financial, there are numerous non-financial benefits I enjoy about home ownership. That is just for me though, others may not find such things beneficial and/or outweighing the financial benefits.
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Old 04-09-2021, 02:15 AM
 
87,936 posts, read 85,664,894 times
Reputation: 63434
Quote:
Originally Posted by k350 View Post
It would be pretty market dependent. In Miami where I live, there is no way in hell would I ever find a house similar to what I am in now that rents lower than my mortgage, and that is back when I bought it, let alone now with its value, not even remotely close to it. So to save via renting, I would have to seriously downgrade.

But really excited about being mortgage free soon.
We rarely rent as much house or the same House as we would buy . Most big cities are apartment building rentals not single family homes..

So economy of scale is way different.

A retired couple who has a big ole home raising a family in many areas who sells and moves after the kids are out can likely find a one bedroom apartment in a building for less money then that house would run and once they figure in cash flow from investing the money from that big ole house they can be pretty far a head.

So one way is not a lock on the best way and most comparisons you see done are flawed...they assume identical rentals to what they bought and they consider no cash flow or gains on the money freed up by not rebuying.

You need to compare total housing costs , not just taxes and mortgage , but major repairs , renovations and all expenses and then you need to factor in opportunities lost on the money had you sold and rented

Last edited by mathjak107; 04-09-2021 at 03:29 AM..
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Old 04-09-2021, 03:44 AM
 
Location: East Coast of the United States
21,479 posts, read 22,638,466 times
Reputation: 17892
Quote:
Originally Posted by k350 View Post
Well yes, while the talk has been strictly financial, there are numerous non-financial benefits I enjoy about home ownership. That is just for me though, others may not find such things beneficial and/or outweighing the financial benefits.
Society in general considers owning a home to be of higher status than renting an apartment. How many doctors do you know who live in apartments?

So, there is that too.
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Old 04-09-2021, 05:05 AM
 
87,936 posts, read 85,664,894 times
Reputation: 63434
Quote:
Originally Posted by BigCityDreamer View Post
Society in general considers owning a home to be of higher status than renting an apartment. How many doctors do you know who live in apartments?

So, there is that too.
How many doctors rent ?

More than you can count , and not only doctors but some of the wealthiest people are in many of these rentals we have here ....you need to be pretty well off for most of these non stabilized rentals here .

One I like is the chrystie , it was put up by the same developers who bought the commercial lease rights we owned in the 200 Central Park building ....

Developers are putting up or renovating so many rentals of this caliber just because so many wealthy do want to rent .

https://www.thechrystie.com/?gclid=C...hoClCkQAvD_BwE

Here are the coop apartments for rent or sale in the 200 Central Park south building .we held 9 apartments here but they had original rent stabilized tenants who did not buy when the building went coop so they were paying half of market .

These apartments rent like hot cakes ...they can run 4-6k a month

https://streeteasy.com/building/200-...south-new_york



So don’t mis under estimate the number of wealthy who choose to rent ...normal folk can’t afford these .

Pretty much all the new stuff put up are rentals geared for the high end because that is where demand is.

Developers are not interested in the poorer folk.

These new buildings tend to offer a handful of the apartments in to a lottery for affordable housing so they can be approved , but 80% are at very high market rents that only those earning some serious dough can afford

Last edited by mathjak107; 04-09-2021 at 05:42 AM..
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Old 04-09-2021, 09:32 AM
 
Location: OC
8,956 posts, read 5,172,970 times
Reputation: 7095
Quote:
Originally Posted by mathjak107 View Post
How many doctors rent ?

More than you can count , and not only doctors but some of the wealthiest people are in many of these rentals we have here ....you need to be pretty well off for most of these non stabilized rentals here .

One I like is the chrystie , it was put up by the same developers who bought the commercial lease rights we owned in the 200 Central Park building ....

Developers are putting up or renovating so many rentals of this caliber just because so many wealthy do want to rent .

https://www.thechrystie.com/?gclid=C...hoClCkQAvD_BwE

Here are the coop apartments for rent or sale in the 200 Central Park south building .we held 9 apartments here but they had original rent stabilized tenants who did not buy when the building went coop so they were paying half of market .

These apartments rent like hot cakes ...they can run 4-6k a month

https://streeteasy.com/building/200-...south-new_york



So don’t mis under estimate the number of wealthy who choose to rent ...normal folk can’t afford these .

Pretty much all the new stuff put up are rentals geared for the high end because that is where demand is.

Developers are not interested in the poorer folk.

These new buildings tend to offer a handful of the apartments in to a lottery for affordable housing so they can be approved , but 80% are at very high market rents that only those earning some serious dough can afford
But are they renting for good or are they renting in transition? Reading your posts, it's clear you have quite a bit of acumen, so I'm not doubting you. I'm a fan of ownership as it adds stability, but I think you've done a pretty good job of highlighting its' drawbacks.
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Old 04-09-2021, 12:32 PM
 
7,275 posts, read 5,522,633 times
Reputation: 9462
Quote:
Originally Posted by mathjak107 View Post
We rarely rent as much house or the same House as we would buy . Most big cities are apartment building rentals not single family homes..

So economy of scale is way different.

A retired couple who has a big ole home raising a family in many areas who sells and moves after the kids are out can likely find a one bedroom apartment in a building for less money then that house would run and once they figure in cash flow from investing the money from that big ole house they can be pretty far a head.

So one way is not a lock on the best way and most comparisons you see done are flawed...they assume identical rentals to what they bought and they consider no cash flow or gains on the money freed up by not rebuying.

You need to compare total housing costs , not just taxes and mortgage , but major repairs , renovations and all expenses and then you need to factor in opportunities lost on the money had you sold and rented
That is different than. When doing the "rent vs own" thing, for financial basis, it is suppose to be apples to apples, two equivalent homes.

I can easily make an argument leasing is better than buying a car, when my comparison is leasing a Corolla, and my buying is an Audi A3.

Of course I can find a place to rent at a lower cost than my mortgage, I can even live rent free under a bridge, lol.
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Old 04-09-2021, 12:34 PM
 
7,275 posts, read 5,522,633 times
Reputation: 9462
Quote:
Originally Posted by BigCityDreamer View Post
Society in general considers owning a home to be of higher status than renting an apartment. How many doctors do you know who live in apartments?

So, there is that too.
A lot of people rent for various reasons, a lot has zero to do with finances. Even millionaires rent.
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Old 04-09-2021, 01:53 PM
 
87,936 posts, read 85,664,894 times
Reputation: 63434
Quote:
Originally Posted by Gaylord_Focker View Post
But are they renting for good or are they renting in transition? Reading your posts, it's clear you have quite a bit of acumen, so I'm not doubting you. I'm a fan of ownership as it adds stability, but I think you've done a pretty good job of highlighting its' drawbacks.
Many are long term renters as well as some have rentals in other parts of the world ..every case is different and I have no idea about what they do ..but I certainly can tell you all these new rentals that were put up and are being put up require huge incomes and they are moving them which is why so many are going up and went up
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