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Having rented all my life, I can say that as I near retirement age, the biggest expense will be housing. If I had bought 30 years ago, I would be mortgage/rent free (probably) and that really helps with a retirement budget. And I could sell the house and have that money to use in retirement.
That's my only regret, since as a renter I was able to live in a much more upscale neighborhoods than I ever would have as a homeowner.
Who else hates this? oh my god, you're paying 1000 for rent?? my mortgage is half of that Look, everyone here wants to own their own place someday. but maybe some people aren't secure in their jobs. maybe some people may not wanna live in their current state and want to relocate. its not easy selling a house in today's market ya know. from what i see, its a great time to buy a house. but not a great time to sell. the only way i can justify buyin ga house is if you see yourself being at your job for 5-10 years.
Misery loves company and they are probably jealous that you didn't fall for the trap....and they did and are STUCK for 30 years.
Oh, how they hate it!
No homeowner who owns their property (not the bank owning it now....they just 'think' they own it) would even look down on a renter.
For the first time in history banks own more houses in America than consumers. Read that in the paper today.
I look at it like this: Being a good renter is "money in the bank." If you're never late, you're probably paying all your utilities on time too. This equates "good credit risk" meaning, you're a RESPONSIBLE person. If you ever decide to buy, your history will help you. For those choosing to be lifelong renters, as long as you're happy; that's all that counts. However, I started out 1. Renting 2. Purchasing a ranch duplex/living one side/renting the other 3. Living in our two-story across town. If I had to choose, I'd choose home ownership over renting (even with all the hassles of maintenance). There is something about living that "American Dream" of owning a home.
There are people who will always find something to look down at other people for. They look down at you for renting. If you buy, they'll look down on you for how much you paid or the neighborhood its in or what kind of counters the kitchen has or how many cars you can park in the garage. They will always find something to nitpick and belittle.
It's more about them and their 'issues,' than it is about you.
I don't know who you are talking to, but statistics show that it is normally cheaper to rent than to own. There may be exceptions in certain areas, but not comparing comparable homes. Personally, were it not for the fact that there is less predictability in renting (rent increases, termination notices, etc), I would wonder why anyone would want to buy.
Next time someone says something like that to you, just smile and move on. They are "jerking your chain."
I would never, ever look down my nose at someone who rents. In an economy like this one, I'm starting to think it's a darned prudent course of action, in fact; it's a heckuva lot easier to slog through a twelve-month lease than it is a thirty-year mortgage, particularly if property values have tanked to the point where you owe more than the place is worth. If you don't like your rented place, assuming that you've paid rent on time and have decent credit, it's no more than a nuisance to find an alternative. If you decide you don't like your home in this economy, or if you get transferred, or if the major breadwinner loses his/her job, it's a whole lot tougher to get out of that mortgage.
We have both rented and owned our homes. At my current age (early-mid 50s), owning still has a slight edge over renting, despite the never-ending cycle of unexpected repair costs.
But I can already see that a decade hence, I'm not going to want to get up at 5:00 a.m. every workday from November to March to shovel that looooong driveway, and I'm not going to be able to crawl around the garden weeding and mulching, and mowing/edging is going to be even less interesting than it is now. And those horrible basement stairs aren't going to get any less steep and narrow. Or at least they won't unless I throw a whole bunch of money into revamping the stairways throughout the house.
So I don't look down at renters; I'd be a hypocrite to do so, because I have every expectation that I will be among their number in another ten or twelve years. I just hope that property values struggle back up far enough that we can sell this place by then.
Who else hates this? oh my god, you're paying 1000 for rent?? my mortgage is half of that Look, everyone here wants to own their own place someday. but maybe some people aren't secure in their jobs. maybe some people may not wanna live in their current state and want to relocate. its not easy selling a house in today's market ya know. from what i see, its a great time to buy a house. but not a great time to sell. the only way i can justify buyin ga house is if you see yourself being at your job for 5-10 years.
It sounds like you have a self-esteem issue. If you are doing the best you can and are comfortable that your choices are sound, why worry about it? If you want to buy a house, work towards that goal. Nothing worthwhile comes quickly or easily. When I was in college, I was married, had two babies, made $500 a month and didn't even own a car. I bought a house 4 years later after I graduated and moved up to my second job. Even at age 32 I have virtually nothing saved, but started slowly, but surely building up my net worth with investments in stock and real estate. I never became "house poor"' and only bought about 1/2 the house I could qualify for.
I retired at 50 and am still retired and comfortable at 62. My guess is that you are how old?
Quote: "Maturity is knowing to delay gratification"
I know for myself I pay about $1K a month in my studio apt (I'm barely ever there anyways) in a town right next to NYC in NJ. If I were to get a house in NJ, property taxes here are among the highest in the nation and then to pay the mortgage is just so hard to afford. I think I make decent money too but its just so much. I know its an investment and everything but I can't see myself owning something in the near future while housing prices keep declining and property taxes rising.
It depends on which region of the country you live in. If you weigh the amount of taxes, insurance, maintenance, mortgage, ect. vs. flat renting fee, sometimes renting is a better option at that time.
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