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Because many tenants are complete a-holes. My dad rented out the house I grew up in and he had a tenant who moved in with half a dozen of her relatives... then after a while the rent started coming in late and then it stopped. After he had her evicted, he went inside and found that there were holes knocked in the walls, ceiling fans and light fixtures ripped out, paint all over the floor, and it looked like someone took a hammer to the bathtub and commode.
Agree to a point... that said... for what people pay for rent here in San Francisco, most could easily own elsewhere...
It is it is almost always possible to rent in a better area than one could afford to buy...
My friends had a very comfortable home... school district was mediocre... the district 10 minutes away had top rated public schools.
They decided to rent out their nice home in the not so good school district and became renters in the excellent school district and did this for 6 years and then, with their daughter in college.... moved back into their own home.
The flip side of the coin is many have tried Landlording and fail miserably...
landlording is only passive and grief free until it isn't. Then because you are generally leveraged and Not liquid it can be a horror when things go wrong as they eventually do.
most renters are not in a position to buy property, hence cannot become landlords.
Some. Some renters, less than most, cannot afford to buy. There are many, many renters who could very easily buy a home, but choose to rent.
I've always been a home owner. I went from my parents home to my own home at 19yrs old. We lived in that house for a long time, sold it, made a killing and moved up north.
It wasn't until 6 yrs ago that we began renting. We relocated back to the area, sold our home up north, decided to rent because the area changed so much. We planned on renting for year and then building or buying, but have come to really enjoy renting. We still own a home (outside the US) but right now, renting works.
Agree to a point... that said... for what people pay for rent here in San Francisco, most could easily own elsewhere...
It is it is almost always possible to rent in a better area than one could afford to buy...
My friends had a very comfortable home... school district was mediocre... the district 10 minutes away had top rated public schools.
They decided to rent out their nice home in the not so good school district and became renters in the excellent school district and did this for 6 years and then, with their daughter in college.... moved back into their own home.
The flip side of the coin is many have tried Landlording and fail miserably...
In the early '90s there was an AP story which claimed at the time it was more expensive (at the median) to rent than to own. There have always been many people who would save money (pay less than rent) by owning, but have barriers (e.g. insufficient income or down payment, bad credit) which preclude buying.
Ten years ago, I could not afford to buy; as a result, today I cannot afford to rent.
Some. Some renters, less than most, cannot afford to buy. There are many, many renters who could very easily buy a home, but choose to rent.
I've always been a home owner. I went from my parents home to my own home at 19yrs old. We lived in that house for a long time, sold it, made a killing and moved up north.
It wasn't until 6 yrs ago that we began renting. We relocated back to the area, sold our home up north, decided to rent because the area changed so much. We planned on renting for year and then building or buying, but have come to really enjoy renting. We still own a home (outside the US) but right now, renting works.
Studies and surveys show that most renters would prefer to own.
All real estate is local, and all economies are temporal.
in the tristate area folks could afford to buy decades ago. homes were 35k and mortgages were 250 bucks. our rent was only 189.00 so that was a lot of money .
well those homes are paid off and real estate taxes are 15-20k a year so it is not any more affordable because you paid off a 250 a month mortgage. people still have to move out by retirement as that paid off mortgage is like peeing in the ocean compared to all the other expenses .
rental markets can only just get so much , markets do not care what your personal costs are and so renting can be cheaper today in these parts ..
our rent is cheaper than buying and that has kept us from buying again all these years.
we did far better renting where we live and investing in Manhattan real estate.
Last edited by mathjak107; 06-13-2015 at 02:40 AM..
Because many tenants are complete a-holes. My dad rented out the house I grew up in and he had a tenant who moved in with half a dozen of her relatives... then after a while the rent started coming in late and then it stopped. After he had her evicted, he went inside and found that there were holes knocked in the walls, ceiling fans and light fixtures ripped out, paint all over the floor, and it looked like someone took a hammer to the bathtub and commode.
Got statistics on that?
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