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It is funny how all the areas of nyc which were great areas are now crappy . The awful areas are now the great areas like williamsburg, redhook , long island city , bushwick , these are all primo locations now
My city of Oakland has long been the stepchild of San Francisco and the appreciation in uptown has been amazing... actually the entire city is experiencing strong growth...
I believe it is better to buy in an up and coming area vs one that is already peaked.
Some very successful older friends invested in rural farmland in the sticks and now it is very high priced and sought after and it was on the wrong side of the tracks for decades... just too remote.
I could possibly live in an apt my whole life, since I probably won't have kids & my current apt accepts pets, which I've had a small dog before & would get one again. I like where I live...it's pleasant & safe.
My main problem is...since my rent increases annually, there will probably be a year when I can no longer afford my own place anymore because it just keeps going up & up & up.
I moved here in 2012 & my rent was $1190/mo. Now, it's 3.5 yrs later & for my yr 3 rent, it's now $1407. It sure in heck isn't ever going to decrease, so I don't see how people can even live in my complex for several yrs before they're pretty much forced to move out because they can no longer afford their own place they've loved so much. It's a sad & worrying issue for me.
I'm currently in the position of trying to figure out whether or not to buy or continue renting. I go back and forth and no one is really helpful. Of course my realtor is pushing for me to buy, but she also spouts off so much nonsense. She insists on trying to tell me that my monthly housing expenses will be cheaper than renting, and she refuses to include all housing costs beyond the mortgage into the equation. I'm on a fixed income. A single person on a fixed income simply needs to be more concerned about monthly expenses before considering long term costs. Utility costs are always going to be significantly more in a single family home, and usually also in a townhome. Maintenance costs will become a thing, whereas renting the only thought I give to maintenance is an email or text to the property manager.
I'm not even sure if the reasons I want to own are even good enough. Some of it is trivial, like wanting to have cosmetic control of what my space looks like. Some is more valid like wanting some space between neighbors, though I'd also consider townhomes, so this point becomes moot. I'd also like more space for my dog, for future foster children. I'd like to not deal with corporate property managers. It would probably be ideal to rent a house, but renting sfh is the most expensive option so that's out.
Utility costs are always going to be significantly more in a single family home, and usually also in a townhome.
not necessarily
If apt rent is comparable to SFH mortgage in your area, you should buy, of course, unless you plan to move, or expect the market to tank (and even then you may want to buy, depending).
I could possibly live in an apt my whole life, since I probably won't have kids & my current apt accepts pets, which I've had a small dog before & would get one again. I like where I live...it's pleasant & safe.
My main problem is...since my rent increases annually, there will probably be a year when I can no longer afford my own place anymore because it just keeps going up & up & up.
I moved here in 2012 & my rent was $1190/mo. Now, it's 3.5 yrs later & for my yr 3 rent, it's now $1407. It sure in heck isn't ever going to decrease, so I don't see how people can even live in my complex for several yrs before they're pretty much forced to move out because they can no longer afford their own place they've loved so much. It's a sad & worrying issue for me.
What's a person to do?
Yep...
We have a home we rent and an apartment becuase of business and the kids having to come with.
Our apartment cost us more for less in rent and utilities than our house does annually.
Most people are pretty much priced out in a year or two around here....yet our management can't figure out why the rental market is having so many issues with retention rates and attracting new blood
If you want to go try out living in LA or SF, do it. If it turns out not to be worthwhile, you can move back to TX and own a home again. If it turns out to be worthwhile but you really don't like not owning, invest some money every month by living in a cheap rental. Eventually you should be able to buy, since stocks grow faster than real estate in the long run, assuming your job income keeps pace with your rent. It may take 10, 20, or 30 years, but (eventually) your portfolio will exceed the property value.
Well the thing is.. I have yet to own a home or rent. I'm 22 and still live with my parents. I have a bunch saved up and I want to know what the right decision will be for me so that I know if I'm spending my money wisely. That's why I asked for opinions. I've traveled to LA, and I liked it but in my opinion it wasn't what it was hyped to be. However my fiance loved it and really wants to move there. BUT I am also tired of Houston so LA would be our next option because I don't think I'll mind it. I guess it'll come down to what my fiance and I value the most. We still have two years to make up our mind though so we'll keep our options open.
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