Damn. So it’s cheaper to rent instead of own in America’s 50 largest metro areas. Yikes.

[Braman]

It kind of makes sense. I live in unincorporated Decatur Atlanta. If I bought my home today, with the how much taxes costs now. Insurance, plus the home price and including 7% interest…

I can only imagine that mortgage. They probably add lawn care and maintenance as well. I can rent my house for $2400 now. Mortgage calculator says my payment would be $2600.

Glad I bought when I did.

Standard deduction for a married couple is 26k now I believe. You would have to find another 10k to write off. Some people can and do with medical expenses, contributions, etc…

I get what you are saying. I can buy a 3/2 condo 1600SF down the street for under 175K so there is some value in buying even at these interest rates.

Still it’s tough out here. Supply is coming up here in Decatur. Them new builds are everywhere and the developers are knocking those prices down every month. Apartments are coming up so the rents should stabilize if not come down.

You can’t say that for every market.

Respectfully, this is silly

You’re so caught up on the monthly amount. That’s not even relevant (not to mention rent prices can go up just the same as taxes).

The conversation of rent vs mortgage starts and ends with equity. The end. Full stop.

Idgaf how much your rent is. In 1 year, 3 years, 5 years, it guaranteed you will have nothing to show for it. If you own, you can have thousands if not hundreds of thousands to show for it. Not to mention the options you have to rent out the place or rooms.

How on earth are we having this conversation in 2024. .

 

[the cac mamba]

Is it possible to take the savings from renting and putting that in the market, then coming out on top?

i would say no tbh. think about owning your house from age 60-80, vs paying rent from age 60-80

 

[Gritsngravy]

Y’all having the wrong discussion in this thread

The main concern should be shelter in general, renting and/or owning, costs entirely too much and the banks and other folks is juking the numbers somehow

And it’s only going to get worst as the dollar declines

 

[Belize King]

Respectfully, this is silly

You’re so caught up on the monthly amount. That’s not even relevant (not to mention rent prices can go up just the same as taxes).

The conversation of rent vs mortgage starts and ends with equity. The end. Full stop.

Idgaf how much your rent is. In 1 year, 3 years, 5 years, it guaranteed you will have nothing to show for it. If you own, you can have thousands if not hundreds of thousands to show for it. Not to mention the options you have to rent out the place or rooms.

How on earth are we having this conversation in 2024. .

My response is to the headline, “renting cost less than owning”. That’s it. I’m not debating or telling people not to buy. You do what you want with your money.

I was lucky enough to buy in ‘18 and ‘20, so I know and understand the value of buying. Both of my mortgages are under $1600. I can’t imagine getting the same houses I bought for $350k and paying a mortgage of $2700. Both of my houses are in working class black neighborhoods. The game has changed and it’s tough for people out here.

My neighbor’s son is 22, married, a truck driver who has bought three cars within the last year, lives with his parents. I’ve been telling him since he got his CDL to buy a spot down the street. There is FHA, USDA and other programs to help you secure a loan. We live in an area where you can still afford and secure a mortgage under $2k.

Not everybody is that lucky. That being said, the best time to buy a house was yesterday, the next best time is today. If that works for you.

 

[Ezekiel 25:17]

Y’all having the wrong discussion in this thread

The main concern should be shelter in general, renting and/or owning, costs entirely too much and the banks and other folks is juking the numbers somehow

And it’s only going to get worst as the dollar declines

What are y'all gonna do about the high cost of renting and owning?

 

[Gritsngravy]

What are y'all gonna do about the high cost of renting and owning?

Citizens go talk to they political spokesmen to advocate for affordable housing

 

[Braman]

Is it possible to take the savings from renting and putting that in the market, then coming out on top?

What savings?

Rent vs mortgage monthly payment has always been a toss up. Which is another reason this headline is so gross. How do you think the powers that be come up with costs of rent?? And with the tax savings taken into account, whatever $ difference you’re giving right back at tax time. But let’s do some numbers and answer your question.

Now rent is never gonna be THAT much lower than mortgage. So let’s say rent is 1500, mortgage is 2000. That’s a generous $500 gap. We’ll just suspend reality and forget taxes.

That’s 6k savings a year.

By ‘the market’ let’s say you put it into an ETF and get market avg 10% return. Thats roughly 500 a year.

After 5 years, you will have made roughly 32k

I bought my house 5 years ago. I won’t say how much equity I’ve gained, but let’s just say I’d cry legit tears if my house was only up 32k after 5 years. Like boo hoo inconsolable tears. I hope that answers your question

 

[Ezekiel 25:17]

Citizens go talk to they political spokesmen to advocate for affordable housing

How come that wasn't being done already?

 

[Braman]

My response is to the headline, “renting cost less than owning”. That’s it. I’m not debating or telling people not to buy. You do what you want with your money.

I was lucky enough to buy in ‘18 and ‘20, so I know and understand the value of buying. Both of my mortgages are under $1600. I can’t imagine getting the same houses I bought for $350k and paying a mortgage of $2700. Both of my houses are in working class black neighborhoods. The game has changed and it’s tough for people out here.

My neighbor’s son is 22, married, a truck driver who has bought three cars within the last year, lives with his parents. I’ve been telling him since he got his CDL to buy a spot down the street. There is FHA, USDA and other programs to help you secure a loan. We live in an area where you can still afford and secure a mortgage under $2k.

Not everybody is that lucky. That being said, the best time to buy a house was yesterday, the next best time is today. If that works for you.

If you gave him that advice, why wouldnt you come here with that same energy

Now you can easily say ‘idgaf I don’t know these nggas’ but me personally I can’t NOT give my 2 cents since I know better. Especially considering how life changing the decision is

Bc I see thru nggas like @inndaskKy He talk tough but I know he’s ignorant. And not in the diss way, in the literal sense of the word…he don’t know

 

[Turbulent]

There is no one size fits all in this debate.

It depends on where you live, how disciplined you are, what stage of life you are, etc.

One thing that doesn't get talked about with renting is that it offers a lot of flexibility. If you invest the difference in the market, your invested asset (your stock portfolio) is way more liquid. You can manage that asset from anywhere in the world. It's also easier to divide in case of divorce. I know people who had houses and got fukked in the divorce because they had little control as to how the asset (the house) would be liquidated.

Then again by renting you expose yourself to unexpected rent increases if where you live is not rent controlled.

Like i said, there are many factors that could make one option better than the other

 

[Fillerguy]

you coli brehs caught on the propaganda quick. Now lets peep game on the culture/sex war propaganda on sm.

 

[CouldntBeMeTho]

 

[Thanos]

Y’all having the wrong discussion in this thread

The main concern should be shelter in general, renting and/or owning, costs entirely too much and the banks and other folks is juking the numbers somehow

And it’s only going to get worst as the dollar declines

If we took renting and buying in the same area rn, the point made in the post is true. You are arguing w/ ppl who already bought their homes, talkng about mortagage cheaper, of course it is. You done bought it ages ago.

 

[Shadow King]

This isn't a revelation

 

[Gritsngravy]

How come that wasn't being done already?

It is been attempted , for years