I'd only agree with this of you are single. If you are married or have kids, renting is dangerous.
Renting and reinvesting the savings from renting, will outperform owning and building equity
- Thread starter Robbie3000
- Start date
Maybe hyperbolic, but not completely wrong. Look at a payment schedule of a standard 30 year mortgage.
More of the mortgage payment goes towards interest up until year 15.
But you are right, there is no right answer. It’s a very subjective thing.
thelonious21
I like my women tall
if you dont have credit or money for a downpayment.. Rent
IDK who keeps telling yall ... yea rent and save and dont be liable for repairs...
OWN YOUR shyt!!! fukk all that other shyt...
IDK who keeps telling yall ... yea rent and save and dont be liable for repairs...
OWN YOUR shyt!!! fukk all that other shyt...
I live in Arlington, VA. I pay $1800 a month for a one bedroom. If I bought a comparable place, it would run me about 2600-2800 a month for mortgage and HOA.
Right, because rents never change.........
The whole point of a mortgage on a non-investment property is to eventually not have a mortgage. Everything else is kind of irrelevant
Im on that wave brethren
Broaden your horizons. My mortgage (including taxes and homeowner's insurance) is about $1800 on a 5 bedroom house. There are no rental equivalents. Closest might be 2 3 bedroom apartments next door to each other which would cost a lot more than $1800/mo.
How many wealthy people do you know that rent?
Where do you live? I’ve also said multiple times that if a mortgage was cheaper than rent, I would buy.
I had a home in ATL where it made sense to buy vs rent.
I appreciate all perspectives though. It’s always good to challenge your beliefs/assumptions.
ultraflexed
Superstar
In the bay people pay more to rent a 1 or 2 bedroom apartment then my mortgage on my 5 bedroom house..
Niccaz been watching too much vlad tv letting them talk you into renting while they OWN there property.
Be stupid breh
Niccaz been watching too much vlad tv letting them talk you into renting while they OWN there property.
Be stupid breh
I'm in the south
I grew up in NYC though and I feel like high COL places are a scam. There are plenty of cities and areas in the US with decent employment for professionals that won't gouge you like NYC/SF/LA/DMV etc. The pay is less but the lower COL more than makes up for it.
the bossman
Superstar
Everything is relative. Depends on your situation and goals. There's no absolutes. Tons of black families still underwater on their mortgage from real estate crash decade ago
Big ass house with a cheap mortgage is easy to find in Bumville South Carolina. Makes more sense if you're a family man. If you single there's no appeal with less opportunities, less salary and less shyt to do. I'm good on that
This. X10
Now if you have children and you live in a hot market, they'll benefit from you owning in the long run
ahomeplateslugger
Superstar
do you have rent control? that difference is huge.
theworldismine13
God Emperor of SOHH
nope its not relative at all, anybody telling you not to buy real estate is an idiot and doesnt know what the hell they are talking about
the only questions are when and how much (the answers are ASAP, as much as you can, respectively), not if
once you get it do not let it go unless somebody puts a gun to your head or you are buying something bigger,
after you get settled or rent it out start making plans to buy your next property
dora_da_destroyer
Master Baker
COL aint the only way to judge a city/the reason people choose to live where they live. we're having that discussion in the Cali thread right now. IMO, places like SF/NY/DC/LA/Miami and even Chicago have a lot more to offer than cities like dallas, charlotte, denver, austin, pittsburg...they're also more diverse which matters to me. maybe if i had kids i'd be cool putting COL over everything, but i'm not living where my kids don't have a wide variety of successful black people to look up to, and that severely limits the cities in which i'd live.