Renting vs Buying (house)

Started by Michael Myers, Feb 20, 2021, in Life Add to Reading List

Renting vs buying

  1. Renting

    50.0%
  2. Bought a house

    8.3%
  3. Still living at home

    16.7%
  4. Homeless

    25.0%
  1. Michael Myers
    Posts: 37,480
    Likes: 75,149
    Joined: Feb 28, 2011

    Michael Myers The Boogeyman Is Coming

    Feb 20, 2021
    Just curious, s--- like this is different where we all live (prise wise) but most of the people I know my age rent houses, depending on how good the market is of course.

    Do you rent, or own a house ?


    Since there are also lots of teenager I added living at home, which would make sense.

    @LifeSXN
     
    May 26, 2022
  2. icecube
    Posts: 8,721
    Likes: 17,637
    Joined: Feb 15, 2011
    Location: London

    icecube West Coast is the Best Coast

    Feb 20, 2021
    We bought our first house back in 2016. 4 bedroom in a lovely little community about 50 miles outside of London. Things didn't quite work out the way we had hoped with work so we never actually moved in. We kept it as our holiday home for a year, hoping we would eventually move in but alas...

    Now I am renting it to others. So I'm paying the mortgage on it and someone pays me to live in it. Rental fee is nearly 3 times the value of the mortgage so I'm making a nice little packet out of it. Although the tax-man takes a f---ing huge chunk. c----. But I'm still left with the mortgage covered and a bit for a "rainy day".

    Oh yeah, forgot to say. I'm lucky enough to be able to afford to buy a house and live somewhere else because accomodation is part of my employment package. Not the nicest place to live to say the least but it's free so we ain't complaining! Too much.
     
    #2
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    May 26, 2022
  3. RetiredAccount
    Posts: 11,797
    Likes: 22,235
    Joined: Nov 28, 2014

    RetiredAccount Big Time Stuntin Like My Daddy

    Feb 20, 2021
    Renting rn, but looking into buying next year.
     
    May 26, 2022
  4. Ricky
    Posts: 36,923
    Likes: 93,417
    Joined: Jul 15, 2015

    Ricky HIP-HOP CEO ™

    Feb 20, 2021
    Renting, but in the middle of process of buying my first crib. Hopefully I'll have my own place in the next 2-3 months. Mortgage > Rent.
     
    May 26, 2022
  5. DKC
    Posts: 22,595
    Likes: 78,391
    Joined: Nov 23, 2014

    DKC admin of SXN80, notorious marxist messageboard

    Feb 20, 2021
    I rent—I'd like to own a home someday but right now I'm not really interested in buying a house because A. I'm not ready to commit living in the same place for the foreseeable future and B. I can't afford a down payment even if I wanted to lol.
     
    May 26, 2022
  6. Michael Myers
    Posts: 37,480
    Likes: 75,149
    Joined: Feb 28, 2011

    Michael Myers The Boogeyman Is Coming

    Feb 20, 2021
    Exactly where I'm at. I'm renting a pretty big and luxe appartment right now, at an A+ location... so really, I dont wanna leave here. Might ask the owner if I can maybe buy it in time or smt.

    Buying is a pretty big commitment tho u have to be sure u like it
     
    May 26, 2022
  7. Michael Myers
    Posts: 37,480
    Likes: 75,149
    Joined: Feb 28, 2011

    Michael Myers The Boogeyman Is Coming

    Feb 20, 2021
    @Jakey d--- how are u doin bro
     
    #7
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    May 26, 2022
  8. Worm
    Posts: 14,105
    Likes: 56,690
    Joined: Feb 15, 2011
    Location: New Jersey

    Worm Big Perm Big Worm

    Feb 20, 2021
    Renting but currently saving up to buy something in the next 2-4 years. Also don't know if I want to stay in the same area so weighing that out as well since property taxes where I currently live are insane.
     
    May 26, 2022
  9. JMG
    Posts: 14,828
    Likes: 33,963
    Joined: Dec 3, 2014

    JMG

    Feb 20, 2021
    Renting right now but got my eyes on the market. Hoping it cools down soon but I don't think it will so I plan to buy this year actually. Gotta be ocean front though.
     
    May 26, 2022
  10. reservoirGod
    Posts: 11,090
    Likes: 17,428
    Joined: Mar 7, 2011
    Location: Alaska

    reservoirGod reckless adventurer.

    Feb 20, 2021
    I've bought 5 condos in cash and briefly (3 years) financed a 4-plex.
     
    May 26, 2022
  11. Wreckless
    Posts: 9,755
    Likes: 19,176
    Joined: May 18, 2015

    Feb 20, 2021
    I rent an appartment and don't think I will ever own a house tbh.

    The price of houses are crazy nowadays. Back in my parents and grand parents generation you could get a solid job with a high school diploma and afford a house in your 20s.

    These days the cost of houses and living in general is just too disproportionate to the salaries most people are making. 30 year olds are deep down in dept and paying off their education.

    Even renting is expensive. Especially in the city. I make a decent salary which I think is considered average where I live but you need at least twice that salary to afford a house.

    I'm probably gonna stick to renting unless there's a major change in my life where i'm making a lot more money.

    Most people who buy a house end up paying a mortage well into retirement So what's the point of owning if you're going to spend the rest of your life paying it off anyway.
     
    May 26, 2022
  12. Worm
    Posts: 14,105
    Likes: 56,690
    Joined: Feb 15, 2011
    Location: New Jersey

    Worm Big Perm Big Worm

    Feb 20, 2021
    Depends what country and city you live in, but generally your first house will be cheaper than your next house (unless you live there forever). Your house will most likely appreciate and you'll make money off of it when you sell it. When you rent you're just paying someone elses mortgage and living by their rules and forced to pay increases when they decide. You get tax deductions by being a home owner, and if you can't afford the mortgage you can rent it out yourself and have someone else pay your mortgage... I rather pay my own mortgage
     
    May 26, 2022
  13. Jakey
    Posts: 11,334
    Likes: 29,527
    Joined: Feb 6, 2015

    Jakey You Reckon

    Feb 20, 2021
    Pretty good bro. Yeah Im renting a house with a few friends, the house is definitely something I wont ever be able to afford in my lifetime but the dream and goal is to own one myself.
     
    May 26, 2022
  14. Wreckless
    Posts: 9,755
    Likes: 19,176
    Joined: May 18, 2015

    Feb 20, 2021
    For sure. There are clear advantages in owning and I would go that route if I had the salary and was a more responsible person.

    But renting sometimes is just more convenient and easier for people who want to avoid the headache. No need to worry about mowing your lawn, shoveling snow, spending hundreds or even thousands on a plumber or an electrician to fix some s--- etc..
     
    May 26, 2022
  15. The Product
    Posts: 2,081
    Likes: 1,989
    Joined: Feb 15, 2011

    Feb 20, 2021
    I have rented because of the frequency I've moved. I am actually moving again in the next few months and would love to buy but it doesn't seem to be in the cards. It is a sellers market and people are coming in with offers 50k over asking price in some cases. I have no interest in bidding to that limit so I'll probably continue renting in the short term and look to buy once I get there and understand the area better. I see the pros and cons of both but I think a home is a long term investment that generally works in your favor to own.
     
    May 26, 2022
  16. joeyp363
    Posts: 14,880
    Likes: 23,260
    Joined: Feb 15, 2011

    Feb 20, 2021
    I live in an insanely expensive town in relation to average salaries. Demand outweighs the house supply right now. Hoping it cools off in 3 years or so so I can buy. 400k is my max price point. Renting a nice place right now but expensive.

    400k will get you a 2/3 bedroom 2/3 bath condo with a little yard 1300-1500 sq feet.
     
    May 26, 2022