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Started By
Message
Home ownership losing importance as "American Dream"
Posted on 6/4/14 at 11:46 am
Posted on 6/4/14 at 11:46 am
quote:
A majority of respondents said they believe renting is more appealing than buying -- and that renters are just as likely to be successful financially as someone who owns a home.
LINK
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Posted on 6/4/14 at 11:49 am to TejasHorn
If I were to live in a big city like Houston/Austin/Dallas in my late 20s early 30s before kids, I'd absolutely prefer to rent.
You have these apartments with literally everything you need. Bars in them, fitness centers, pools, etc. If I could afford it, that's what I'd do.
Granted, I'd eventually want to own a home and have something to call my own when I had kids, but before then, it's not important to me.
You have these apartments with literally everything you need. Bars in them, fitness centers, pools, etc. If I could afford it, that's what I'd do.
Granted, I'd eventually want to own a home and have something to call my own when I had kids, but before then, it's not important to me.
Posted on 6/4/14 at 11:54 am to TejasHorn
It really makes no sense to me. Screw equity I guess.
Posted on 6/4/14 at 12:04 pm to TejasHorn
Renting is a waste. At least with Home ownership you can get your equity out of it.
Posted on 6/4/14 at 12:07 pm to constant cough
The home as a decent or good investment simply isn't the "conventional wisdom" it once was, and for good reason.
That said, I still prefer that route, and at my age (30), I'm tired of renting. I want to tinker with stuff, improve, add on, etc., and only home ownership really fits that bill. I think there will still be a lot of types like me.
That said, I still prefer that route, and at my age (30), I'm tired of renting. I want to tinker with stuff, improve, add on, etc., and only home ownership really fits that bill. I think there will still be a lot of types like me.
Posted on 6/4/14 at 12:08 pm to constant cough
quote:
Renting is a waste. At least with Home ownership you can get your equity out of it.
Only if you go homeless, start renting or downsize big time. A home is not an asset.
Posted on 6/4/14 at 12:10 pm to lsu13lsu
quote:
A home is not an asset.
Not to mention no one ever deducts from their equity the amount they spend on invaluable remodels, new roofs, new a/c heat units, water heaters, etc....
Homes can be quite the liability.
Posted on 6/4/14 at 12:12 pm to Pettifogger
quote:
The home as a decent or good investment simply isn't the "conventional wisdom" it once was, and for good reason.
Well no nothing that takes you 15-30 years to pay off is a good investment unless you're in real estate and turning over homes at a quick rate.
I don't look at a home as an investment but everybody needs a place to live. The difference is when you're renting you'll never get back any of that money you're paying every month.
Posted on 6/4/14 at 12:15 pm to southernelite
quote:
Granted, I'd eventually want to own a home and have something to call my own when I had kids, but before then, it's not important to me.
If this is your longterm plan, it is a good idea to get a place sooner rather than later. The sooner you buy a place the sooner you'll get it paid off. Which is the place you want to be. Not having a note every month to me is the greatest benefit to homeownership.
Posted on 6/4/14 at 12:16 pm to TejasHorn
I've owned a home for 7 years and I hate it.
After I get rid of this house I'll rent for a good number of years until we move out of Florida.
If I buy again it will be a cash deal with property.
After I get rid of this house I'll rent for a good number of years until we move out of Florida.
If I buy again it will be a cash deal with property.
Posted on 6/4/14 at 12:20 pm to constant cough
Nor will anyone who bought a house during the bubble!
Posted on 6/4/14 at 12:20 pm to TejasHorn
For me, home ownership is about 2 things.
First, building up equity. I've owned my home for about 6 years, and I have over $100K in equity. I view this as a small part of retirement planning.
Second, it's about not having a note or rental obligations when I do retire. My house will be paid off a few years before I retire. I will then look to downsize and use the difference to buy some sort of retirement annuity.
When you take into consideration all the tax savings, because home ownership alone allows you itemize, I'm paying less for a 5 bedroom house, then I would be paying in rent for a 3 bedroom townhome/apartment.
A friend's mom rented her whole life. When she got to be 65, she had nothing. She was still having to pay rent and that ate up a significant part of her SS/paycheck. It was really sad to see her financial difficulties. Had she purchased a home when she was in her 30's (she was a RN, so she could afford it), she wouldn't have had any rental payments or house notes when she turned 65. Instead, she had to keep working just to put a roof over her head. I don't want to be in that position.
First, building up equity. I've owned my home for about 6 years, and I have over $100K in equity. I view this as a small part of retirement planning.
Second, it's about not having a note or rental obligations when I do retire. My house will be paid off a few years before I retire. I will then look to downsize and use the difference to buy some sort of retirement annuity.
When you take into consideration all the tax savings, because home ownership alone allows you itemize, I'm paying less for a 5 bedroom house, then I would be paying in rent for a 3 bedroom townhome/apartment.
A friend's mom rented her whole life. When she got to be 65, she had nothing. She was still having to pay rent and that ate up a significant part of her SS/paycheck. It was really sad to see her financial difficulties. Had she purchased a home when she was in her 30's (she was a RN, so she could afford it), she wouldn't have had any rental payments or house notes when she turned 65. Instead, she had to keep working just to put a roof over her head. I don't want to be in that position.
Posted on 6/4/14 at 12:29 pm to TejasHorn
i didn't mind renting when i was younger....but after i turned 30 it started to make me sick to my stomach writing that check every month knowing i was getting nothing as in a return on investment
Posted on 6/4/14 at 12:30 pm to constant cough
quote:
At least with Home ownership you can get your equity out of it.
Yeah. That's what everyone who bought in 2006 thought.
30 years vs. 1 year.
There's the big difference between buying and renting.
This post was edited on 6/4/14 at 12:31 pm
Posted on 6/4/14 at 12:30 pm to gatorrocks
quote:
I've owned a home for 7 years and I hate it.
how can someone honestly "hate" owning a home?
Posted on 6/4/14 at 12:31 pm to Choctaw
quote:
how can someone honestly "hate" owning a home?
Anyone who buys an old house will hate it.
Posted on 6/4/14 at 12:32 pm to MMauler
quote:
A friend's mom rented her whole life. When she got to be 65, she had nothing. She was still having to pay rent and that ate up a significant part of her SS/paycheck. It was really sad to see her financial difficulties. Had she purchased a home when she was in her 30's (she was a RN, so she could afford it), she wouldn't have had any rental payments or house notes when she turned 65. Instead, she had to keep working just to put a roof over her head. I don't want to be in that position.
Had she invested the money into an IRA (and other accounts) that she saved by not having to remodel, pay closing costs and realtor fees, and make repairs around the house she would have been fine too. If I had to guess it wasn't a lack of homeownership that was her downfall.
Posted on 6/4/14 at 12:32 pm to SpidermanTUba
quote:
Anyone who buys an old house will hate it.
why's that?
Posted on 6/4/14 at 12:35 pm to lsu13lsu
quote:
remodel, pay closing costs and realtor fees
these are not issues for alot of homeowners
but even if it was....you're saying the amount of money someone would spend on closing costs, realtor fees, and repairs would be enough to retire on?
Posted on 6/4/14 at 12:35 pm to MMauler
This is all market specific. There is no right or wrong answer and even in a given market, it changes.
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