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Message
CNBC: Renting can make you wealthier than owning a home
Posted on 5/3/23 at 12:16 pm
Posted on 5/3/23 at 12:16 pm
Rent a tiny apartment downtown baw, don't own a home.
You will eat the bugs, you will live in the pod.
LINK
You will eat the bugs, you will live in the pod.
LINK
quote:
“I’m tired of the blind obsession with homeownership in America,” Sethi tells CNBC Make It.
Homeownership is an expensive investment that shouldn’t be taken lightly, yet the idea that property is always a great investment has become a “religion” in the U.S., he says.
“That simply doesn’t make sense, especially now, when the price of housing has gone way up and the effect — especially on young people, people without money, minorities — is to make them feel that they are failures,” Sethi says. “You’re not a failure if you rent.”
57
Posted on 5/3/23 at 12:17 pm to tiggerthetooth
Listen to them, do as they say, they know best.....
Posted on 5/3/23 at 12:17 pm to tiggerthetooth
So are they arguing that you "have more money" or something like that? Because having more money but no equity in a home doesn't make much sense, especially when renting is generally more expensive than owning.
Posted on 5/3/23 at 12:17 pm to tiggerthetooth
Of course renting is better. Your home isn’t an asset. It’s not making you any money.
Posted on 5/3/23 at 12:17 pm to tiggerthetooth
Posted on 5/3/23 at 12:17 pm to tiggerthetooth
I'm sure we'll see the ultra-wealthy selling their real estate soon
Posted on 5/3/23 at 12:18 pm to tiggerthetooth
quote:
when the price of housing has gone way up and the effect — especially on young people, people without money, minorities
And there it is
Posted on 5/3/23 at 12:19 pm to tiggerthetooth
quote:
become a “religion” in the U.S., he says.
It has been a "religion" for 2 centuries........a pretty good one at that.
Talking heads are idiots living in NYC where they love the dump it has become.
Posted on 5/3/23 at 12:20 pm to tiggerthetooth
So homes appreciate, as this clearly states, and money becomes less valuable each day so……
So don’t own and hang on to the paper uncle Sam loves to print more of
Sounds like sage advice
So don’t own and hang on to the paper uncle Sam loves to print more of
Sounds like sage advice
Posted on 5/3/23 at 12:21 pm to tiggerthetooth
quote:
“You’re not a failure if you rent.”
That’s true, the obsession with home ownership is driven by banks. Renting is fine and the right option for a lot of people.
Banks like to say you’re “throwing money away” on rent but that’s not true either. I own a home now but never felt like I was wasting money when I rented, we were able to rent a big house in a nice area where we could never afford to buy.
Posted on 5/3/23 at 12:21 pm to tiggerthetooth
quote:
“I’m tired of the blind obsession with homeownership in America,” Sethi tells CNBC Make It.
This post was edited on 5/3/23 at 12:22 pm
Posted on 5/3/23 at 12:21 pm to Paul Allen
quote:
Your home isn’t an asset. It’s not making you any money.
You planning on giving away your home?
Posted on 5/3/23 at 12:22 pm to tiggerthetooth
quote:
Sethi says. “You’re not a failure if you rent.”
The primary reason is feelings?
Posted on 5/3/23 at 12:22 pm to tiggerthetooth
quote:
Homeownership is an expensive investment
My investment has appreciated more than the entire balance of my IRA since 2016. Looks like investing in homeownership is a pretty good idea.
Posted on 5/3/23 at 12:24 pm to fr33manator
quote:If they really want to help this less fortunate, I'll take one for the team. Wouldn't mind getting a mansion in the hills on the low.
I'm sure we'll see the ultra-wealthy selling their real estate soon
Posted on 5/3/23 at 12:24 pm to tiggerthetooth
quote:
I’m tired of the blind obsession with homeownership in America,” Sethi tells CNBC Make It.
does he rent?
Posted on 5/3/23 at 12:26 pm to tiggerthetooth
quote:
You will eat the bugs
Off topic but this phrase always makes me laugh. Most baws on here cream themselves over parties where the boil and eat bugs by the pound.
Posted on 5/3/23 at 12:26 pm to tiggerthetooth
Yeah that’s horse shite for most people.
If you can’t afford to buy in the neighborhood you want, buy in a less desirable area (perhaps farther out in the burbs). If you are secure in your job and will be there for a while, you should seriously try to buy a house, condo, or flat.
True. But you get none of your rent back when you move, and landlords can hike your rent after the end of your lease. You are fully exposed to wide swings in housing prices, where a purchase locks you in for a certain amount.
I’ve bought 4 houses in my life so far. I made very good money on the 3 that I’ve sold, even taking repairs, maintenance, and updates into account. I wasn’t strategically buying or selling either. I was doing it because we needed to move to a new city. The gains I made on selling were put into the next house in the form of equity as a down payment, increasing my advantage over renting every time I bought a new home.
If you can’t afford to buy in the neighborhood you want, buy in a less desirable area (perhaps farther out in the burbs). If you are secure in your job and will be there for a while, you should seriously try to buy a house, condo, or flat.
quote:
Homeownership is an expensive investment
True. But you get none of your rent back when you move, and landlords can hike your rent after the end of your lease. You are fully exposed to wide swings in housing prices, where a purchase locks you in for a certain amount.
I’ve bought 4 houses in my life so far. I made very good money on the 3 that I’ve sold, even taking repairs, maintenance, and updates into account. I wasn’t strategically buying or selling either. I was doing it because we needed to move to a new city. The gains I made on selling were put into the next house in the form of equity as a down payment, increasing my advantage over renting every time I bought a new home.
This post was edited on 5/3/23 at 12:35 pm
Posted on 5/3/23 at 12:29 pm to tiggerthetooth
Tell Blackrock home ownership is a bad investment. They keep putting billions in these bad investments.
Posted on 5/3/23 at 12:31 pm to tiggerthetooth
Society: Buy a home, write off the mortgage interest and property taxes:
Government: Limit property tax deduction, double standard deduction. Reduce amount of debt eligible for mortgage interest deduction.
Society: Buy a house with as little as 3.5% down!
Government: Jack up mortgage insurance premiums
The problem is, unless you get help, it's hard for young people to save up enough cash for a down payment, and then have enough cash in reserve to deal with the issues involved being a homeowner.
Government: Limit property tax deduction, double standard deduction. Reduce amount of debt eligible for mortgage interest deduction.
Society: Buy a house with as little as 3.5% down!
Government: Jack up mortgage insurance premiums
The problem is, unless you get help, it's hard for young people to save up enough cash for a down payment, and then have enough cash in reserve to deal with the issues involved being a homeowner.
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