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re: CNBC: Renting can make you wealthier than owning a home
Posted on 5/3/23 at 3:00 pm to Crowknowsbest
Posted on 5/3/23 at 3:00 pm to Crowknowsbest
quote:
Rent is determined by the market. There are a lot of markets where homes that have a $4000 mortgage payment with 20% down would only rent for $3000.
Name them
1
Posted on 5/3/23 at 3:02 pm to PhiTiger1764
quote:
So I don’t think your anecdotal experience warrants the advice that “Home ownership is a gamble like everything else.”
It isn't advice. It is a fact. Is the gamble high risk or low risk? It runs the gauntlet.
But you can lose money on any home purchase. By definition, buying a house is literally a gamble. That isn't advice or opinion. It is a proven fact. For it to not be true, that would mean that nobody has ever lost money owning a house.
Posted on 5/3/23 at 3:06 pm to Paul Allen
Really? I could move out of my house right now, and after payoff, receive about 200k walking money. How much you get when you leave your rental? And I bet my monthly payment is lower than your rent.
Posted on 5/3/23 at 3:08 pm to Oilfieldbiology
quote:
Name them
Raleigh and Charlotte for two, and it likely applies in other popular sunbelt markets as well. Places that have been flooded with multifamily supply to keep rents from rising in line with single family home prices over the past 1-2 years.
Posted on 5/3/23 at 3:13 pm to tiggerthetooth
R-slurred take. Renting is throwing money down a rathole.
I wonder if the CNBC talking heads follow their own advice...
I wonder if the CNBC talking heads follow their own advice...
Posted on 5/3/23 at 3:20 pm to Paul Allen
quote:
Of course renting is better. Your home isn’t an asset. It’s not making you any money.
What an idiotic take. Bought my house for $195k 3 years ago. Worth $270k today
This post was edited on 5/3/23 at 3:21 pm
Posted on 5/3/23 at 3:22 pm to elit4ce05
quote:
And I bet my monthly payment is lower than your rent.
with a 3% interest rate and housing/insurance prices from years ago, your monthly payment is probably much lower.
At todays housing prices/interest rates? No way.
But yeah, he's definitely wrong about it not being a net positive at some point monetarily. (Unless you bought a complete piece of shite house in a complete piece of shite area)
Posted on 5/3/23 at 3:34 pm to dcrews
Yes, but rent money paid can never be gotten back, it gone. Mortgage money can be gotten back.
Posted on 5/3/23 at 3:39 pm to SteveLSU35
They have your best interests at heart.. just look at the vaccines. 
Posted on 5/3/23 at 3:43 pm to tiggerthetooth
quote:
minorities
Minorities, eh?
North Fulton and South Forsyth have thousands of homes occupied by recent immigrants. Mostly Indian, but entire neighborhoods of $500k and up homes slam full of minorities.
I guess what Indians need is a spokesperson to tell them how bad off they have it?
Posted on 5/3/23 at 3:45 pm to Paul Allen
quote:
Of course renting is better. Your home isn’t an asset. It’s not making you any money.
Me and my wife have owned 3 homes in 30 years of marriage. We started with a small home, sold it and made money off of it. We then bought a nicer home, lived there for a while and made money off of it. We now own a pretty nice home in a great area all because we were able to make good profits off of our previous homes. When we sell this home we will be able to use the profits to buy a nice motorhome and retire to see the country.
We have also never owned a brand new car and we have lived below our means
Posted on 5/3/23 at 3:48 pm to notsince98
quote:
But you can lose money on any home purchase. By definition, buying a house is literally a gamble. That isn't advice or opinion. It is a proven fact. For it to not be true, that would mean that nobody has ever lost money owning a house.
The overwhelming majority of people who stay in a home 5+ years do not lose money on their home purchase. Yes it happens and yes financial crisis happened but still..
Hell you did not lose money on the home purchase. By your own admission you bought at $180k and sold at $210k and had some unplanned expenses that amounted to about $150/mo.
You made a poor financial decision in deciding to buy when renting was a better option but you are acting like owning a home is some big gamble that can go either way.
Posted on 5/3/23 at 4:05 pm to tiggerthetooth
You can have a great life renting, stop being so easily triggered.
Posted on 5/3/23 at 4:08 pm to PhiTiger1764
The guy on CNBC isn't a talking head, he's a financial advisor that has a new series on Netflix that he is promoting. Think John Taffer from Bar Rescue but for personal finance. I recently started watching it. I didn't watch the CNBC clip but what he seems to be preaching on the first few episodes of his show is for people to get their shite in order first, before considering property ownership. There's a mantra of "own a house, own a house, own a house" so many young people are trying to jump straight into that option or else they are being "ripped off". Ramit Sethi is telling them "let's take care of your credit cards and your $2000/m Amazon addiction first".
This post was edited on 5/3/23 at 4:13 pm
Posted on 5/3/23 at 4:10 pm to tiggerthetooth
let the poors dumb enough to believe this continue to be poor.
Posted on 5/3/23 at 4:16 pm to Klark Kent
quote:
let the poors dumb enough to believe this continue to be poor.
This comes up routinely here and for some reason people care. I always point out, we rented and lived in the parts of town we wanted to, nice new places, no obligations and everything was fixed and repaired for free with a phone call. Nice pools, gyms etc on site. Resort living almost. Taxes, HOA, Interest alone on a place I would buy were more than my rent payment. Eventually bought a place but have 2 now. Renting can work out for some people. The worst part was ignorant ppl always hounding me about renting while they lived in older places and spent weekends and time/money on upkeep.
Posted on 5/3/23 at 5:05 pm to CleverUserName
quote:
Your home isn’t an asset.
Uhhhh… yea it is. By every definition.
Including those in the rules of accounting.
Posted on 5/3/23 at 5:13 pm to tiggerthetooth
quote:
people without money, minorities — is to make them feel that they are failures
Implicit racism. Minorities (they mean black here) can’t buy houses because they’re poor. A very broad generalization of one demographic of society.
Posted on 5/3/23 at 5:39 pm to tiggerthetooth
And that my friends is how Marxism creeps in
Posted on 5/3/23 at 6:17 pm to LSUFanHouston
quote:
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.
Unless you were born into the right family, when has it ever been easy? Never, but that is no excuse to stop trying.
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