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WSJ: There’s Never Been a Worse Time to Buy Instead of Rent (Housing Market board)
Posted on 10/23/23 at 10:57 am
Posted on 10/23/23 at 10:57 am
quote:
It is now 52% more expensive to buy a home than to rent one because of climbing mortgage rates
Getting on the property ladder has rarely been tougher for first-time buyers. But a tight housing market isn’t turning out to be a bonanza for landlords either.
The cost of buying a home versus renting one is at its most extreme since at least 1996. The average monthly new mortgage payment is 52% higher than the average apartment rent, according to CBRE analysis. The last time the measure looked out of whack was before the 2008 housing crash. Even then, the premium peaked at 33% in the second quarter of 2006.
In theory, buying and renting costs should be roughly matched, according to Matt Vance, head of multifamily research at CBRE. Although owners benefit when house prices go up, they also put more cash into their homes than tenants for things such as repairs and refurbishments.
LINK
This post was edited on 10/23/23 at 12:28 pm
11
Posted on 10/23/23 at 10:58 am to Dire Wolf
They want people to be renters forever anyways.
They're planting the idea that you shouldn't buy but rent while simultaneously talking about a real economic issue.
You will own nothing, and you will be happy
They're planting the idea that you shouldn't buy but rent while simultaneously talking about a real economic issue.
You will own nothing, and you will be happy
Posted on 10/23/23 at 10:59 am to Dire Wolf
This is like that CNBC Diana Olick telling everyone not to buy for the last 13yrs
Saying values are gonna plummett
Saying values are gonna plummett
Posted on 10/23/23 at 12:29 pm to coffeesmeller
quote:
who is they
Some of those who bomb churches
Are the same that raise mortgages
Posted on 10/23/23 at 12:41 pm to Dire Wolf
Stout board
Posted on 10/23/23 at 12:43 pm to Dire Wolf
Glad I bought at the peak of the market, can you say negative equity?!
Posted on 10/23/23 at 12:44 pm to Dire Wolf
At some point, you either shite or get off the pot. I decided to buy a house, and it'll either work out or not. We went with something we can easily afford and we can pay off quickly.
Posted on 10/23/23 at 12:45 pm to Dire Wolf
Expect the cost to rent to go up
Posted on 10/23/23 at 12:46 pm to Dire Wolf
Don’t have a housing market board, but this would fall under the money talk board for sure.
Posted on 10/23/23 at 12:52 pm to tiggerthetooth
quote:
You will own nothing
Technically, no one owns anything. We just temporarily hold our possessions until we die. And then someone new gets possession of them. And the process continues.
Posted on 10/23/23 at 12:53 pm to H2O Tiger
The Austin housing market was and still is overpriced.
Posted on 10/23/23 at 12:56 pm to Paul Allen
quote:
The Austin housing market was and still is overpriced.
Im not well-versed on the Austin market- but if people arent buying and the homes are sitting on the market for a year or 18 months, then youre correct.. if the houses are selling, then they are not overpriced, they’re appropriately priced .
Posted on 10/23/23 at 12:59 pm to tiggerthetooth
quote:I've never heard that before, how did you come up with this line?
You will own nothing, and you will be happy
Posted on 10/23/23 at 1:04 pm to BK Lounge
Days on the market are substantially more than in 2021.
Also the bidding process where people were paying $150,000 over asking price is non existent now.
Still not enough inventory for all of central Texas not just Austin.
Also the bidding process where people were paying $150,000 over asking price is non existent now.
Still not enough inventory for all of central Texas not just Austin.
Posted on 10/23/23 at 1:05 pm to PeteRose
There are a lot of people that don’t consider a home as an asset.
If it’s not generating monthly cash flow then it’s not an asset.
This is very debatable and you’ll have a lot of varying opinions.
If it’s not generating monthly cash flow then it’s not an asset.
This is very debatable and you’ll have a lot of varying opinions.
Posted on 10/23/23 at 1:06 pm to Paul Allen
quote:
Still not enough inventory for all of central Texas not just Austin.
How far outside of Austin do you have to drive before the housing becomes more reasonable? I've heard that Georgetown is a decent place to live.
Posted on 10/23/23 at 1:09 pm to shel311
quote:
You will own nothing, and you will be happy I've never heard that before, how did you come up with this line?
You serious Clark?
Posted on 10/23/23 at 1:15 pm to Dire Wolf
If you rent, you don't own. You don't own, that leaves more for them to own.
When you don't own you also have less control. It will be like diesel or something. At first, its the much cheaper option then once they got you... BAM. You caught up in a trap where you are paying a lot more than you would be if you would have bought that house.
When you don't own you also have less control. It will be like diesel or something. At first, its the much cheaper option then once they got you... BAM. You caught up in a trap where you are paying a lot more than you would be if you would have bought that house.
Posted on 10/23/23 at 1:33 pm to Paul Allen
quote:
The Austin housing market was and still is overpriced.
We bought in July of 2022
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