Viewing a single comment thread. View all comments

[deleted] t1_j1gj3ds wrote

[deleted]

−5

OkSwitch470 t1_j1gpyf3 wrote

Because owning a house is just more than a mortgage for Maitnenance of everything. I’m a single person paying $2k in rent, if i was to buy a property that has a $2k mortgage it will 100% need work on it in my area. I’m lazy my dad busted my ass in back yard growing up , I’m done doing lawn work anymore, for me to take care of a whole house and lawn by myself would be too much for me honestly my apartment is good enough if I buy I’d buy to rent out and not to live in

3

glitterpumps t1_j1gzv6i wrote

We pay $2200 to rent a house in Jersey City. If we bought a house, we’d realistically be able to afford one in CNJ (MAYBE) with a 45 minute commute both ways. (Adding extra time for dropping kids off at day care/school)

We’d rather save those three hours a day in commute time to spend time with our family than putting equity into a house in the burbs.

Absolutely it’s short-sighted. But it makes sense in terms of time. There’s only so many hours in a day ya dig

3

race-likeapisshorse t1_j1gtkty wrote

From a late-20s point of view:

When you’re paying $2k/m rent, where do you have space to save for a house down payment, closing costs, etc?

The student loan pause helped so many young people save significant money for the first time ever - then the housing market skyrocketed. Now, house prices are coming down, but interest rates have skyrocketed.

It’s eerily just out of reach for many people my age due to these factors and even as we progress in our careers, it becomes just slightly more out of reach. unless you have parents that can gift you the down payment, you’re stuck struggling

1

ScuttleCrab729 OP t1_j1gwcgf wrote

We rent a 2 bed 2 bath with garage for 2.2k. A similar house in the area including property tax, insurance, interest rates, etc… Easily 2.5-3k. And thats a house built 60+ years ago needing a lot of maintenance (which is free in an apartment). Also consider good luck saving for a down payment while paying 2k a month. It’s not easy getting out of the life if you want to. Also the rent life definitely comes with benefits for those that don’t mind paying rent and never gaining equity such as the no lawn care, maintenance, repairs, etc.

1