Posted on 08/03/2015 9:17:46 PM PDT by 2ndDivisionVet
New evidence surfaced last week showing that life is getting worse for America’s renters, two news reports said.
The Associated Press and Wall Street Journal did a mash-up of two economic reports demonstrating that monthly rents are rising faster than incomes.
The online real estate site Zillow.com reported that rents increased 4.3 percent in June from a year earlier in the nation as a whole (and 3 percent in Orange County).
That’s double June’s average hourly wage increase of 2 percent reflected in government data, the news outlets reported.
“Rents are insanely unaffordable on a historical basis in the United States right now,”(continued)
(Excerpt) Read more at ocregister.com ...
I own, not rent. But that is an unnecessary insult. There are good reasons why it's sometimes better to own than rent. It all depends on the circumstances.
My parents lived in Santa Ana between 1960 and 65 when I was an infant and toddler. I rather doubt that their rent was anything like that, and we were in a house.
hey fungi, I like that response
“Anybody who rents is a fool”.
“Actually, I’m quite in touch”.
You might be in touch but to say those who rent are fools is arrogant and “foolish”.
Exactly so.
I have owned for decades, but for a brief spell, in between, I rented.
“My parents lived in Santa Ana between 1960 and 65 when I was an infant and toddler. I rather doubt that their rent was anything like that, and we were in a house.”
Santa Ana has changed a lot since 1960s. It’s now 80% Hispanic and rife with gangs. The gangs will leave you alone as long as you don’t bother them.
Ah contrare... I’ve rented and own my house. I actually can’t understand why anyone would buy these days. Now if the housing market continues to go up and you get lucky and either sell then your are good! To put ownership on the same scale as renting is silly though...
Lets look at the main problems:
Ownership means that you have to fix every item in your house including the yard and some other city things. You also never actually own your home because you have to pay taxes or it is gone... In actually you are renting but at a lower rate. You have to stay there (or hope the market is good) if you want to move.
If you rent, you never have to pay for repairs or maintenance or taxes! Maintenance is not your problem. You can leave without problems (especially important for the young). A house, you have to wait until sell or have enough to get by for several months.
Today, I would say that renting is better depending upon your wealth more than what is foolish... Owning a home is not what it use to be!
Maybe so, but rent money is gone forever to the owner.
Seems not to be the case when a business owns the properties I’d guess... I really like you attitude on rentals though!
I wish I could sign a 5 or 10 year lease with you...!!
You think you own. Try not paying your property taxes.
Ha!
Good point.
Thank you. Your handle is a little old, don’t you think?
I’d almost bet that you live in a van or something like a 5th wheel trailer.
Very good points and perspective.
I’d bet that if you actually added up all of your costs for home ownership over say 20 years... House maintenance, yard maintenance, taxes, repairs, and of course payments.
Then subtract that from the current price you can get from that home and you just might be shocked. In reality, it will be much less of a benefit than you think - or maybe even a loss depending on your location.
Really, one of the worst things about home ownership is that it ties you down to a location and if jobs move, you can be screwed!. Then you are at the mercy of the market.
U funny, I have 2 properties on my street here in Texas North of Houston. Originally this one was for my daughter but she sold it back to me for the same foreclosure price I bought it for. She made out good because she got 2 yrs of payments back but I got the property back. I could easily sell it for double but why do that when I can rent it. I only moved into her house because she got married and moved into her new husbands house and left this house and I worried it may be vandalized. So she sold it to me for what I/we paid. I don’t care where you buy, look for foreclosures in all neighborhoods even Beverly hills have foreclosures. u need to look.
“Maybe so, but rent money is gone forever to the owner”.
So are property taxes and other incidentals that don’t appreciate the house or property.
I think if you’ll check your records that $300 had to be paid back the next year.
True, very true. But so are the taxes and home maintenance costs paid by the homeowner. I think the break-even point would depend on how long you plan to stay at a location. You would also have to factor in whether your chosen location is subject to decline or not.
For example, a city worker who hates long commutes might decide to rent a place in the city, then scoot when that location deteriorates (as most city locations eventually do).
Your lucky and I suppose you know it. The housing market was in big trouble a few years ago and probably still is.
You should be happy that things worked out but don’t think that it happens to everyone...
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