Posted on 05/19/2023 2:12:51 PM PDT by millenial4freedom
SEATTLE, May 19, 2023--(BUSINESS WIRE)--(NASDAQ: RDFN) — There are just four major U.S. metropolitan areas where it would be cheaper to buy than rent the typical home—that is, the typical home has an estimated monthly mortgage cost lower than its estimated monthly rental cost. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
In Detroit, the typical home is 24% less expensive to buy than rent—the largest discount in percentage terms among the 50 most populous metros. The median estimated monthly mortgage payment for Detroit homebuyers is $1,296, compared with an estimated monthly rent of $1,697. Next comes Philadelphia (7% ownership discount), followed by Cleveland (4% discount) and Houston (1% discount).
(Excerpt) Read more at finance.yahoo.com ...
property taxes are passed along 100% in rental prices ... as are all other expenses of building and maintaining the rental property ...
Apples to oranges.
Buying a home is an investment, renting is just permission to stay there temporarily.
Some areas are good places to invest, some are just plain losers. Buyer beware.
Why is Wilmington, DELAWARE (Biden’s home city) not on this chart?
The property tax is based on the price of the property, divided up by all the apartments. Each apartment pays a tiny portion of anything.
Apartment dwellers vote to raise property taxes, knowing they pay almost none.
My house in FL 2.2 with pool and 1/2 acre I could triple my $ bit where would we go? I love FL so never leaving and never selling.
If it’s cheaper to buy a home rather than to rent, that means people expect the home will be worth less in the future. duh
What the common denominator here? Liberal, democrat cities.
How do those rental rates accrue equity and pay the renter a profit when it’s time to move on?
“Each apartment pays a tiny portion of anything.”
bullshit ... property tax on an apartment building is based on it’s assessed value ... divide that tax by eight for an eight-plex and the amount per renter is NOT “tiny “!
depending upon location, apartment values are around $100,000, so property tax would levied on each $100,000 unit ...
If you can’t afford a home, rent. Put your surplus funds in other investments if you wish. Anyone who calls for government policies to encourage subsidized single family homes or banning investors from buying said homes is essentially promoting conservative socialism.
Median Home Prices
Southern California
Existing Detached Homes by County, 1990-2023
http://www.laalmanac.com/economy/ec37.php
See the average home price. This are generally single story, no basement and small 1/4 acre lot with a wall around it.
You could buy 3 or more bigger better homes in other parts of the country!!
Kinda like its not news that Clinton basically started the home ownership policies that Bush continued. Can’t stand Bush since 2009.
“Kinda like its not news that Clinton basically started the home ownership policies that Bush continued. Can’t stand Bush since 2009.”
I don’t remember Clinton having a minority home ownership policy like Bush. Clinton’s contribution to what would become the housing bubble was a new tax policy that exempted $250,000 of real estate profit. So money that naturally would have been invested elsewhere headed for real estate.
Combine that with Congress erasing the last vestiges of the 1933 Glass-Steagall Act regulating banking, and you had a simmering fire for the genius Bush to throw gasoline on. Which of course he did. He wasn’t the only fool who stoked the bubble but he certainly added to it.
I didn’t know about it either until someone posted a YouTube clip of Andrew Cuomo giving a press conference in the 90s about it.
I’m pretty sure this is why housing started to become cheap quality and built on small lots, loose loans etc etc.
https://www.globalurban.org/National_Homeownership_Strategy.pdf
That certainly qualifies. HUD was involved.
Now that I’m thinking about it bad federal housing policy could have started even sooner, when Jack Kemp ran HUD for GHW Bush.
Kemp, who I once thought could have made a good President, turned out to be a social engineering oriented imbecile who was woke before woke was invented.
It went as far back as Jimmy Carter.
Abolishing HUD would be a start. There’s no way that the spineless GOP will do it.
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