NT Do You Own a Home or Rent? (Your age? Location?)

[ajiiiplatinum]

Just curious how many NTers are buying or renting homes.

After college i got married and moved out to Arizona where I bought a home (prices were very low). I regretted it shortly after because i took a better paying job offer in New Mexico so I had to rent the AZ home out and deal with the stress. Also the rent just barely made me break even. After a few years i got home sick and got a job back in California. Just last year I decided to sell the home in AZ and just sold for what I owed on the mortgage (not including years of repairs and maintenance). Now i dont have the stress of owning a home in another state and i am renting in the Bay Area. Sometimes I kinda wish I could buy a home again but 1.What if I move again (job reasons or other) and 2. The median price here is like $700k...so its not gonna happen.

Is renting that bad? Is owning a home that bad? It seems like the grass is always greener.

Stats:
31yrs old
Rent
NorCal

 

[jayz2001]

I think it all depends on what works best for your situation. Out of school I rented while I was getting settled in my job to keep my options open. Now I own a home with my wife and just had our first kid so the space is nice and I enjoy having a yard and stuff. Both have pros and cons though. 

31

Own

Maryland

 

[Fong$tarr]

Well we live in the same area so I guess it's not worth griping about the cost of living here in SF where it all makes sense.

33
Rent
San Francisco

Owning a home isn't totally impossible in the Bay Area but it all depends on your preference. Having an extra income is definitely a plus (girlfriend or family investments) but my situation is difficult cause my girl is from San Francisco and she is one of those city girls that can't move anywhere else unless it is a major city like SF. She literally never even went to other areas in the Bay Area and when we do go, she just thinks is a total waste since say Easy Bay living is more mellow. So since owning a place in SF is so damn difficult, we're having a really hard time trying to find a city that accommodates both of our needs. For now though, our rent is considered low so we aren't in a total rush to move out.

 

[nazdrowie]

off topic but its going to be interesting to see if I actually decide to purchase a home/condo vs aggressive retirement contributions...which i feel is a decision that many people my age (mid 20s) will debate amongst themselves

I've read arguments for and against owning, and recently saw this quote:  "Housing is a protector of value, perhaps, but not a powerful grower of value."

just thinking out load...

 

[r-man jam]

Age 29
Own
Jersey

 

[stork]

I Rent a room in my mothers apartment. She's unemployed and lazy af, so me and my bro split rent. It sucks, but soon lll make enough money to rent a condo/apartment in LA county. Ideally I'll move out in January.

24
Rent
SoCal

 

[ajiiiplatinum]

Yeah it seems when you own a house it never appreciates or builds equity when you factor in prop taxes, repairs and upgrades.

But when you rent it seems everyone building mad equity and prices are going up.

Atleast thats how i feel.

Like NazDrowie says I wonder if we can make money and save money in a better way and just rent.

 

[wayniac211]

OP...Which part in AZ where you at? I've been in s phx/laveen for nearly 8yrs renting. Had a chance to buy back in 09 but didn't pull trigger. Kinda regret it..

 

[mike honcho]

Broke up with my sister and now I live in the back seat of my v6 camaro. not srs

 

[datznasty]

29 yrs old
Own (bought it new construction on my 27th bday)
165k
1700 s/ft 3 bed 2bath 3 car garage
just outside of Lawton, Oklahoma in a boonies country town called Elgin

I'm actually trying to sell it now, having trouble though because since I bought it they act ike there are no zoning rules and done went and built an ugly *** set of forest green storage buildings, a day care/hospice shared building, an Ace Hardware and Dollar General on the adjacent street and it just makes a neighborhood of decently nice homes look industrial and negates my corner lot which used to have the ability to see all the way to the mountains one way and to the interstate the other. Now all I see is these ugly *** green steel storage buildings, he could have at least built them nice, stucco or something with a modern look but nope, just like corrugated aluminum looking ********. Has been on the market damn near a yr on and off and 3 price reductions, is well below the comps for even a much older home in this city but again nobody wants to live in between all these businesses plus it's hard to find (still not on Google Maps or GPS).

Most likely buyer would be somewhere in the Military because of proximity to Ft Sill but Sill and the Army in general are drawing down instead of expanding so, tough cookies

It's a nice house, just bland because it was preexisting not custom so they do everything "safe," basically everything is some type of beige, the granite, the tiles, the exterior, the carpet.

 

[Kaleo15]

Finally own... and loving it!

Las Vegas.

 

[solewoman]

Rent
28
Hawaii

Going back to DMV and will be buying in two years. Closing on a rental property in SC in dec.

 

[youngdoc]

Rent
29
LA

Won't be able to even consider buying until after I finish residency.

Renting feels like a money pit but it's convenient and affordable right now

 

[superblytrife]

We own our crib now, but we're selling. There are pros and cons to being a homeowner, and I'll definitely miss the pros. But we're gearing up for a move in about 3 years so instead of "wasting" money on home repairs that will inevitably come (house was built in 2006, so we're at the point where major **** starts breaking), we'd rather sell it and rent and not have to worry about all that extra stuff.

The next time I buy a house, it's gonna be where I live forever though. All this selling, finding a good place to rent and moving **** is for the birds. Mad scressful bruh.

 

[big panda]

Broke up with my sister and now I live in the back seat of my v6 camaro. not srs

@guccigermaine  is that you?

 

[polo sport nyc]

off topic but its going to be interesting to see if I actually decide to purchase a home/condo vs aggressive retirement contributions...which i feel is a decision that many people my age (mid 20s) will debate amongst themselves

I've read arguments for and against owning, and recently saw this quote:  "Housing is a protector of value, perhaps, but not a powerful grower of value.
"





just thinking out load...

]Yeah it seems when you own a house it never appreciates or builds equity when you factor in prop taxes, repairs and upgrades.

But when you rent it seems everyone building mad equity and prices are going up.

Atleast thats how i feel.

Like NazDrowie says I wonder if we can make money and save money in a better way and just rent.

33
own
brooklyn, ny
11226

View media item 1109463





^^ the Realtors are LURKING!!!!!!!!!!!!!!!...

i would love to move to west new york, NJ...

and eventually Las Vegas, Nevada, but i LOVE NYC too much...

i'll rethink when my son is 4 years old...

dont ask how, just know it can be done

 

[danikerhino]

26
Rent
Daly City

Want it own by 30.

 

[metsn13]

Just curious how many NTers are buying or renting homes.

After college i got married and moved out to Arizona where I bought a home (prices were very low). I regretted it shortly after because i took a better paying job offer in New Mexico so I had to rent the AZ home out and deal with the stress. Also the rent just barely made me break even. After a few years i got home sick and got a job back in California. Just last year I decided to sell the home in AZ and just sold for what I owed on the mortgage (not including years of repairs and maintenance). Now i dont have the stress of owning a home in another state and i am renting in the Bay Area. Sometimes I kinda wish I could buy a home again but 1.What if I move again (job reasons or other) and 2. The median price here is like $700k...so its not gonna happen.

Is renting that bad? Is owning a home that bad? It seems like the grass is always greener.

Stats:
31yrs old
Rent
NorCal

Great thread OP!  Reading some of the replies so far it appears our generation may be better off renting at the moment given the ratio of income to student loan/ credit card debt.  I follow the real estate market very closely in Southern California as well as Las Vegas and both markets are trending in very interesting ways.  For any of you guys in your 20s and 30s take a look at this article on cnbc about home ownership and the trends steering us away from buying homes.  Our parents generation was led to believe that the American dream was through home ownership, I'm not so sure we are going to find the same pathway to financial success:

http://www.cnbc.com/id/101826458#_gus

"According to the Federal Reserve Bank of New York, only 22 percent of 30-year olds  who had student debt also had a home loan in 2013. This is down from 34 percent in 2008. In addition, wages and employment for this group are lower when compared to the overall population.

In 2012, 63 percent of 18- to 31- year-olds had jobs compared with 70 percent in 2007, according to Pew data. The unemployment rate for people from 25 to 34 was 6.7 percent in May, compared to the national rate of 6.3 percent. And regarding wages, according to the Washington-based Progressive Policy Institute, the average annual earnings of Americans 18 to 34 who worked full-time fell by about 5 percent from 2007 to 2012; whereas the general population saw an increase of 2 percent during that time."

Another force working against us in the United States may be a coming global recession with instability in the housing markets of China and Europe that may have trickle down or massive effects on our own housing sector and economy in 2015:

http://www.mercurynews.com/business...-predicted-busted-housing-bubble-says-another
 

 

[polo sport nyc]

polo sport nyc

If not west New York, look into edgewater.

This whole area (Hudson county ) is only going to go up in value in the next 5-10 years.

It happened to Hoboken and it's slowly happening to Jersey City, Union City, North Bergen.

i was told about WNY about 5-6 years ago and a stranger was like go there and how he lived there and loved it..

i just need something nice and close to the city.. no condo or apartment...

 

[T Lo Sweater]

polo sport nyc

If not west New York, look into edgewater.

This whole area (Hudson county ) is only going to go up in value in the next 5-10 years.

It happened to Hoboken and it's slowly happening to Jersey City, Union City, North Bergen.

Lookin to move out to edgewater with my friends soon. Itll be like 3 or 4 of us that's serious about moving

 

[luckyluchiano]

25 yrs old and just bought my first home last month. Kinda high cost moving in compared to renting but my mortgage is less than what I paid sharing a crib with a roommate

 

[putting in work]

25 yrs old and just bought my first home last month. Kinda high cost moving in compared to renting but my mortgage is less than what I paid sharing a crib with a roommate

Damn... props on that.

Guessing you're either in the Midwest, one of the Carolina's, Georgia, or Florida though correct?

 

[al audi]

Yea Lucky from GA.

Only ppl who own in CT are couples/married if youre a younger person am even then they usually got family support. I know ppl 25-30 at home all day still. Northeast just way diff.

 

[luckyluchiano]

Yea Lucky from GA.

Only ppl who own in CT are couples/married if youre a younger person am even then they usually got family support. I know ppl 25-30 at home all day still. Northeast just way diff.

Cost if everything going up in Atlanta though in 10-15 yrs ATL prices will be like DC, so right now is the time to buy, my girl plans in buying a place in the next two yrs, goal is we both at least have potential investment properties to flip or rent out since values of homes in the city primarily hoods they are gentrifying are going up

 

[putting in work]

Yea Lucky from GA.

Only ppl who own in CT are couples/married if youre a younger person am even then they usually got family support. I know ppl 25-30 at home all day still. Northeast just way diff.

Property taxes mad high in CT though... that **** is like another mortgage.

I factor that into my home buying decision also because I was thinking about moving to LI but some parts have property taxes in the $15,000 range and that's $1K+ added onto your mortgage too monthly.

Then when you pay off for the house by that time the property taxes would be even higher and it would be like you're still paying a mortgage even though you paid off for the house.

I guess that's why a lot in the Northeast migrate down to Florida to retire... or Costa Rica.