Am I really suppose to feel sorry for people losing their homes?

[jjgold]

In the long run renting is probably more cost effective than owning

[ryanXL977]

i would never own
i prefer to rent

[daggerkobe]

It sounds to me that those laughing at this situation are apartment dwellers that are jealous of homeowners. They dont seem to understand renting is one of the worst financial decision one can make. It would be like renting a car from Hertz for the rest of your life..... the payments never end. But if u buy u will eventually stop paying and own the car.

For the amount they are paying rent they could buy a home and eventually own it. They will never own the apartment building even after 100 years. But this isnt about renters vs homeowners. Renters are getting evicted too if they lose their jobs and cant pay.

The irony is that landlords are raising their rent due to all the former homeowners going back to renting. So even renters arent immune to the backlash.

[ryanXL977]

why would i ever want to own a car? leasing allows me a new mobile every 3 yrs. why own a worthless pile of crap afetr 7 yrs of payments. bad investment

[Bluehorseshoe]

It sounds to me that those laughing at this situation are apartment dwellers that are jealous of homeowners. They dont seem to understand renting is one of the worst financial decision one can make. It would be like renting a car from Hertz for the rest of your life..... the payments never end. But if u buy u will eventually stop paying and own the car.

For the amount they are paying rent they could buy a home and eventually own it. They will never own the apartment building even after 100 years. But this isnt about renters vs homeowners. Renters are getting evicted too if they lose their jobs and cant pay.

The irony is that landlords are raising their rent due to all the former homeowners going back to renting. So even renters arent immune to the backlash.

That's not true!!!!

There are times when economically you're better off renting. If you could take the difference in what you pay in owning a house compared to renting and put it into a savings account, you could have equity that way also.

[mmike032]

why would i ever want to own a car? leasing allows me a new mobile every 3 yrs. why own a worthless pile of crap afetr 7 yrs of payments. bad investment

vehicle manufactors love suckers like you

[ryanXL977]

a sucker is someone who doesnt know whats going on
i am willing to spend money to get a new car every few yrs, with no problems, ever, and if there are, theyre under warranty. however, i lease jap cars, so there arent problems

i wouldnt drive american cars for free

[mmike032]

That's not true!!!!

There are times when economically you're better off renting. If you could take the difference in what you pay in owning a house compared to renting and put it into a savings account, you could have equity that way also.

what makes you think that owning a house will cost more than renting besides the down payment if needed. My payments on my house are about the same as a 2 bedroom apt here.

[Bluehorseshoe]

what makes you think that owning a house will cost more than renting besides the down payment if needed. My payments on my house are about the same as a 2 bedroom apt here.

But that gets back to the region of the country you're in. I'm sure houses are much cheaper there especially considering the access to jobs.

[daggerkobe]

Im not talking about leasing im talking about renting. Apartment is like renting from Hertz because u can pay 100 years and not even own .00001% of the building. Leasing is completely different because u are building equity somewhat. Renting an apartment builds squat.

Heres an example.... about 20 years ago my parent purchased a home for $130k. You know how much that home is worth right now?? $750k!!!!!!!!!! They could sell it and make a cool half a million dollars!!!!!!! Tell me when u can ever do that from renting???????

[ryanXL977]

yep
if you live in georgia you can probably have a huge ass house for about 20% of what it costs here, or in any nice area of the country like the bay area, seattle, austin, san diego, chicago, boston, etc

if you want a big cheap house, live in the south, if you want oceans, mountains, and skiing, live in the west

its just a choice you have to make

id rather rent but live in heaven than own in hell (most of texas, where i lived for 20 yrs)

[Bluehorseshoe]

Im not talking about leasing im talking about renting. Apartment is like renting from Hertz because u can pay 100 years and not even own .00001% of the building. Leasing is completely different because u are building equity somewhat. Renting an apartment builds squat.

Heres an example.... about 20 years ago my parent purchased a home for $130k. You know how much that home is worth right now?? $750k!!!!!!!!!! They could sell it and make a cool half a million dollars!!!!!!! Tell me when u can ever do that from renting???????

Are you completely ignoring my posts??

[daggerkobe]

No im not ignoring u.

You dont seem to understand that there are tons of homeowners that are paying LESS than u are renting. And please tell me how u plan to invest that money so it'll grow 6x of your entire rent fees not just what u put away on the side. 100% of ur rent payment is being flushed fown the toilet while 100% of the mortgage is going towards equity.

And not every home is in the toilet...... Only the poor and middle class homes are being effected. Go to Beverly Hills, Bel Air, Malibu etc and they are doing fine.

[flyingillini]

I don't feel sorry for anyone. I take care of my own and would be ashamed if I was in that situation, thank god I am not.

[ryanXL977]

dagger
your folks house may have gone from 250k to 750k, but what exaclty would they do with the 750k if they sold their house? theyd use it and buy another 750k house so the profit isnt real, its pointless

it only matters if they plan on moving to some shithole like florida or kentucky

[mmike032]

yep
if you live in georgia you can probably have a huge ass house for about 20% of what it costs here, or in any nice area of the country like the bay area, seattle, austin, san diego, chicago, boston, etc

if you want a big cheap house, live in the south, if you want oceans, mountains, and skiing, live in the west

its just a choice you have to make

id rather rent but live in heaven than own in hell (most of texas, where i lived for 20 yrs)

real estate cost the same here in relation to the cost of living anywhere else. a $10 an hr job here relates to a $20 job in Cali.
Its called the cost of living

never knew the south didnt have oceans, mountains, and skiing
thanks for clearing that up, but there is one thing the south doesnt have and thats mexicans bankrupting our state.

[flyingillini]

real estate cost the same here in relation to the cost of living anywhere else. a $10 an hr job here relates to a $20 job in Cali.
Its called the cost of living

never knew the south didnt have oceans, mountains, and skiing
thanks for clearing that up, but there is one thing the south doesnt have and thats mexicans bankrupting our state.

What a home costs here in SB you can live like a King in most areas of the Country.

[ryanXL977]

the last respite of a dying nation is xenophobia

happened in germany, happened in rome, has happened everywhere
blame immigrants when all else fails

[mmike032]

What a home costs here in SB you can live like a King in most areas of the Country.

true, and whats the cost of living in SB? probally one of the highest in the nation.
how much does a burger flipper make in SB?

[ryanXL977]

id rather live in sb than most other places in this country
there is a reason it costs as much as it does

[Cloak & Dagger]

the last respite of a dying nation is xenophobia

happened in germany, happened in rome, has happened everywhere
blame immigrants when all else fails

you're going to have more posts than the prick bot in about a month

unreal

[daggerkobe]

Thats not true. They could move a few miles in the same city and buy another for $400k or so. Or better yet go about 50 miles and buy a 1-2 year old home for $200k.... they were going for as high as $500k not too long ago.

But my point is that the rent u pay u will never ever see again because its just like throwing it in the ocean. At least if u buy u are investing it.

[Bluehorseshoe]

Thats not true. They could move a few miles in the same city and buy another for $400k or so. Or better yet go about 50 miles and buy a 1-2 year old home for $200k.... they were going for as high as $500k not too long ago.

But my point is that the rent u pay u will never ever see again because its just like throwing it in the ocean. At least if u buy u are investing it.

Here you go Dagger. Straight from the NY Times. This tells you when it's better to rent rather than own.

http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html

[ryanXL977]

dagger
it depends what you are looking for, flexibility, if you have kids, etc
i am aware of the costs of renting but i can leave anytime and move to denver, seattle, sd, etc

your folks made a very wise move, in a different time also

[daggerkobe]

Can you post the article since I don't want to sign up for it? But I doubt an article from 2007 is relevant now anyways.

Seriously, if you guys ever wanted to own a home, time is now. You can purchase homes for 25-50% of what they were and most likely your mortgage will be less than what you pay in rent.

There is no way real estate will remain in the toilet forever. The last time it tanked this bad was back in 1990 (gee another dumb**** Bush was in office) and took about 3 years or so to return to normal but it eventually did and will again. That is, if you feel secure with your jobs.

[ryanXL977]

this is different, this is a crisis that hasnt happened before
all empires fall
we were gonna fall anyhow, bush sped it up by 10 yrs
he makes clinton look like lincoln, and i personally think clinton is horrid

better than reagan, but who isnt

all these people love reagan, but they dont really know why

[daggerkobe]

It has happened before.... the Great Depression.... well, not that bad (yet) but if we can recover from that, this is a piece of cake.

Anyways, you guys seem to feel that your jobs aren't in jeopardy so why not? You will make less or similar payments as renting, have more room, not deal with noisy, inconsiderate neighbor(s) from hell...... keep it around 3-5 years, then sell it for 3X what you paid, and go back to renting again if you'd like.

[Bluehorseshoe]

Can you post the article since I don't want to sign up for it? But I doubt an article from 2007 is relevant now anyways.

Seriously, if you guys ever wanted to own a home, time is now. You can purchase homes for 25-50% of what they were and most likely your mortgage will be less than what you pay in rent.

There is no way real estate will remain in the toilet forever. The last time it tanked this bad was back in 1990 (gee another dumb**** Bush was in office) and took about 3 years or so to return to normal but it eventually did and will again. That is, if you feel secure with your jobs.

It's not an article, it's a tool to let you know when it's better to rent over owning. You put in different variables to get your answer.

What do you think is going to drive the real estate market in the next few years? There's tons of vacant property and a slew of people with bad credit.

[daggerkobe]

When has real estate not bounced back?

[ryanXL977]

all emprires end
past is not always a guide

[mmike032]

its goes in cycles. things cant be great forever, there has to be a fall sometime

[flyingillini]

id rather live in sb than most other places in this country
there is a reason it costs as much as it does

Ryan, the average person has no clue what it is like here. There is a reason why a lot of people migrated from the LA area to SB. I have lived in Illinois and traveled the World. I have yet to find a place that is set up like it is here. It is one of the nicest places to be. If you are ever down in the area shoot me a PM, drinks on me

[ryanXL977]

i love sb, love it. couldnt afford it, but love it
went there with the ex a few yrs back
****ing had a blast

[daggerkobe]

What variables did you enter?

I entered avg numbers for my area and I got back buying is better than renting after 1 year.

[flyingillini]

In the long run renting is probably more cost effective than owning

I totally disagree, you might be right depending on a couple things though. It really comes down to three things.... Location Location Location... Also, if it is a desired place to live in the Country you should do fine. In California, people do not choose to live in Bakersfield or Fresno, that is what they can afford. If you live in a desirable place to live you cannot go wrong on owning property.