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#3941274 - 04/18/14 05:59 PM Should You Rent or Buy Your Home ? This Map Has The Answer  
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Haggart Offline
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#3941285 - 04/18/14 06:06 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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PanzerMeyer Offline
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The median home value in Baltimore is only 85k? I find that to be very surprising.

As for where I live, it's usually better to own than rent.


“Whoever fights monsters should see to it that in the process he does not become a monster. And if you gaze long enough into an abyss, the abyss will gaze back into you.”
#3941295 - 04/18/14 06:22 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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That map is of course current, not past. The number of parents I've met at my girls' preschool who own is tiny compared to those who rent. Houses, BTW, not condos or apartments. A LOT of the houses around here were bought/flipped during the boom and the owners can't afford to sell, so they're renting them in anticipation of a recovery in who knows how many years from now I guess.

That map says buying is best, in a sea of counties where that is true as well.



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#3941311 - 04/18/14 06:40 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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I dont think that map has seen the prices in Virginia Beach Lately....


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#3941319 - 04/18/14 06:47 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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Out of curiosity, how could renting be better than buying in the US? When you rent you pay and pay and pay and never own anything. When buying, you pay and pay and pay (assuming you have the money for the mortgage) and at the end you have a house of your own?

What would be the problem? Taxes on property?


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#3941323 - 04/18/14 06:52 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: WileECoyote]  
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PanzerMeyer Offline
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Originally Posted By: WileECoyote

What would be the problem? Taxes on property?


What about people who know they will be living in a certain area for only a couple of years? It makes no sense to invest in a house. And there are some areas (like NYC) where the average mortgage payment is a LOT higher than the average rent payment. So much higher in fact that few people can afford it. So it's not so much a question of not wanting to own instead of renting but about not being able to afford buying a home.

Last edited by PanzerMeyer; 04/18/14 06:54 PM.

“Whoever fights monsters should see to it that in the process he does not become a monster. And if you gaze long enough into an abyss, the abyss will gaze back into you.”
#3941326 - 04/18/14 06:57 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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I could see why some people would prefer renting. All the taxes, maintenance and upkeep is on the owner.


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#3941327 - 04/18/14 07:06 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: WileECoyote]  
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Originally Posted By: WileECoyote
Out of curiosity, how could renting be better than buying in the US? When you rent you pay and pay and pay and never own anything. When buying, you pay and pay and pay (assuming you have the money for the mortgage) and at the end you have a house of your own?

What would be the problem? Taxes on property?


Property is phenomenally expensive where I live- the median listing price to buy a home is close to $1 million USD, and we're not talking about mansions. In cities where space is more of a premium, renters have the advantage of living in apartment buildings, which divides the cost up between tenants to live on the property.

Some advantages- you don't pay property tax or maintenance, you don't have to take out a 30 year loan, you
have more mobility as you aren't tied to a particular location (for instance if you had to move to take a different
job), and your money isn't tied up in home if you needed cash.


No one gets out of here alive.

#3941334 - 04/18/14 07:11 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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Raw Kryptonite Offline
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Yeah, renting isn't so bad when convenience is a factor. Plus ease of moving. The cost of home ownership is hardly limited to the house note when you take into account the extra things you can't necessarily plan on, repairs, maintenance etc. A new air conditioner alone can screw up any savings you might have been enjoying. If staying short term, say a year or two, the costs might not really make sense. Plus then you have the cost of selling before any real appreciation, closing costs, stress of selling while possibly relocating with your job...renting can be a load off.

Long term however, buying is the way to go. We pay about what we used to pay in rent with the note, but the way rent has gone up since then I would imagine we're way under a duplex or 3 br apartment. We've been here 11 years and I'm still so glad not to be sharing any walls with people. Houses here are built pretty close, but you still have some privacy.


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#3941337 - 04/18/14 07:17 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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PanzerMeyer Offline
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Yup, rents have gone up simply because more people are renting since they don't qualify for a mortgage under the stricter post-2008 housing meltdown borrower requirements. Banks don't want to get burned twice.


“Whoever fights monsters should see to it that in the process he does not become a monster. And if you gaze long enough into an abyss, the abyss will gaze back into you.”
#3941359 - 04/18/14 07:39 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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Home prices are starting to move up in some areas. I live in NYC and homes in on my block are between 800 - 1.1 mil right now. Taxes are about $7000 a year which is lower than longisland, but not by that much. I could never afford to buy a house here if it were not for the fact that my dad bought this house in 1965 for 30,000 brand new and paid it off in 1973. It now worth between 850 - 900.

When he passed in 2005, I inherited it and decided to raise my family in the same home I grew up. Its pretty cool to live here, but a little freaky at times. We remodled most of it over the last 9 years, but would never think of touching the equity.

I make a very good salary and we have a 4 bedroom house with no mortgage, yet still it amazes me how fast the money goes. Between taxes, electric and gas bills, car insurance, food, kids summer camp etc.. I don't know how people in my area do it. Ive been looking at other states and thinking we might be better off there. I can buy 3 homes in some states for what Id get for this house.

Rob

Last edited by Scoobe; 04/18/14 07:39 PM.

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#3941361 - 04/18/14 07:41 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Scoobe]  
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PanzerMeyer Offline
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Originally Posted By: Scoobe
Ive been looking at other states and thinking we might be better off there. I can buy 3 homes in some states for what Id get for this house.

Rob
You can move down to Florida and join the huge number of other New Yorkers who already live here! biggrin


“Whoever fights monsters should see to it that in the process he does not become a monster. And if you gaze long enough into an abyss, the abyss will gaze back into you.”
#3941369 - 04/18/14 08:04 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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Arthonon Offline
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To me, renting is better if you are not sure how long you're going to be in an area, or if property values are maxed out, and buying now would cost you more than if you waited a few years, or you can't come up with a large down payment, things like that.

Renting to avoid taxes and maintenance costs isn't really a factor in my opinion. I own rental property and my tenants are paying for that every month as part of the rent (i.e., I am not losing money on renting). Yes, I have to come up with the cash to pay those things, but it comes out of the rent I receive.


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#3941390 - 04/18/14 08:51 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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That website blew out my iPhone. I'll check it when I get home. However, my guess is that Bergen co., NJ is probably favorable to renters. I bought my home here in 2009 at what I thought/hoped might be a market low. That was the worst fiscal mistake I ever made. Buying a home does sometimes make sense. But this myth that we have been sold in America--you know, the one that claims you haven't matured financially until you own a home has devistated millions who have bought into it. Plus, if you pay a mortgage you are still renting from a bank so, other than potential equity, the advantage for most of us is marginal.

#3941393 - 04/18/14 08:56 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: PanzerMeyer]  
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Smokin_Hole Offline
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Originally Posted By: PanzerMeyer
Yup, rents have gone up simply because more people are renting since they don't qualify for a mortgage under the stricter post-2008 housing meltdown borrower requirements. Banks don't want to get burned twice.


Burned!? The banks didn't get burned. They burned us! And now, just a few short years and two taxpayer bailouts later, they are bigger and more profitable than ever.

#3941395 - 04/18/14 08:58 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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Moses Offline
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I live in the better buy area.


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#3941402 - 04/18/14 09:32 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Smokin_Hole]  
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Originally Posted By: Smokin_Hole
That website blew out my iPhone. I'll check it when I get home. However, my guess is that Bergen co., NJ is probably favorable to renters. I bought my home here in 2009 at what I thought/hoped might be a market low. That was the worst fiscal mistake I ever made. Buying a home does sometimes make sense. But this myth that we have been sold in America--you know, the one that claims you haven't matured financially until you own a home has devistated millions who have bought into it. Plus, if you pay a mortgage you are still renting from a bank so, other than potential equity, the advantage for most of us is marginal.

Like anything else, it depends on a lot of factors. Currently, owning a home gets you some tax breaks, and it usually helps with getting credit and things like that. I bought a car recently and I didn't want to cough up the full price up front, so I financed it. I think owning a home helped me qualify for the loan, and qualify for a lower rate, saving me money.

Timing is a big part of it, of course, plus the financing decisions that go into it. I was lucky that I decided to buy a house in 1999, even though I didn't have much for a down payment. It quickly appreciated in value and I refinanced to a lower fixed interest rate and got rid of the PMI. I paid less in taxes and knew I could make whatever changes I wanted to it, all while paying the same amount that I would have paid if I'd rented an apartment.

I was smart - if I do say so myself - to buy a second house in 2010. Prices were near the bottom, and I was able to get a larger house at a pretty good price, and it too has increased in value since I bought it. I was able to keep my original house too, and now not only is it bringing in rental income, it will be paid off by the time I retire, so I'll have more income from it to boost my retirement.

My girlfriend bought a condo in 2005, and has been underwater with it ever since. Fortunately she didn't do any weird ARM financing, so she has no problem making the payment, but she's stuck with it for a while. It has increased in value recently, and it's very possible that it will pass up what she paid for it in a few years. Long-term, property will almost always be worth more as time goes by, it just depends on your timing for needing to move, and as long as there aren't any changes in the payments due to financing decisions, the value isn't necessarily that important if you're not looking to sell.

Also, if you look at the value of money, it will always go down, so if you have a set mortgage payment for 30 years, that payment will actually be worth less as the years go by, so you're basically getting more from your money, especially if you have a relatively low interest rate. For working people, that usually makes the mortgage payment a shrinking percentage of their income. If you rent, the landlord can always raise your rent.


Ken Cartwright

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#3941453 - 04/18/14 11:50 PM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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Thanks for the link Hag.
Daughter is in real estate sales and said that map charges money to 'join' to view it.
But it's free in that article.
So she copied the link and has copied the photo of it in her area, it's green right now.
It'll be a good selling point for her.

Course....wouldn't want to show the sellers...lol.
But she looks at most of them as future 'buyers'.

She makes more money working part time, than I did working as a cop in Detroit full time.
Yeah, if we only had it to do all over again..... wink


"Murphy's Law"
#3941484 - 04/19/14 12:51 AM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Haggart]  
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bonchie Offline
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You should rent unless you know you'll be somewhere for 5+ years.

It's almost impossible to get your money out of a house before then when you calculate closing costs, down payment, and interest payments. You end up losing if you try to sell before that.

The exceptions are if it's a good flip that you have a ton of equity in or it's in a constantly rising market (i.e. Capitol Hill, D.C.).

I bought a house and we ended up moving 2 years later. We couldn't sell it without taking too big of a hit despite being in a good market (southeast Texaslots of refineries drive a good housing market). Mostly because we rolled closing costs into the loan when we bought, but regardless, no one wants to lose that when they sell even if they paid closing costs with cash.

So now we make $200 profit off it a month renting it. One day I'll unload it when I have more equity.

Last edited by bonchie; 04/19/14 11:52 AM.
#3941486 - 04/19/14 12:55 AM Re: Should You Rent or Buy Your Home ? This Map Has The Answer [Re: Smokin_Hole]  
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Originally Posted By: Smokin_Hole
Originally Posted By: PanzerMeyer
Yup, rents have gone up simply because more people are renting since they don't qualify for a mortgage under the stricter post-2008 housing meltdown borrower requirements. Banks don't want to get burned twice.


Burned!? The banks didn't get burned. They burned us! And now, just a few short years and two taxpayer bailouts later, they are bigger and more profitable than ever.


Some lenders were open one day and closed the next. That fast. Many brought it on themselves, some were used by those who were themselves unscrupulous and people lost their jobs because of that. Other lenders changed their lending requirements to make it so people lost perfectly good loans, others cancelled rate locks and put a halt on closings.
A lot of good people doing an honest job lost their jobs and businesses closed during that time. It was hardly just the crooks. The mortgage banker I was with made it through, but the number of lenders we sold to was cut down to about a quarter of how many we had before. Still, there was also a housing crunch going on, not just lenders dropping off, so business went down to a trickle making things even worse.


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