Thursday, February 01, 2024
Why some renters won’t buy homes, even as rates drop
Last year was tough for potential home buyers: Prices and mortgage rates were high, while the number of homes available was low. But even if rates inch down and inventory climbs — trends many experts expect in 2024 — some nonhomeowners will be content to sit this one out. That’s because renting a home isn’t just a consolation prize, something you do only if you can’t buy. For many, it’s a deliberate choice.
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To each his own. I'm an owner and cannot see giving someone rent money then forty years later not have a damn thing to show for it. Yet the guy I paid rent to is living high offa the hog. The comparison of leasing a vehical and buying a home I see no similarities. A vehical, drive it off the lot and it depreciates. Like apples and oranges.
ReplyDeleteWhen I was growing up in the 1950s the family's pride was their HOUSE. The house was everything. It was the bedrock that represented stability, safety and comfort for the, but it also represented responsibilities like cutting the grass in the summer and shoveling snow in the winter. That was the cohesive family's nest and they were dedicated to maintaining it and treasuring it. Today in our mobile and individuality world homes are just another box to help keep the rain off people's heads. Like fashion clothing they’re temporary and not a long-term investment. That's why the sage words of Klaus Schaub ring true these days: "You will own nothing and be happy".
ReplyDeleteVisit any neighborhood and you can tell who owns their home and who rents.
ReplyDeleteBought 1st home in 1977 - $23,800 fo 1300 sq ft. In 2019 bought my last one ever for 20X that price. It's appreciated another 35-40% in our crazy market. Yes, there's prop tax, upkeep, etc.. but I'd say all have been good investments.
ReplyDeleteWall Street Journal had an article on this the other week. Some lady was all happy that she and her family could take 3+ vacations a year by renting. Renting plus blowing how much money on "experiences" equals more idiots dependant solely on Social Security /welfare state for their retirement that we prudent people will have to support.
ReplyDeleteWell people make different decisions about how they live their lives, to some a home is very important to others traveling and seeing the world is, so as long as they are paying their way it's up to them to decide how to live .... Also SS is not welfare, we worked and paid into the system all our working years and we expect to see ourselves getting paid back for that, nobody asked us if it was OK they just took it ....
DeleteJD