Is home ownership overrated?

Ima lease these whips and rent these apts till I die, papi.

Owning a home is cool when you decide to raise your family in the middle of nowhere.
That's not the life I want though.
 
ninjahood said:
alot of these home owners lost their shirts during da housing collapse, so owning isn't da all end be all.
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That's cause the banks were loaning them more money than they could ever afford to pay back.

Home ownership, depending on location, is much better than renting.
 
it's all preference

I want nothing to do with home ownership until I settle down and get married
 
For the most part its overrated, you're isolated and lonely as hell in the house and don't live with anyone.  No social life, no friends around.  Communal living> Home ownership
 
i want to be like the owner of zappos, who lives in a trailer but owns the lot the rest of the properties are on...
 
millenial said:
For the most part its overrated, you're isolated and lonely as hell in the house and don't live with anyone.  No social life, no friends around.  Communal living> Home ownership
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Owning a house prevents you from having roommates, inviting friends over, and going out? Houses in the middle of the city are isolated?

:rofl:
 
Yeah said:
Owning a house prevents you from having roommates, inviting friends over, and going out? Houses in the middle of the city are isolated?

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Homeowning adds a greater since of security. If you are renting in an up and coming neighborhood, you can guarantee two things either your rent goes up or your lease isn't renewed and you have to move. Or if your're in San Fran you can be evicted w/o any reason.

People who go into homeowning thinking about it as a huge investment opportunity will have bad experiences.

If you don't want to be tied down to one area, homeownership is definitely a negative
 
As previously mentioned, it really depends on preference and market.

Also, it varies from city to city.

The real estate market in NYC has been experiencing a hockey stick growth since the financial crash in 08. Many people can't even afford to buy homes in Queens or Brooklyn anymore. I know some friends who are looking to buy homes in the Bronx.

Apartments in Manhattan have been sold for astronomical prices. I know someone who bought his apartment on Fifth Avenue for $28 million right after the crash. Its still considered a bargain :lol:
 
Hank Scorpio said:
As previously mentioned, it really depends on preference and market.

Also, it varies from city to city.

The real estate market in NYC has been experiencing a hockey stick growth since the financial crash in 08. Many people can't even afford to buy homes in Queens or Brooklyn anymore. I know some friends who are looking to buy homes in the Bronx.

Apartments in Manhattan have been sold for astronomical prices. I know someone who bought his apartment on Fifth Avenue for $28 million right after the crash. Its still considered a bargain :lol:
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Apartment and bargain should never be in the same sentence when you're talking about buying, especially for $28m :lol:
 
It all depends. Know ppl on both sides. Some fell into the ownership hype and wish they could get out. Some love it cause the flexibility. Nowadays houses cost so damn much if you ain't buy years ago it's almost not worth it. Everything affordable is too far out.
 
millenial said:
Yeah said:
Owning a house prevents you from having roommates, inviting friends over, and going out? Houses in the middle of the city are isolated?

:rofl:
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http://www.vox.com/2015/10/28/9622920/housing-adult-friendship
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:lol:

That article:
- References interviews with Middle aged Americans from 1994
- References a study about building collaborative office spaces
- References an article about making friends after age 30 (no mention of the impact of home ownership)
- References an article about how its author wants to live in a Baugruppe.

Absolutely nothing in that article says that owning a home makes friendships more difficult. All it's doing is conflating multiple separate issues (Making Friends after 30, Pros & Cons of communual living, Efficient office space design) and making it seem like those loosely related topics are issues being caused by the same problem.

That article you linked to is based on "How Friendships Change in Adulthood" from the NYTimes and tries to piggyback on it by mentioning housing. The article in the NYTimes is a much better one and is actually based on expert testimony rather than the opinion of a Vox writer :lol:
 
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Yeah said:
This is a very naive way of thinking about home ownership.

Paying $200K over the course of 30 years to own the property is great in comparison to paying $500K in rent and having no equity/property to show for it after 30 years. Not to mention the differences in taxes, the ability to increase equity and value by renovating, etc.
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You don't ever own the home though, the government does. You are still paying rent (property taxes)

Owning a home is rewarding, an achievement that should be recognized, but it is not an investment. It is a luxury.
 
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Home ownership is fine as long as u can handle the unexpected surprises..and have plenty of reserves in the bank
 
yanky said:
uTep2Step said:
Yeah said:
Keep thinking that ownership is overrated.

More rental income for me.

:lol:
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factoids
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Owning will always be >>>>> than renting. Especially owning multiple properties.
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Always? :lol: thinking like that led to the last housing bubble burst.

I don't think home ownership is overrated. I think buying a home to live in is not necessarily a great investment, financially.
 
BlackIntellect said:
Yeah said:
This is a very naive way of thinking about home ownership.


Paying $200K over the course of 30 years to own the property is great in comparison to paying $500K in rent and having no equity/property to show for it after 30 years. Not to mention the differences in taxes, the ability to increase equity and value by renovating, etc.
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You don't ever own the home though, the government does. You are still paying rent (property taxes)
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That doesn't make sense....if you have a car that's paid off, you're still paying a county vehicle tax (depending on where you live). Do you still consider that car yours at the end of the day?
 
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JJs07 said:
That doesn't make sense....if you have a car that's paid off, you're still paying a county vehicle tax (depending on where you live). Do you still consider that car yours at the end of the day?
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Well, now that you put it like that no 
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Still, paying 50-300 bucks a year. Better than paying 3-5k a year.
 
Fantastic4our said:
yanky said:
uTep2Step said:
Yeah said:
Keep thinking that ownership is overrated.

More rental income for me.

:lol:
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factoids
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Owning will always be >>>>> than renting. Especially owning multiple properties.
Click to expand...

Always? :lol: thinking like that led to the last housing bubble burst.

I don't think home ownership is overrated. I think buying a home to live in is not necessarily a great investment, financially.
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No, overlending and failure to ensure that people could actually afford their homes is what caused the housing bubble to burst. It wasn't caused by the people who aspired to own homes, but rather the agencies who engaged in predatory lending instead of just lending what people could actually afford.
 
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Pros and cons to both sides. As a current renter right now in San Jose, I'd rather own :smh: but all my family and friends who have homes always complaining about owning their homes. Either it's the property taxes or something that they have get fixed or replaced every other week. Like they're trying to deter me or something. Renting has its perks, in terms or upkeep, fixing, and replacing things in the apartment when they break. In the end, it all depends on the person and their situation.
 
BlackIntellect said:
JJs07 said:
That doesn't make sense....if you have a car that's paid off, you're still paying a county vehicle tax (depending on where you live). Do you still consider that car yours at the end of the day?
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Well, now that you put it like that no :lol:

Still, paying 50-300 bucks a year. Better than paying 3-5k a year.
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But you're right on the property tax tho...my parents were sitting on a few acres in rural VA. Taxes were eating them alive on the property. They sold it for a good chunk of change tho.
 
Right now, its starting to seem like it... A bunch of unexpected repairs you have to fix on your own <<<<

If you have a bunch of bread and can afford renovations to upgrade and whatnot, I guess it would be cool.
 
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