Huge spread between rent and mortgage payments

[Anonymous]

We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

[Anonymous]

It's not the time to buy. There is nothing wrong with renting until the market changes.

[Anonymous]

8 houses in the past 15 years?

Rent.

[Anonymous]

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

how many have you sold?

[Anonymous]

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

That’s a crazy number of home purchases. Are you military? It’s hard to imagine that works with the transaction costs.

Like a pp said, nothing wrong with renting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

how many have you sold?

All of them. Little equity though, obviously.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

That’s a crazy number of home purchases. Are you military? It’s hard to imagine that works with the transaction costs.

Like a pp said, nothing wrong with renting.

Yes, military. We rented once way back when, and it was a disaster. LL never kept up with repairs, mold, outlets not grounded, etc, all for double what a mortgage would have been. We swore we'd never do it again, but now...

[Anonymous]

Yes, military. We rented once way back when, and it was a disaster. LL never kept up with repairs, mold, outlets not grounded, etc, all for double what a mortgage would have been. We swore we'd never do it again, but now...

Sorry to hear about your past experiences, but enforcing a lease agreement should be the path of lease resistance/expense.

Rent. Have a landlord/tenant attorney oversee the least/enforcement if necessary, but this should not be necessary.

[Anonymous]

https://www.visualcapitalist.com/buying-vs-renting-house-in-america/

[Anonymous]

Anonymous wrote:

https://www.visualcapitalist.com/buying-vs-renting-house-in-america/

Shoot. Thanks.

I just hate the idea of living in someone's gross cast-off again.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

how many have you sold?

All of them. Little equity though, obviously.

I was going to say that you should have enough money to pay cash now.
Rent. Should have rented after second home. There are other ways to make money than buying homes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

how many have you sold?

All of them. Little equity though, obviously.

I was going to say that you should have enough money to pay cash now.
Rent. Should have rented after second home. There are other ways to make money than buying homes.

Rentals are gross, though. Termites, cracked foundations, mold, dog smell in the stained carpet. I WFH, so I like to be surrounded by clean, nice things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

how many have you sold?

All of them. Little equity though, obviously.

No wonder. You paid for a whole house (for someone else!) in transaction fees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are moving next summer - location isn't set in stone yet. We would prefer to buy, but we're finding that the current high interest rates are pricing us out of homes equivalent to what we're in now - but that rent in the same location is about half what a mortgage would cost us. This is the case across the country and in various size cities. We've purchased 8 houses in the past 15 years, and it's always been the opposite. Is this just because people who've held their mortgages a while can afford to charge less rent to cover, or is there something else going on?

how many have you sold?

All of them. Little equity though, obviously.

I was going to say that you should have enough money to pay cash now.
Rent. Should have rented after second home. There are other ways to make money than buying homes.

Rentals are gross, though. Termites, cracked foundations, mold, dog smell in the stained carpet. I WFH, so I like to be surrounded by clean, nice things.

Owned properties are gross too.
You can pay more for a nicer place.

[Anonymous]

Rentals are gross, though. Termites, cracked foundations, mold, dog smell in the stained carpet.

Unless you stained the carpet and brought dog smell, you looked a smelly place with stained carpet and said "Yes I'll take it"? Who forced you to rent a home with - and/or do nothing to address - termites, mold, dog smell, stained carpet, ...?

You sound like someone trying to dissuade renting because your post makes no sense.