Do you know people who have money but aren't buying a home?
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Anonymous
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when one thinks about how much houses cost for what you get (tiny lot, old house) for an insane amount of money, one can make a decision out of principle. it can be as simple as that.
frankly, i think those that choose not to buy are likely the smarter ones. i don't consider myself in that league, since i caved. but i had to drag myself to do it. |
Anonymous
| Not so uncommon. Hopefully you guys are all in your 40s or 50s, so this is odd to you; but amongst 30 somethings, not everyone is rushing to buy anymore. |
Anonymous
| We rent, by choice. We have great landlords, have been in the same place for 10 years, love our community. Our housing is a fixed cost and we save a ton of money every month - way over any equity, appreciation, or deductions we would be getting by buying. We plan to pay cash for a house in retirement, but not here. I work in finance-related field and often have people asking me why we've chosen this route - I have found that no one really ever runs the actual numbers to see what makes sense. There's all kinds of kool-aid out there, and you most likely are drinking a lot of it if you are puzzled about why someone with means would choose to rent. |
Anonymous
This is me too. Mid 30s. Lots of time spent running the numbers and for me - renting is it. |
Anonymous
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I know one family. He's a biglaw partner at a top firm (V10) and she was in biglaw for many years before having kids. She's now in the govt as a attorney. They have two kids in a 2 bed/1 bath apartment downtown. It's probably 800 sq feet total. I find it bizarre. They could clearly afford a home in a posh DC neighborhood.
They're early 40s; not millenials. |
Anonymous
| sounds like a lot of you need to read the book "The Millionaire Next Door" |
Anonymous
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Single women often don't want to worry about maintenance
As for the rest- Of course it's about money. Maybe they have money to buy, but probably don't have money to buy the type of home in the area they want. Millenials can't delay gratification. If it isn't perfect, then they'll rent. |
Anonymous
+10000000 I can afford to buy I CHOOSE not to. I have saved up so much. Have you seen the cost of the crappy houses around the D.C area. Not worth it! The $700k to 1 million dollar homes look like $100k-$300khouses in the South. No thanks. I'm saving my money and do what ever I want. The landlord takes cares of all home repairs. My rent stays the same and utilities. |
Anonymous
| I know a Biglaw equity partner at one of the top paying firms there. He still lives in the same apartment he moved into when he was a first year. He's in his 50s. |
Anonymous
This is not a normal situation for a renter. In fact, having your rent not go up for 10 years is a VERY UNUSUAL situation. Many renters end up moving out of places they love because they can't afford the rent anymore. |
Anonymous
This is me. If one more person gives me a lecture on buying I am going to scream! You do you, and I will do me. I have a great job, I am an active member of the school community an all around regular person, just like a homeowner, except without owning the home. |
Anonymous
| This is us. Mid 30s, have kids. We have more than half a million in the bank and a good income but rent a SFH. We still may move to be closer with family. Or not. We may buy a house. Maybe. Owning a home is a lot of trouble, and isn't always the greatest investment, depending on how the market goes, etc. Our family members do sometimes pressure us/"hint" that we "need" to buy a house. Oh well. |
Anonymous
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My childless friends don't own--they value flexibility over stability at this point. It allows them to take better job offers either out of state or across town without worrying about the commute (you can just move if it's really that good of an offer), and it gives them tons of money to play the market with. We dumped $150k into our home as a down payment--friends who put that into the market have a lot better return than we do.
The only reason we purchased is because we wanted our son to grow up in the same house his whole childhood. |
Anonymous
Not pp, but we rent a SFH and our rent has been unchanged in the 7 years we've been in the home. I would not rent from a homeowner who raised the rent every year. I'm paying down your mortgage and you have a stable long-term renter. Don't rock the boat being greedy. |
Anonymous
| I could very well be one of the people you're talking about. In my case, I've decided not to buy a house as I enjoy having the ability to relocate, even if it's within the same general region. I've lived in major cities where a change in job may only add an additional 5 miles to my commute, but that may translate into an extra hour. I've moved because of changes in interests and needs as a family. I hope that we will be relocating to my hometown in the next 2-3 years, so now I'm hoping to just stay put until then. There are definite benefits to not owning - we are so busy that the DIY projects, gardens, roof repairs, etc just suck the little fun time we have away. Instead we have a very spacious town home, great maintenance and super, nice neighbors, and a cute little community vibe. If we move back home, we will be buying a house largely because renting is not so abundant, commutes are easy, and we will likely be staying for several years. |