Question for renters..Aren't you tired of paying someone's mortgage?

[Anonymous]

Just curious. Especially with the cost of rent in most DC rentals hovering around 3K a month, what is the motivation for not putting that same money into your own homeownership? I'm in my 40's, & bought my first property in my 20's when I started to feel like I was throwing money away, or putting it in someone else's pocket. I have had the same renters now for a number of years, & they are essentially paying my bills. This isnt meant to be snobbish or argumentative, but just curious, especially with such high rent these days.

[Anonymous]

OP here. Here's my point. This is insane to me!

http://dc.urbanturf.com/articles/blog/what_3500-4000_rents_you_in_dc/8486

[Anonymous]

I loved renting. I hate owning.

[Anonymous]

Duhhh....but not everyone has a downpayment or the income to own.

[Anonymous]

Renting buys you flexibility, which is especially valuable to people early in their careers. If you are chained to a house, you are less likely to move for career advancement or more money.

[Anonymous]

OP, are you a realtor fishing for new clients?

[Anonymous]

For me, it's because my job isn't certain enough. I don't feel stable enough. That said, I've felt that way for ten years, and as it turns out I've stayed in dc all that time. So I probably should have bought.

I also am scared I may buy something and then not like it. I'm a picky sleeper and I'm worried I'll buy something and then it will turn out to be loud or something.

[Anonymous]

Owning is not for everyone. It limits freedom substantially, comes with unanticipated expenses, and often you can get the same return on investment elsewhere.

I love owning, but I really detest people who feel that everyone should make the same decision that they did. There are many valid reasons to rent, and not all have to do with lack of opportunity to buy.

[Anonymous]

Anonymous wrote:Duhhh....but not everyone has a downpayment or the income to own.

In my opinion, if you can pay $3k+ for rent, you can buy.

[Anonymous]

Most people I know renting aren't paying $3-4K. They're paying $1.5-$2.5K, and they're doing it because they don't have enough yet for a down payment on a house. Sure, sure - they could cut the rent by 25% and live further out and pay $1500, but then they'd need another car/gas/insurance and spend less time with the kids due the commute. So we'll rent a smaller or crappier place closer in for the $2k for now while we continue to save.

If it was as easy as saying "I feel like I'm throwing money away! I'll buy a house!" We'd all BUY A HOUSE. But you might not realize that 20 years after you did this, financing isn't as easy to get, and with the economy as it is, a downpayment isn't as easy to build.

So maybe that's why more renters don't buy a house. If your tenants are paying $4k a month, then it seems like they could downsize and save more, but I can't speak for them.

To answer your larger question, the answer is: not everyone can afford to buy a house. That's why. It has very little to do with "motivation" as you put it. It has to due to due with money, or lack of it.

I still think you sound snobbish, or you must not know many people who aren't rolling in high salaries or large savings accounts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Duhhh....but not everyone has a downpayment or the income to own.

In my opinion, if you can pay $3k+ for rent, you can buy.

Maybe, but again, lots of people are not paying $3k in rent. I can't believe that's accurate with all the 1 brs and crappy or non-luxury places around here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Duhhh....but not everyone has a downpayment or the income to own.

In my opinion, if you can pay $3k+ for rent, you can buy.

Yeah, if you are willing to move further out to pay way less in rent and be able to save for the down payment. Or save less for the down payment and then BUY further out. Not everyone has family help with the down payment. The money has to come from somewhere.

[Anonymous]

I have a high income and I rent. I get a better return putting my money elsewhere. Real estate is not the only form of investment.

[Anonymous]

Or they have the kind of job where they could be uprooted at any time. We're military, rented our first dc home for three years. Twice in that time we were prepping for a deployment, only to have it be cancelled. Moved into a bigger place when dc#2 came along, then less than a year later find ourselves moving out of state. In hindsight it would have made sense to buy when we first moved to the area, but the nature of dh's job doesn't really allow us to plan that far ahead.

[Anonymous]

Anonymous wrote:Owning is not for everyone. It limits freedom substantially, comes with unanticipated expenses, and often you can get the same return on investment elsewhere.

I love owning, but I really detest people who feel that everyone should make the same decision that they did. There are many valid reasons to rent, and not all have to do with lack of opportunity to buy.

WASH, RENT, REPEAT!