Reply to What do you think of people who don't own a house/condo/townhouse etc?

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[quote=Anonymous]Not sure.  All of my friends still renting seem to live large.  I only have one friend who I'm convinced truly socks his money away and that renting is truly a choice for him.

I have one married friend living in a more expensive city who spends an enormous amount of money on travel, clothing and jewelery.  I'm talking purchasing multiple pairs of 1k shoes a year, 1k plus a night hotel rooms, dining out at the most expensive restaurants, two fancy cars etc.  however, they live in an old run down apartment and have mentioned how expensive it is to buy.  Seems to me they are spending all of their money and aren't choosing to rent because they think it will allow them to invest more money.

The rest of my friends who rent also live in DC or more expensive cities.  I don't get the impression that any of them are investing heavily or even have the money set aside for a downpayment but choose to rent.  Instead, they seem to spend all of their money on dining out and travel.

It reminds me of the student loan people who claim it's better to keep the loans because they can earn more in the market.  However, I'm not so certain they are really investing in the market.  I'm also not convinced the renters are investing in something else other than real estate.  I think they just spend all of their money.

My friends still renting seem to not be worried about this but it's not like it's something I discuss with them.  I want to have a paid off residence in my 40s and wouldn't feel comfortable going into retirement renting.  Not to mention their rent goes up every year and their rent is either more or the same as buying when you take into account the tax deduction.  [/quote]

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