Reply to Validate my view that long-term renting is a valid lifestyle choice

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]In the same boat. 37 and haven't bought yet. Lived in NYC for 10 yrs -- where renting esp in midtown Manhattan is super common. Moved here 2 yrs ago and started renting bc I didn't know the area enough to buy right away. Now I'm like -- eh should I buy, I don't want to live here really??

But I feel like people here look down on renters A LOT more than in NYC. I get plenty of "poor you" type of comments along with "oh but I'm sure you saved up a down payment in all those yrs in private practice, why not buy?" along with snide insinuations that I can't afford it.

IDK -- I've maxed out the 401k to 18k (or whatever the yearly IRS max was each yr) since age 25; and have built up an almost similar amount non retirement investments.[b] So I don't get why people assume every renter is paycheck to paycheck and can't scramble together a down payment[/b].[/quote]

Because most renters DO live paycheck to paycheck.  Most people who have money own property.  NYC is a little different.  My friends living in NY spend all of their money on travel, clothing, alcohol, private schools, outsourcing every task, etc.  They will say that renting is a better deal and it is in NY, but that’s not why they are renting.  They are renting because they make 500k but haven’t saved up the 500k necessary to buy a $2.0 mm apartment.  So they stay in their 6k per month rental and keep spending.  That’s wise you’ve been socking away your money, but most renters aren’t doing that.  Most renters are spending a significant portion of their paycheck on rent.

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I get what you're saying. While I had a nice place in NYC -- corner apartment; midtown; doorman -- by no means was it a new luxury building that everyone prefers; I dealt with central/shared laundry etc.in a building built in the 80s. If I had dropped 6k/month on rent, I wouldn't have left NYC with a maxed out 401k and a few hundred k in hand otherwise. Same thing here -- I went with a luxury building (after all the non luxury yrs in NYC) BUT NOT the nicest or newest luxury building with all glass and all granite everything. Those are renting for about $900/month more than what I'm paying -- and $900/month over 2 yrs is over 21k right there that can go into savings, investments, whatever. And here I feel like it's pretty easy to rent a step or even a 1/2 step below your means bc there are SOOO many apartments out there -- the competition isn't as fierce as in NYC where you can lose apartments within a day if you don't act.[/quote]

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