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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OT, but I think most of the $2mm apts in NYC are bought with cash.  In my building where we bought our 2 mm coop (cash), none of the new purchasers have mortgages.  The less expensive apts in outer boroughs or way uptown can be had with financing.  The renters who do really well in NYC are those with rent controlled or stabilized apts, who’ve inherited them from family.  My friends have one of these, a 2 bed for about $2k.  It’s been so good for them as their income has risen that they’ve been able to buy a rental unit in NJ and can afford for the mom to SAH. The downside is that everything in their rent stabilized home is old and run down and anything comparable would cost 3-4K so they can’t move. The landlord will keep it up to code and not one bit more.[/quote]

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