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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Renting has been more beneficial for so many years now. We sold three properties to become renters. Should have never bought them.[/quote]

Owning can be beneficial. The outer borough and suburbs have appreciated over time. It forces people with bad spending habits to save.

In addition, the math isn’t straightforward. If are wealthy enough to own a place that can host and impress guest with the view (increase networking opportunity), privacy / security of knowing everyone in the building, etc…

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We rent in a family friendly building on UES.  Lots of people know each other, people have been here 10 plus years.[/quote]

While that might be true, I know plenty of people who regret not buying (especially outside of Manhattan).[b] Since the 90’s the wealth gap continues to grow due to the inflationary environment we live in. [/b]Real estate is one of the few investment vehicles you are allowed to be over leverage and have the debt depreciate over time due to inflation and tax deductions in mortgage interest payments. [/quote]

It’s pretty obvious you’re kind of screwed if you’re in your 40s in Manhattan with kids and still renting.

It’s not like it’s cheap to rent in NY. Many families paying $10-12k a month to rent a decent apartment.  Even if you make a million a year, by the time you pay nannies, 2 in private school, taxes, retirement accounts etc there isn’t much leftover.

Our friends still renting say it’s a better deal but when they move out, all they get back is a security deposit. When I move out, I’ll get a check for over a million dollars. I highly doubt they’ve saved that much more renting that it makes up for a levered investment. 
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For us, renting a $15k apartment is about 3 percent of our annual net income and worth the flexibility. Also in our 40s with 2 kids at independent schools. You get better returns on S&P.  [/quote]

How much are you actually saving out of your $5 million salary though?  At least a million a year?

I know a few families in the $2-3 million range who rent and spend every penny. If you’re in the NY scene you can spend $200k alone on private clubs. It goes fast.

I do think there are wealthy individuals in Manhattan who rent but big spenders are way more common

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