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

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[quote=Anonymous]I owned two houses with my first husband. The first one we bought as a starter home when we moved here. It was reasonably priced, but when the economy tanked in 2008, it was hit pretty hard. We sold it for around $30,000 less than we paid, and considered ourselves lucky. The second house, the "forever" house, is gorgeous, but in addition to the extremely high price we paid for it (4 bedroom row house in Columbia Heights), it has needed some fairly serious repairs. When we got divorced, I moved out and into a rental apartment. After several years of dealing with home maintenance issues, it was a relief to have that stuff be someone else's problem. My stove broke last week, and all I had to do was call the maintenance people in my building, who fixed it within 24 hours.

I am remarried now, to someone whose first home was also hit really hard by the recession. He lived in a building like what the PP described - families unable to sell and taking a bath if they tried to rent. Many foreclosures and short sales (including DH's) in that building.

We rent now, because previous experiences of homeownership have left us both feeling fairly sour about the whole affair.  Even if we WANTED to buy, finding a 2 bedroom dwelling in DC that we could afford on a HHI of <$120k is pretty impossible. Even assuming that we could find the unicorn that is a 2 bedroom place in the area we live now (where our life is established, our child has friends and a school she likes, etc.) that was less than $500k would require a $50-100k down payment.

Basically, I will think about buying again if and only if one of us inherits a huge sum of money. At this point, saving money for other things is a priority.[/quote]

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