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

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[quote=Anonymous][quote=Anonymous]Also, when you say buy, what exactly do you mean? My husband and I live in a great apartment in Old Town now - no chance in hell we could afford to live here if we wanted to buy.

Let's leave aside the other reasons we wouldn't buy at the moment and only consider that: at least as far as we can see, we'd have to move either to a part of town where we don't want to live, or else to an apartment we wouldn't want to live in, if we were to buy.

What would you recommend we do?[/quote]

This is the true crux of the issue. You believe you are entitled to a nice home in the right place, but you can't afford it. So you rent. It's just like leasing a car or buying shoes on credit. You want something you can't afford.

I did live in a part of town I didn't want to live in, in an apartment I didn't like for years - while I saved money for a downpayment. I could have rented a fabulous place for much more, but then I would still be renting.

If you are truly renting to save money and investing the rest (as PPs suggest), that's great. But I think many people are simply renting because it's a way to live beyond their means. [/quote]

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