"Do you rent or own"?

[Shygirl15]

This kind of information can be obtained without necessarily asking the question. It always just pop out somewhere during conversation. While I have (coincidentally) dated 'owners' only so far, it doesn't make much difference if a guy owns or rents.

[Gold Pile]

Owning shows that you have accomplished something in life. The younger the owner the more impressive the accomplishment.

 

Young renter= ok. Old renter= you failed.

 

Even in this time of troubled Real Estate the wise owner (not one who purchased too much house for their income) is paying down his mortgage every month and will own it free and clear eventually. The renter is just tossing out money every month with nothing to show for it. And their rent covers all the landlord/owner's expenses, so renters are not avoiding homeowner expenses.

Owners are locking in prices, prices will go higher down the road.

 

@ Certain stages of life you can rent without being a failure. When young, when older(as in sold the house and retired), when building a career that req's mobility.

[Bells]

Owning shows that you have accomplished something in life. The younger the owner the more impressive the accomplishment.

 

Young renter= ok. Old renter= you failed.

 

 

Not so sure about that...but that's the first time I'm hearing this. I am in my mid 30's and I still rent (and know plenty of single gentlemen that are renters too)

[Star Gazer]

I agree with Art and Cherry that it's more about settling down and having roots than money. The rent market is through the roof in California. As for my area, my rent payment is more expensive than a mortgage payment would be, so my curiosity when asking about their living situation isn't about cash. Given that my last ex up and moved out of town, I'm much more interested in men who have roots here - whether that's family, a very secure/long-term job, and/or a house (all three is even better!). Most guys I know are getting ready to purchase, but like me, a little scared of the commitment!

[sam light]

Not so sure about that...but that's the first time I'm hearing this. I am in my mid 30's and I still rent (and know plenty of single gentlemen that are renters too)

Sit down and add up how much money you've flushed down the toilet renting. If you got a home in your mid twenties you'd be sitting pretty now. My town, a 3 bedroom home cost like 95,000 ten years ago, it was worth close to $200,000 in 2005, now about 175,000. All in all a good deal.

 

You had more freedom renting, what did you do with that freedom?

You're next 3 decades will find you at retirement age, owning a mortgage free home sure helps stretch your income.

 

Good luck, and I'm not picking on you alone, I urge everyone to consider home ownership as a key building block to financial security.

[Bells]

Sit down and add up how much money you've flushed down the toilet renting. If you got a home in your mid twenties you'd be sitting pretty now. My town, a 3 bedroom home cost like 95,000 ten years ago, it was worth close to $200,000 in 2005, now about 175,000. All in all a good deal.

 

You had more freedom renting, what did you do with that freedom?

You're next 3 decades will find you at retirement age, owning a mortgage free home sure helps stretch your income.

 

Good luck, and I'm not picking on you alone, I urge everyone to consider home ownership as a key building block to financial security.

 

Yes, but some people aren't fortunate enough at the age of 25 to have the kinds careers that can pay that kind of money.

 

To call those people failures is quite untrue.

[carhill]

IMO, if one wants something bad enough, they find a way...

 

When I bought my first home (in 1984) at the age of 25, I was earning 10USD/hr as a machinist and interest rates were 18% (remember that? ) I ended up with a 12% ARM. The gist of it is I did it and I was a blue collar single working stiff college dropout mega pathetic loser

[Tomcat33]

Yes, but some people aren't fortunate enough at the age of 25 to have the kinds careers that can pay that kind of money.

 

To call those people failures is quite untrue.

 

 

It's not a matter of them being failures but some people ARE smarter than others when it comes to their money.

 

I bought my first place when I was 26, now I own my current place plus I own another property with one of my siblings and we rent it out. That place is also right in the heart of the city and we doubled the equity on it and it's paying itself off. We might take some of the equity of both places and buy a third property..I am looking into that but the market is too high now. It's the easiest way to get ahead and secure a financial future.

 

So do I care if men rent or own? Chya!

I am always curious if the men I date own or rent. If I date a man mid 30's, and he doesn't own it makes me wonder why. Why anyone at 35, 38 with a good job would still be throwing their money away on rent? I would not NOT go out with a renter but I would want to get to know him very well before proceeding with him and see why things are as they are.

 

I am dating someone right now who is currently renting but he sold a place when the market was really crazy last year, made some good cash and is in the market to get a house and in a good part of town.

 

Carhill you really ARE the all around perfect guy, you have the best attitude about life, IMO. Very attractive

[Bells]

It's not a matter of them being failures but some people ARE smarter than others when it comes to their money.

 

I bought my first place when I was 26, now I own my current place plus I own another property with one of my siblings and we rent it out. That place is also right in the heart of the city and we doubled the equity on it and it's paying itself off. We might take some of the equity of both places and buy a third property..I am looking into that but the market is too high now. It's the easiest way to get ahead and secure a financial future.

 

So do I care if men rent or own? Chya!

I am always curious if the men I date own or rent. If I date a man mid 30's, and he doesn't own it makes me wonder why. Why anyone at 35, 38 with a good job would still be throwing their money away on rent? I would not NOT go out with a renter but I would want to get to know him very well before proceeding with him and see why things are as they are.

 

I am dating someone right now who is currently renting but he sold a place when the market was really crazy last year, made some good cash and is in the market to get a house and in a good part of town.

 

Carhill you really ARE the all around perfect guy, you have the best attitude about life, IMO. Very attractive

 

Think of the economy.

 

It's hard to get a GOOD job these days, ever consider that? I am 36 and I rent..I'm single, with no kids....but no real need to buy a home actually <shrug>

[Cherry Blossom 35]

 

....but no real need to buy a home actually <shrug>

 

Building equity? You don't have to buy a house with a yard and all that. You could also buy a condo. I have to say that it gives me reassurance knowing that when I'm old and I can't use my good looks to get guys to pay for my dinners that I will live in my home free and clear. That's a lot of extra money at the end of the month.

[Bells]

Building equity? You don't have to buy a house with a yard and all that. You could also buy a condo. I have to say that it gives me reassurance knowing that when I'm old and I can't use my good looks to get guys to pay for my dinners that I will live in my home free and clear. That's a lot of extra money at the end of the month.

 

Yeah, but considering the current state of the ecomony, I can't even afford a home...my job doesn't pay enough...plus my rent's cheap.

[Tomcat33]

Think of the economy.

 

It's hard to get a GOOD job these days, ever consider that? I am 36 and I rent..I'm single, with no kids....but no real need to buy a home actually <shrug>

 

Ok well if you can't find a job that's different story. I did say a guy with a good job who rents with no other responsibilities makes me wonder.

 

What line of work are you in if you don't mind me asking?

 

Also Bells the economy is down now (I take it you are in the US) but what about the last 6 yrs? A 30 yr old man should be planning to buy a place by 30 you already have a good 5-6yrs in your career...

[Bells]

Ok well if you can't find a job that's different story. I did say a guy with a good job who rents with no other responsibilities makes me wonder.

 

What line of work are you in if you don't mind me asking?

 

Scientific...mostly environmental water quality....mostly contract work...and when they expire (laid off)....well, then you have to find other work. So I'm doing a career change.

 

They pay was "okay" at the time even when I was working, but I've always been frugal (not cheap) ie - brought sack lunches to work, never ate out ALL the time (like alot of people do), hit the bargain racks at the stores, etc.

 

What's funny is ,there's people that really spend BEYOND their means...some even make 60K a year...but spend BEYOND that....I could never do that.

[rod_in_gtown]

I used to own but we sold and split it in the divorce, which also happened to be at the height of the real estate bubble. (yes it was particularly nasty here in DC). Now I rent. mostly because housing market is still really unstable and still a bit bloated IMO. However, rent and mortgages are pretty much even here. To me it's more a matter of a smart investment rather than "I'm growing roots".

 

I generally specify that I rent when I talk about where I live because people tend to make assumptions, I live in a very wealthy area of town and I don't want people to think I'm rich.

[Bells]

Also, alot of "Hiring Freezes" going around as well.

[carhill]

Carhill you really ARE the all around perfect guy, you have the best attitude about life, IMO. Very attractive

 

Thanks Hindsight is always 20/20 but, due to the discipline that allowed me those choices when I was that age, I was not seen as such by my contemporaries. I now know this is commonplace. I also, though confident in myself, did not project that confidence (too much modesty was not a good thing).

 

In this day and housing market and mobile working environment, I think people should make such decisions which are most applicable to their situation. Sometimes renting does make sense and owning makes no sense. It's not always black and white. My posting was intended to imply that it is possible, no matter what ones age or economic state, if one sets a goal and sticks to it. For me, I started saving for a house when I was a teenager and dear old smart dad encouraged it by matching each dollar with one of his own. Also, selecting a home which was a "starter" in a less desirable but stable neighborhood got the ball rolling at a relatively modest cost. That taught me that home is what one makes of it.

[Cherry Blossom 35]

Yeah, but considering the current state of the ecomony, I can't even afford a home...my job doesn't pay enough...plus my rent's cheap.

 

I was just giving some reasons why buying is a good idea. It's not always a god idea, though. Depends on the person and their situation at the moment.

[Bells]

I used to own but we sold and split it in the divorce, which also happened to be at the height of the real estate bubble. (yes it was particularly nasty here in DC). Now I rent. mostly because housing market is still really unstable and still a bit bloated IMO. However, rent and mortgages are pretty much even here. To me it's more a matter of a smart investment rather than "I'm growing roots".

 

I generally specify that I rent when I talk about where I live because people tend to make assumptions, I live in a very wealthy area of town and I don't want people to think I'm rich.

 

Heck, I have known one of the 2 couples to move BACK in with their parents (mostly the stay-at-home moms) since they had no trade or skills to use, they were just a wife and mom.

[Bells]

Thanks Hindsight is always 20/20 but, due to the discipline that allowed me those choices when I was that age, I was not seen as such by my contemporaries. I now know this is commonplace. I also, though confident in myself, did not project that confidence (too much modesty was not a good thing).

 

In this day and housing market and mobile working environment, I think people should make such decisions which are most applicable to their situation. Sometimes renting does make sense and owning makes no sense. It's not always black and white. My posting was intended to imply that it is possible, no matter what ones age or economic state, if one sets a goal and sticks to it. For me, I started saving for a house when I was a teenager and dear old smart dad encouraged it by matching each dollar with one of his own. Also, selecting a home which was a "starter" in a less desirable but stable neighborhood got the ball rolling at a relatively modest cost. That taught me that home is what one makes of it.

 

Yeah, carhill is pretty open minded....but he needs to watch more junk TV.

[Tomcat33]

Scientific...mostly environmental water quality....mostly contract work...and when they expire (laid off)....well, then you have to find other work. So I'm doing a career change.

 

They pay was "okay" at the time even when I was working, but I've always been frugal (not cheap) ie - brought sack lunches to work, never ate out ALL the time (like alot of people do), hit the bargain racks at the stores, etc.

 

What's funny is ,there's people that really spend BEYOND their means...some even make 60K a year...but spend BEYOND that....I could never do that.

 

 

If sounds like you do have a good career, but perhaps it is not one that is as lucrative or as in demand as others. So maybe it's time to pick up new skills and time for a career change to land the kind of job that is more in demand and one that can afford you stability?

 

I had a rough go about 4yrs ago and almost lost everything I had to reinvent myself and I had to make some very hard decisions but slowly but surely I worked very hard to stabalize my life again. It was hard after having almost everything practically fall in my lap my entired life.

Ultimately, it's ok it's part of life, you can only benefit from a big change like that. Now I look back and I am thankful for it because it actually catapulted my life in a whole new even better direction. I'm a fighter when it comes to how I embrace life, this is the biggest lesson I have learned about myself.

 

It's like Carhill said where there is a will there is a way.

[carhill]

Yeah, carhill is pretty open minded....but he needs to watch more junk TV.

Thank you. I am watching some right now with my wife. We're "bonding". Channel? HGTV:D

[Lizzie60]

Sit down and add up how much money you've flushed down the toilet renting. If you got a home in your mid twenties you'd be sitting pretty now. My town, a 3 bedroom home cost like 95,000 ten years ago, it was worth close to $200,000 in 2005, now about 175,000. All in all a good deal.

 

You had more freedom renting, what did you do with that freedom?

You're next 3 decades will find you at retirement age, owning a mortgage free home sure helps stretch your income.

 

Good luck, and I'm not picking on you alone, I urge everyone to consider home ownership as a key building block to financial security.

 

OK.. but if you calculate the interest you pay in a 10 year period.. plus the municipal taxes.. you would have paid more than your profit..

 

I would guess that you'd pay over 60,000 in interest... plus about 20,000 in taxes.. and I don't count the insurance that are way more than furniture insurance when you're renting.. and I also don't count the maintenance (that you don,t have when you're renting)...

 

so let's say you make a profit of $80,000 when you sell it.. my guess is that you're losing money...

 

If you can put $800.00 a month in a savings account (when you rent) that would be 9,600 a year.. X 10 years.. you get 96,000 and you never had any problems (maintenance etc..)

 

so don't tell me that buying a house is more profitable..

 

If you can pay cash (or most of it).. and you don't have the discipline to put the money away.. then a house is a good placement.

[carhill]

As a point of comparison, in Cali, a 200K home garners a little over 2K per year in real estate taxes, and, with current low interest rates, interest expense on a 30 year loan with a 40K downpayment will run around 10K per year in the early years, less the appropriate income tax recovery/business use of home (my favorite ). Overall housing cost is pretty similar to renting, at least in our area, save for maintenance reserve (landlord covers maintenance in a rental).

 

The trick, IMO, to owning real estate is to think long term and ride out market bubbles like the current one and see the progression as a life-long pursuit. After awhile, take some equity and/or cross-collateralize into rental properties and work to place stable long-term renters. I've done long-term lease-options with some tenants to ensure their interest in the property and made it worth their while. Win-win

 

My best advice is to go with what you know. Everyone has their strengths. If renting and investing (a great example would be a diversified stock, bond, resource and real estate portfolio) is a better fit, definitely do that.

 

Beyond investment value, everyone has their own concept of what "home" is. It's different for everyone. I currently take care of the now-empty home I was born into and grew up in. Will it become a rental for me? Sure, at some point. For now, it's still "home" in my heart, at least as long as my mother is alive. A house/apartment/condo is a structure, owned or rented, but home is where and what we make of it.

[Tomcat33]

so let's say you make a profit of $80,000 when you sell it.. my guess is that you're losing money...

 

If you can put $800.00 a month in a savings account (when you rent) that would be 9,600 a year.. X 10 years.. you get 96,000 and you never had any problems (maintenance etc..)

 

 

 

But Liz for evey $800 you are throwing away $1200-$1400 in rent for someone else's pocket.

 

Saving 800/month give or take (and for that you need a job that pays around 80k) save that for 10 yrs you still only save less than 100K in ten yrs and whatever little profit you can make on that.

[Bells]

Thank you. I am watching some right now with my wife. We're "bonding". Channel? HGTV:D

 

Nah, something more manly like "The Deadliest Catch" or "Dirty Jobs"