troyguitar wrote: ↑Thu Jan 09, 2020 2:05 pm
I'm not convinced that any time horizon would lead to a savings over renting up here, but it's not really a question of cost at this point - at least not if we're only considering "cheap" houses in "low" tax neighborhoods. Worst case we lose maybe $50k, lots of money but really not life changing.
It's largely a question of feelings over
Would we actually feel better in any of these places or would it be a big PITA time sink that provides no relief from the we are experiencing here? Obviously no one can answer that, but that's the concern. I already know the part, that's easy.
This seems like a "residence" issue rather than a buying or renting issue? Like it you found an amazing place for sale but decided you just wanted to rent you can always have the agent extend that offer...
Rent vs buy isn't really a concern, if anything I'd rather buy and be free to make my own changes/updates/improvements as I see fit.
It's more like: Is there a place (within budget) that we would enjoy here?
Sure there are some nice $400k+ houses with $18k+ tax bills but those aren't an option.
My conclusion a year ago was that we will hate this place no matter where we live so we might as well be in the cheapest acceptable residence. Now that we've been here a year I'm not feeling as sure about that - but it could well be Stockholm syndrome. A full year of depression makes any possible solution seem worth trying.
Along the gulf south is still a strong buy over rent. However the margins have come about 50/50 nationwide for which is the better deal.
“Home ownership is a better deal than renting for the average wage earner in a slim majority of U.S. housing markets. However, there are distinct differences between different places, depending on the size and location from core metro areas,” said Todd Teta, chief product officer with ATTOM Data Solutions. “For sure, either buying or renting is a financial stretch or out of reach for individual wage earners throughout most of the country in the current climate. But with interest rates falling, owning a home can still be the more affordable option, even as prices keep rising.”
Renting is more affordable than buying a home in 94, or 69 percent, of the 136 counties in the report that have a population of at least 500,000 or more.
Along the gulf south is still a strong buy over rent. However the margins have come about 50/50 nationwide for which is the better deal.
Keying on Philly because I know it and it's interesting...
I'd love to see a neighborhood by neighborhood breakdown of it. I guarantee you it's different almost block to block.
Yeah, I agree. I was surprised in my area. The suburb to Baton Rouge that everyone has flocked to (another parish/county) was ranked RENT while the city proper was actually BUY.
Saw this one today, it's pretty cool. 11 ft ceilings downstairs, 9.5 upstairs, 2 car garage, central ac, 20 mins from the office, "only" $6k/yr in taxes.
troyguitar wrote: ↑Sat Jan 11, 2020 2:15 pm
Saw this one today, it's pretty cool. 11 ft ceilings downstairs, 9.5 upstairs, 2 car garage, central ac, 20 mins from the office, "only" $6k/yr in taxes.
It's a terrible investment but seems like a cool place to live if you're willing to put in the time to maintain it - or go the DFD way and hire a maid, butler, and grounds keepers.
troyguitar wrote: ↑Sat Jan 11, 2020 2:15 pm
Saw this one today, it's pretty cool. 11 ft ceilings downstairs, 9.5 upstairs, 2 car garage, central ac, 20 mins from the office, "only" $6k/yr in taxes.
troyguitar wrote: ↑Sat Jan 11, 2020 2:15 pm
Saw this one today, it's pretty cool. 11 ft ceilings downstairs, 9.5 upstairs, 2 car garage, central ac, 20 mins from the office, "only" $6k/yr in taxes.
troyguitar wrote: ↑Mon Jan 13, 2020 1:17 pm
How's it a deal when it doesn't even keep up with inflation? You're making money on any place near you. We're spending it.
A home is a place to live. It's NOT an investment. Overtime it will keep up with inflation at best. I'll lose less but it's just a roof that I like.
Easy to say when your house is appreciating anyway.
troyguitar wrote: ↑Mon Jan 13, 2020 1:28 pm
Easy to say when your house is appreciating anyway.
But it's fake money. I could sell it today for more than i bought it for but then what? Buy something else that has also increased in value? Rent for way higher rent than I've ever paid before.
Even if they appreciate, they aren't an investment. Buy the place you like that you can afford. It won't bankrupt you and it won't make you rich, but it might make you happy.
Your reasoning only works if you never move. That "fake money" gives you freedom to move. Every cent that your place appreciates makes it easier for you to move, either to another expensive place in the same area or to another area. Even if it "only" keeps up with inflation that is still a huge advantage over most people.
troyguitar wrote: ↑Mon Jan 13, 2020 1:44 pm
Your reasoning only works if you never move. That "fake money" gives you freedom to move. Every cent that your place appreciates makes it easier for you to move, either to another expensive place in the same area or to another area. Even if it "only" keeps up with inflation that is still a huge advantage over most people.
No freedom really as everything appreciates at a fairly similar rate. I could buy one of the other houses I didn't buy when we bought this one but that's it. It's just keeping even. Throw the money in a real investment and you do way better. A house is a GREAT way to spend money but you are absolutely spending it.
A house in your neighborhood absolutely does not appreciate at the same rate as one in my neighborhood, which is also not the same rate as max's neighborhood.
Every day it gets harder for me to get into your neighborhood and harder for you to join max.
[user not found] wrote:
If you're under 10 years you will lose money buying. If you're over you'll make money.
There is NOTHING wrong with losing money on a home purchase if the home brings you happiness that a rental wouldn't or can't.
I'm not convinced that any time horizon would lead to a savings over renting up here, but it's not really a question of cost at this point - at least not if we're only considering "cheap" houses in "low" tax neighborhoods. Worst case we lose maybe $50k, lots of money but really not life changing.
It's largely a question of feelings over
Would we actually feel better in any of these places or would it be a big PITA time sink that provides no relief from the we are experiencing here? Obviously no one can answer that, but that's the concern. I already know the part, that's easy.
Not really. You can make pull out piece of paper and a crayon and start adding up all the happiness that owning vs. renting will get you......from pinshitting, to garage time, to how many more times you are like to get a beej because your woman is happier. When that list exceeds $50K, buy the house.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: ↑Thu Feb 09, 2023 3:21 pm
Earn it and burn it, Val.
max225 wrote: ↑Mon May 01, 2023 5:35 pm
Yes it's a cool car. But prepare the lube/sawdust.
troyguitar wrote: ↑Thu Jan 09, 2020 2:05 pm
I'm not convinced that any time horizon would lead to a savings over renting up here, but it's not really a question of cost at this point - at least not if we're only considering "cheap" houses in "low" tax neighborhoods. Worst case we lose maybe $50k, lots of money but really not life changing.
It's largely a question of feelings over
Would we actually feel better in any of these places or would it be a big PITA time sink that provides no relief from the we are experiencing here? Obviously no one can answer that, but that's the concern. I already know the part, that's easy.
Not really. You can make pull out piece of paper and a crayon and start adding up all the happiness that owning vs. renting will get you......from pinshitting, to garage time, to how many more times you are like to get a beej because your woman is happier. When that list exceeds $50K, buy the house.
Counting the beans makes for an easy decision. It's 100% stupid to buy anything here now, because we could use that money to buy a place somewhere we actually want to live.
Desertbreh wrote:
Not really. You can make pull out piece of paper and a crayon and start adding up all the happiness that owning vs. renting will get you......from pinshitting, to garage time, to how many more times you are like to get a beej because your woman is happier. When that list exceeds $50K, buy the house.
Counting the beans makes for an easy decision. It's 100% stupid to buy anything here now, because we could use that money to buy a place somewhere we actually want to live.
Yes, but my point is that certain elements of happiness are somewhat quantifiable. And in the great scheme of things, $50K is not that much, especially if we're spreading that out over 5 years or so. Not sure what your master plan is on leaving NY.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: ↑Thu Feb 09, 2023 3:21 pm
Earn it and burn it, Val.
max225 wrote: ↑Mon May 01, 2023 5:35 pm
Yes it's a cool car. But prepare the lube/sawdust.
troyguitar wrote: ↑Thu Jan 09, 2020 2:05 pm
I'm not convinced that any time horizon would lead to a savings over renting up here, but it's not really a question of cost at this point - at least not if we're only considering "cheap" houses in "low" tax neighborhoods. Worst case we lose maybe $50k, lots of money but really not life changing.
It's largely a question of feelings over
Would we actually feel better in any of these places or would it be a big PITA time sink that provides no relief from the we are experiencing here? Obviously no one can answer that, but that's the concern. I already know the part, that's easy.
Not really. You can make pull out piece of paper and a crayon and start adding up all the happiness that owning vs. renting will get you......from pinshitting, to garage time, to how many more times you are like to get a beej because your woman is happier. When that list exceeds $50K, buy the house.
troyguitar wrote: ↑Mon Jan 13, 2020 2:25 pm
Counting the beans makes for an easy decision. It's 100% stupid to buy anything here now, because we could use that money to buy a place somewhere we actually want to live.
Yes, but my point is that certain elements of happiness are somewhat quantifiable. And in the great scheme of things, $50K is not that much, especially if we're spreading that out over 5 years or so. Not sure what your master plan is on leaving NY.
$50k today is a ton. I was to assert earlier that it really isn't. That's ~25% of our "worth" right now. It's retiring at least 2 years earlier or buying a much nicer place if we can ever get out of this hell hole.
Buying a cool (non-appreciating) place now is essentially buying a small amount of happiness now at the cost of a larger amount of happiness later. It's the classic spend vs save argument, nothing more.
troyguitar wrote: ↑Mon Jan 13, 2020 1:28 pm
Easy to say when your house is appreciating anyway.
Appreciation only exists when you sell.
Until then, you might as well measure your net worth in valve stem caps.
I just ran over and crushed one of mine after I forgot to put it back on the last time I checked my tar pressures. Guess I'm only worth 75% of what I thought I was.
Where are these mangos?
Detroit wrote: ↑Fri Apr 16, 2021 1:19 pm
I don't understand anything anymore.