Is a lifetime of renting a horrible idea?

[The Pigeon]

Lifelong renter here (SF Bay Area)

I'd rather spend my weekends exploring a new hike than fixing a leaky gutter.

THIS. Do you want to spend your weekends in line at Home Depot or outside enjoying fun stuff?

I would *really* like to own a home, have a permanent place where I can choose the flooring and the wall color, etc. I'd like to lock in my "rent" forever.

But I'm not handy. I'd try to learn how (hello youtube) but I currently don't know how to fix things, or install things, and would envision I'd have to buy out all those services. Expensive.

I'd be stoopid to buy in the current crazy market here. For 900k-1MM, you get about 1200 Sq.Ft. 2BR/1BA. Ummm.... how about no?

I'll be sticking with my $1300/mo no-hassle rental, thank you very much, unless the housing market has a big, whopping downturn.

Don't feel bad about renting, it's not throwing money away, it's FREEDOM to change your mind anytime, (and enjoy your weekends!)

-Pigeon

[socal0218]

Hi @Pigeon,

I'm down in Orange County and the housing markets here are crazy as well.  So much extra expenses that go into home ownership that renters might pay a portion of in the rent, but by no means the full cost as home ownership. My favorite comments are when people say they own their home when they still have years left on the mortgage.

I feel like this it the best option for now.  As my life might change that might change as well, but I would really like to know how someone can purchase a typical starter house on a typical starter salary in the higher cost of living areas in the country.

Thanks again!

[dandarc]

This is a good question for those people in the US who thought they could retire in 2008 because they were "house rich" on paper.  ...As it turns out, you can't eat your house.

New idea - full-scale ginger-bread construction.

[NoraLenderbee]

I'm a homeowner in a HCOL area (SF Bay area). I much prefer owning to renting. It suits my lifestyle. But there's no question that here, in Socal, and in many other HCOL places, renting is cheaper.

You don't need to buy a house to prove you're a grownup. Every time someone says "throwing money away," give yourself a cookie and forget it. Enjoy your freedom.

[tj]

Hi @Pigeon,

I'm down in Orange County and the housing markets here are crazy as well.  So much extra expenses that go into home ownership that renters might pay a portion of in the rent, but by no means the full cost as home ownership. My favorite comments are when people say they own their home when they still have years left on the mortgage.

I feel like this it the best option for now.  As my life might change that might change as well, but I would really like to know how someone can purchase a typical starter house on a typical starter salary in the higher cost of living areas in the country.

Thanks again!

OC just isn't affordable. I grew up in OC, but I bought in Riverside County, where my job is. I plan to sell it soon too, I have no shame in renting. I can pay $1k to share a 2 bed room on PCH or I can pay $1k to own a 2 bedroom condo near I-15. I'd rather have the ocean as my backyard than a big living space....

[socal0218]

@tj,

Where on Earth can you find a a 2 bedroom apartment on the PCH for 2k a month? LOL

[socal0218]

Hi @Pigeon,

I'm down in Orange County and the housing markets here are crazy as well.  So much extra expenses that go into home ownership that renters might pay a portion of in the rent, but by no means the full cost as home ownership. My favorite comments are when people say they own their home when they still have years left on the mortgage.

I feel like this it the best option for now.  As my life might change that might change as well, but I would really like to know how someone can purchase a typical starter house on a typical starter salary in the higher cost of living areas in the country.

Thanks again!

OC just isn't affordable. I grew up in OC, but I bought in Riverside County, where my job is. I plan to sell it soon too, I have no shame in renting. I can pay $1k to share a 2 bed room on PCH or I can pay $1k to own a 2 bedroom condo near I-15. I'd rather have the ocean as my backyard than a big living space....

I just mentioned this in another thread but my sister pays around $700/month including all utilities and internet to rent a small studio apt/backhouse in Manhattan Beach less than a mile from the pier in one of the most expensive neighborhoods in Cali - maybe even the USA. So yeah, renting a small place or a shared place can be a much better deal here when prices are this high (millions!) in the OC or LA beach communities.

Is that apartment rent controlled or in a less than desirable neighborhood?

[Redstone5]

My understanding is that home ownership in Canada isn't as good a deal (compared to renting) as in the US because we don't get the same homeowner tax breaks. Does anyone know if that is correct? I believe that rent in BC is tax deducible but mortgage interest isn't.

[tj]

@tj,

Where on Earth can you find a a 2 bedroom apartment on the PCH for 2k a month? LOL

Well, I took the "smaller" room in a 2 bedroom condo in "downtown" Dana Point. It was actually off Del Prado, which is actually west of PCH in that - very close to lots of expensive houses. The rent was $2250 and my roommate paid $1250. While admittedly it wasn't steps away from the beach, it was close enough and a lot closer than the place that I own.

I think you can find a lot of places walkable to the beach for under $2k in San Clemente. They are old and very small though and don't have A/C...

[socal0218]

@tj,

Where on Earth can you find a a 2 bedroom apartment on the PCH for 2k a month? LOL

Well, I took the "smaller" room in a 2 bedroom condo in "downtown" Dana Point. It was actually off Del Prado, which is actually west of PCH in that - very close to lots of expensive houses. The rent was $2250 and my roommate paid $1250. While admittedly it wasn't steps away from the beach, it was close enough and a lot closer than the place that I own.

I think you can find a lot of places walkable to the beach for under $2k in San Clemente. They are old and very small though and don't have A/C...

Hmm, I see. I would be interested to see some of these places in San Clemente.  I'm down there quite a bit and most of the houses apartments are close to the beach are filled with more people than can be allowed.  I dated a guy that rented a small guest house for $1200 that was not within walking distance to the beach, but probably a mile or so from it.  Older and no A/C, but a total steal if you wanted to be close to the beach in OC. Oh and 5 years ago. 

[tj]

@tj,

Where on Earth can you find a a 2 bedroom apartment on the PCH for 2k a month? LOL

Well, I took the "smaller" room in a 2 bedroom condo in "downtown" Dana Point. It was actually off Del Prado, which is actually west of PCH in that - very close to lots of expensive houses. The rent was $2250 and my roommate paid $1250. While admittedly it wasn't steps away from the beach, it was close enough and a lot closer than the place that I own.

I think you can find a lot of places walkable to the beach for under $2k in San Clemente. They are old and very small though and don't have A/C...

Hmm, I see. I would be interested to see some of these places in San Clemente.  I'm down there quite a bit and most of the houses apartments are close to the beach are filled with more people than can be allowed.  I dated a guy that rented a small guest house for $1200 that was not within walking distance to the beach, but probably a mile or so from it.  Older and no A/C, but a total steal if you wanted to be close to the beach in OC. Oh and 5 years ago.

Well, here was the first hit when I searched for san clemente on craigslist... http://orangecounty.craigslist.org/roo/5050126820.html