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19,567 Views • Jun 22, 2024 • Click to toggle off description
Views : 19,567
Genre: People & Blogs
Uploaded At Jun 22, 2024 ^^
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RYD date created : 2024-07-11T01:00:27.225836Z
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YouTube Comments - 133 Comments
Top Comments of this video!! :3
Even though i know renting is rarely better than buying, for many reasons, one thing you left out of your phantom costs of buying is homeowner's insurance. It's RIDICULOUS how much i pay for homeowner's insurance.
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It is the same here in DR 🇩🇴, the rent is way lower than the mortgage payments and people still call buying for renting an investment
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House payments remain same over life of loan... While Rents rise yearly... and House payments end while Rents are In Perpetuity
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The American Dream is defined by home ownership. That will never change.
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7% for mortgage! Now I get why you advocate for renting. Don't think I've ever seen that high of an interest rate in Europe
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The problem that renting poses is you aren’t in control of your living situation. After the lease expires, you can be told to leave, they could sell the home, the landlord can get the home foreclosed and repossessed by the bank while you’re living there, evicted etc… Buying a home gives you ultimate control and piece of mind.
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In Florida, Homesteading your first property restricts property taxes to 3% annual increase. Non-homesteaded properties are restricted to 10% increases. Guess who that 10% gets transferred to each year? The tenant. 5 years renting the same house can mean an increase from $5K/yr property taxes to $8K. $3K extra per year and growing. Purchase that house? Property taxes would be $5800 after the fifth year.
On top of that, we have Homestead Portability where you can move your accumulated homestead from one house to your next with even a buffer of 2-3 years between your last and your next. What does that mean? On top of the $50K exemption off my home value, I also get the difference between the assessed value and the market value from my last home (a number that grew every year except after the housing crash in the late 2000s) from the value of my current home. I believe that was another $100K or so off the assessed value of my current home. Our property taxes are around $1500 with a 3% annual cap. We also bought this house as a fixer upper. Purchased for $230K, 20% down, $80K in updates and repairs (roof, full replumb, floors, gutted kitchen/bathroom, AC, fireplace repair, all appliances). Could easily sell for $400K. If we'd purchased for $450K (cost of similar flipped homes in the area), we would be paying $6K+ in property taxes in perpetuity.
My first home was a 2/2 condo. Bought for $56K when I was qualified for $80K. Sold it 6 years later for double the price. Next house, bought sorta high at $190K. Sold it 15 years later for $290K.
The lesson here is buy small and eventually buy up using the money you make off the old house to bring down the cost of the next house. Don't buy big to start. And always homestead if your state has such a program!
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Interest rates on a 30 year mortgage were about 4.5% in June 2018 when the property last sold (and went down to 3% in 2021). If you add another 0.25 to 1% for a jumbo rate mortgage versus a conforming loan you still don't get anywhere near 7%.
Having said that, I completely get the point you're driving and it's 100% valid... The rent versus buy decision is very nuanced and time-based. One should consider all costs and total holding periods instead of blindly accepting one over the other.
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I remember when homes in Palo Alto were 375K
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It's hard to rent here in Canada. They want proof of your employment and when they have 100 applications, they'll choose the best ones, financially.
So, not always you'll get what you want.
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The housing market is propped up by home owners influencing policy and local and state initiatives to keep prices high. As a result there is too much upward pressure on housing prices, to expect prices to go down to make it affordable to the masses. Housing prices will therefore continue to rise making the dream of home buying unattainable for those not already in the market.
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just the $400K down payment would earn $20K in a 5% savings account, $1700/month. Property tax will be about $35K, $3000/month, insurance will be about $10K.
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This past spring our water heater quit working, the kitchen sink started leaking underneath & we had to get a new toliet. Classic example of when it rains it pours. I'm pro renting!🎉
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Can people keep renting when they are old? In Japan, many elderly have a hard time finding rental housings. I just want to know about it in the US. Let says they are not billionaires, but they are having like $1500 to 3000/month SS benefit and a half to one million in their IRA and 401k.
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If the real estate crashes and you have cash, BUY. Otherwise, crunch the #s to see whether it’s worth it.
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This is an extreme example. In general the higher the home price the better to rent than to buy. Palo alto is an extreme example in that regard. Also, you also need to factor in equity accumulation; not all the monthly mortgage is gone. Home value appreciation is also another thing to consider. Finally, the 7% interest rate is sort of abnormal; people who bought their homes did so when it was like 3-4% range. It could be better to rent these days but it depends on a lot of factors.
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I can still buy a place for less than what I would pay to rent it. I’m not talking about nice, a 1 bed, 1 bath condo is more than 60% of my monthly take home. I have a good job, life is just becoming unaffordable.
I’ve been trying to find a way to not buy but I’m running out of options and where I live there are no rent controls.
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If you can afford to buy a house, go for it. While renting you are a tenant. If you own a house, you enjoy ownership. Rent is always going up when you renew your lease. Further, if everybody listen this guy and tent a property, high demand with push the rent more higer. User your common sense.
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I guess the point is that renting CAN be a good financial decision, not that it necessarily is in all circumstances. My mortgage is about half of what I would pay to rent this house and I've made $400,000 on the house since I bought it, which is more than I've made at my job over the same time frame. 1 bedroom condos in my city are renting for more than I pay for my 4 bed 2 bath mortgage. So he's probably right in some cases but I'd be an idiot to follow this advice.
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@devorahanatolia8999
2 months ago
Palo Alto is hardly representative of the housing market in much of the rest of the US.
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