cmeisenzahl
Enlightened
- Joined
- Dec 16, 2002
- Messages
- 260
Rent or buy? ..
- Thread starter cmeisenzahl
- Start date
Help Support Candle Power Flashlight Forum
jtr1962
Flashaholic
Interesting. Going with a purchase price of $600K, annual home price increases of 8% (about what we've averaged here over the last 30 years), real estate tax of 0.6%, mortgage rate of 6%, and down payment of 10%, buying is better than renting after only one year (going by average monthly rents of $2500). Even if rents were only $500, which is next to impossible to find here outside of rent controlled apartments, buying still puts you ahead after only 5 years. Bottom line-even with current ridiculously inflated home prices buying is better in NYC.
etc
Flashlight Enthusiast
Are you serious? Real estate prices are dropping like a rock nationwide. Builders going bankrupt. I don't know about in 10 or 20 or 30 years, but now, and since circa 2006, this reality.
Great tool by the way...
In my very expensive Dee Cee area, even a modest house runs 500K, and you can rent it for 2K/month. That's another variable to keep in mind, buy/rent ratio. Right now it favors renting.
Quote
> annual home price increases of 8%
Great tool by the way...
In my very expensive Dee Cee area, even a modest house runs 500K, and you can rent it for 2K/month. That's another variable to keep in mind, buy/rent ratio. Right now it favors renting.
Quote
> annual home price increases of 8%
BugOutGear_USA
Enlightened
Why not do both? Buy a 2 family and rent out other half?
ledlurker
Enlightened
In my case, If I bought my house today with 0 down and a 7% mortgage rate and the house depreciated by -4% a year and Rent was locked with 0% growth It would take 7 years for buying to be better than renting
With 0% appreciation and 2% rent increase buting is better than renting after 2 years.
My tax appraisal went down this year to what I paid for the house in 2002.
I love it, debt free except for the house and only 12 more years to go. Which means I most likely will pay it off in less than 6 years.
With 0% appreciation and 2% rent increase buting is better than renting after 2 years.
My tax appraisal went down this year to what I paid for the house in 2002.
I love it, debt free except for the house and only 12 more years to go. Which means I most likely will pay it off in less than 6 years.
