Anyone else planning to rent for the rest of their lives?

[GuineaDago585]

This chit ain’t ever getting better srs

[explosiveMidget]

Rentcel checking in. I plan to transition to tentcel in the woods sometime in the foreseeable future.

[HeNeedsMilk]

I was at a resort last week where I got unlimited food and drinks. i would like to live like this forever. And it was cheap aswell. They had like 7 different restaurants, multiple swimming pools etc. unlimited alcohol, food and daily cleaning service (and can ring them and tell them there is a mess and they’ll clean it), maintenance etc etc

[Visel]

No, but possibly longer than anticipated. Plan is to save/invest the difference. If/when real estate market and interest rates comes back to humanity a bit, I might be able to put down a 35%+ down payment lol. HPI has never been above 25% in US history. My savings from my job, combined with my investing, outperforms that, SRS. If I'm still renting by the time I'm married, her income would further enhance the liquidity on deck, and I'd honestly probably be able to buy a house 100% fully with cash before I'm 40.

[HeNeedsMilk]

You will own nothing and you will be happy

[Anachron]

Yes, definitely.

[pojo18]

better set aside an extra $250,000 for retirement, and thats being conservative.
super ded fukn srs.



imagine getting hit with rent increases at 80 years old. SAD

[RocknRollMuscle]

what option does todays generation have? unless your parents bougt one ur screwed.

esp with massive layoffs and ppl having to constantly move and few people having kids.

[HeNeedsMilk]

better set aside an extra $250,000 for retirement, and thats being conservative.
super ded fukn srs.



imagine getting hit with rent increases at 80 years old. SAD

we will be working at 80

[pojo18]

what option does todays generation have? unless your parents bougt one ur screwed.

esp with massive layoffs and ppl having to constantly move and few people having kids.

this.

me and my fiance make about $180k combined (gross).

a modest home in my area (safe neighborhood, decent quality) is $275k MINIMUM, and really probably closer to $300k.

to have a ~$2k mortgage you're looking at about a $60,000 down payment.

we will make it happen, but itll take 2 years minimum to save that, and thats if everything goes right along the way.

idk what lower income plebs will do, I guess die renting. There will need to be some sort of federal renter protections, laws limiting rent increases etc.

EDIT: idk how theres not massive widespread homelessness already.

I live in a very modest 2 bedroom apt, ~950 sq ft and its $1750/month.

if youre a new tenant coming in off the streets, my same apartment is now going for $2100/month.

how are people affording $2100/ month rent? especially if the average income is supposedly like ~$55k.

even with a roommate, you're looking at $1050/month with an even split, and thats not counting utilities. How will those people ever get ahead? and who tf wants to be 30+ years old with a roommate.

1 bedrooms in my complex are starting at $1800 for new tenants. its insane.

[Titansfan08]

Brutal

[davik]

even if i had infinite money i wouldnt buy. id just rent a better place. cities are going to **** and youre neighbourhood might turn into mogadishu with all the 3rd worlders and joggers jogging around

[rocketfish]

just remember this

rent is always higher than the mortgage

san diego you need a 2 bedroom apartment its 2.5-3k a month.

then they increase the rent yearly...brutal

[WoofieNugget]

this.

me and my fiance make about $180k combined (gross).

a modest home in my area (safe neighborhood, decent quality) is $275k MINIMUM, and really probably closer to $300k.

to have a ~$2k mortgage you're looking at about a $60,000 down payment.

we will make it happen, but itll take 2 years minimum to save that, and thats if everything goes right along the way.

idk what lower income plebs will do, I guess die renting. There will need to be some sort of federal renter protections, laws limiting rent increases etc.

EDIT: idk how theres not massive widespread homelessness already.

I live in a very modest 2 bedroom apt, ~950 sq ft and its $1750/month.

if youre a new tenant coming in off the streets, my same apartment is now going for $2100/month.

how are people affording $2100/ month rent? especially if the average income is supposedly like ~$55k.

even with a roommate, you're looking at $1050/month with an even split, and thats not counting utilities. How will those people ever get ahead? and who tf wants to be 30+ years old with a roommate.

1 bedrooms in my complex are starting at $1800 for new tenants. its insane.

Hahahaha. In my city the average home price is 720k.

Basically anyone in Canada unless they come from a family of homeowners is renting from now on.

[pojo18]

Hahahaha. In my city the average home price is 720k.

Basically anyone in Canada unless they come from a family of homeowners is renting from now on.

Yeah, thats nuts.

brand new construction here is $600k+, and for a fairly standard single family home.

The same sort of home was ~$300k in 2008 when I entered high school.

[6gorillion]

this.

me and my fiance make about $180k combined (gross).

a modest home in my area (safe neighborhood, decent quality) is $275k MINIMUM, and really probably closer to $300k.

to have a ~$2k mortgage you're looking at about a $60,000 down payment.

we will make it happen, but itll take 2 years minimum to save that, and thats if everything goes right along the way.

idk what lower income plebs will do, I guess die renting. There will need to be some sort of federal renter protections, laws limiting rent increases etc.

EDIT: idk how theres not massive widespread homelessness already.

I live in a very modest 2 bedroom apt, ~950 sq ft and its $1750/month.

if youre a new tenant coming in off the streets, my same apartment is now going for $2100/month.

how are people affording $2100/ month rent? especially if the average income is supposedly like ~$55k.

even with a roommate, you're looking at $1050/month with an even split, and thats not counting utilities. How will those people ever get ahead? and who tf wants to be 30+ years old with a roommate.

1 bedrooms in my complex are starting at $1800 for new tenants. its insane.

lol you make 180K combined and youre worried about not affording a 300K home? wtf

[eod8989]

What gets me is people are still talking about and buying homes. How in the hell are people affording this? Does everyone just make 100k+ or did they hit the lottery or something? Even 175k is getting up there for a home. You used to be able to get them for around 60-100k like 10 years ago.

[pojo18]

lol you make 180K combined and youre worried about not affording a 300K home? wtf

As I said, $300k is like the bare minimum to have a house in a safe neighborhood thats not totally falling apart. and with a $60,000 down payment, we'd still have a $2,000/month mortgage. The sort of home we'd like, is probably closer to $450-$500k in this area. great neighborhood, good location, much newer build, finished basement, 3+nicely sized bedrooms, etc. Still far from anything particularly lavish.

Its not that were "worried" just disheartened to have to save pretty diligently for 2 years to get a house like I described above, one with a $2k/mtg payment.

[Jasonw1178]

Keep supporting hedge funds and investment corps "right" to buy up residential property.

Not a democrat, but there is one issue you would think democrats would step in and it would be to file an anti-trust on black rock and the others for manipulating the price of homes by hording property, but no.

They have some brainwashed into thinking that renting is actually better than buying. Lots of them here on the Misc.

It's like this, you own a house, in 20-30 years it will double in value. Sure, it's not all free and there is maintenance and all, but you can sell and walk away with a lot of money.
If you rent, you are going to pay about the same when you include everything, but in 20-30 years you will walk away with nothing.

[WoofieNugget]

What gets me is people are still talking about and buying homes. How in the hell are people affording this? Does everyone just make 100k+ or did they hit the lottery or something? Even 175k is getting up there for a home. You used to be able to get them for around 60-100k like 10 years ago.

Depends where you are. Our problem up in Canada was that wealthy foreign investors started coming in and overbidding for homes by 150-200k, so this artificially drove up prices because people started to expect those numbers if they sold. Developers were also getting this because as soon as people started to get FOMO, they didn't care how much they paid and got the money from family or again, foreign sources. Once one house sells for a million, everyone else expects to get that price and people kept paying it. Up and up. Banks were giving money away cheap and handing it out like candy.

Places like Toronto and Vancouver had high prices a long time ago, so people sold there and moved into lower COL cities, but still drove up prices because they were okay with paying 100k more to make sure they got the house they wanted. This eventually spread to places like the east coast because it was the last area of the country people could buy a house for 300k, but overbidding drove things up again.

The main problem is that when these people's mortgages come due, they are screwed because interest rates finally went up and now banks are overleveraged like crazy. Anyone who bought in 2020/2021/2022 when the market was flying up and overpaid is now staring a massive increased mortgage payment in the face.

Lots of landlords are trying to recoup their losses by jacking rents, but we have rent control in 90% of units so they are all scrambling as well. And people can't afford to pay massively increased rents anyway. But our government took care of that by importing 2 million people from India who are quite happy to live 10 people to a home or sleep three to a room just to be here.

It's a massive mess, and the only way to fix it is keep rates high, let the system crash and bring it to a regular level.

[pojo18]

What gets me is people are still talking about and buying homes. How in the hell are people affording this? Does everyone just make 100k+ or did they hit the lottery or something? Even 175k is getting up there for a home. You used to be able to get them for around 60-100k like 10 years ago.

10 years ago? idk about that lol.

my parents bought their home in 1980 for $80,000. its like ~2500 sq ft, 4 bedrooms, basement, no garage, but nice sized back yard, safe & quiet neighborhood with good schools.

Zillow estimates its value at $325k now.

[6gorillion]

As I said, $300k is like the bare minimum to have a house in a safe neighborhood thats not totally falling apart. and with a $60,000 down payment, we'd still have a $2,000/month mortgage. The sort of home we'd like, is probably closer to $450-$500k in this area. great neighborhood, good location, much newer build, finished basement, 3+nicely sized bedrooms, etc. Still far from anything particularly lavish.

Its not that were "worried" just disheartened to have to save pretty diligently for 2 years to get a house like I described above, one with a $2k/mtg payment.

Yeah the down payment is the toughest part for most people.

Also as the other poster said, layoffs seem to be very fashionable right now. So imagine getting canned and having that type of payment

[Jasonw1178]

Yeah the down payment is the toughest part for most people.

Also as the other poster said, layoffs seem to be very fashionable right now. So imagine getting canned and having that type of payment

Imagine, a $300K house, you are going to have to come up with $60K just to get into the door.

Of course you can get in for less if you get a FHA loan, but then you have to pay PMI and PMI is for the life of the loan unless you refinance.

Even then, with all this inflation, it's really difficult for people to come up with extra cash like that.

[sooby]

It's alot worse than that where I live.

Median household income is about 80K, average Condo is about 700K. Granted you can find a condo for 500K (1 bed/bath). 80K household income is pretty bad. Anybody with a decent degree at a university can easily make much more.

Still, it's rough for millenials if you aren't living with your parents. I honestly don't understand how anybody in the late millenial generation or gen z will ever be able to afford a condo (not even a home) unless you're clearing 8-9K a month which is like 140K/yr. Now that isn't that difficult if both a husband and a wife contributes but we are talking about a bare minimum condo and not even factoring kids into the picture. And you're pretty much "house poor" at 130K income. Also gathering savings is hard if you haven't had a headstart from living with parents.

Honestly thinking of just selling, packing my crap and living overseas.

[guest89]

A big problem with younger generations is they are absolutely terrible at managing their finances so they never get ahead.


Combine that with inflation. Constant increases in real estate and rent. Etc. and we have a nice little line-up of slaves for the future.