New American Dream is Renting;

New American Dream is Renting; Reflections on Renting Houses, Cars, Books, Clothes; Will Rentership Fuel the Next Boom? What About Home Prices?

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no kidding, I sold my house and now rent an apartment and it is wonderful. I couldn't be happier. Not a very good deal financially, but sometimes lifestyle beats profits.

 

i could buy a place tomorrow if i wanted to and am renting because i think it is a wiser investment for me to rent than buy in this market. when you add the cost of property taxes, the amount housing is dropping in value each year and maintenance costs... i think it is obvious that now is NOT the right time to buy anything - i might think about buying if it was a 30 year 0% interest loan (at least in chicago).

i plan on renting for at least another 5 years, although in 2-3 years i may try to get into a rent-to-own so that some of the rent could go towards purchasing a property. but for now housing is a black hole i have no intention of putting a dime into.

never catch a falling knife or grapefruit spoon.

 

it's a lifestyle choice. Over thrity years moneywise there isn't much difference. I disagree with you on the housing market. It may be different in Chicago, but out where I live a house is a paradise for a guy who likes to spend Saturday at Home Depot or Lowes buying lumber and power tools. My house just got too big and I lost interest in fixing it back up. Plus I like the idea I can leave anytime I want for as long as I want and all I have to do is turn off the heat or A/C and lock the door. My water heater is going out. When it finally does, all I have to do is punch in 8 numbers on my cellphone and the maintenence man will replace it. I don't even need to be home. And no bill. But if I was young starting out, I would definately be a house buyer right now (if my dream was to settle down.)

 

I think your right. The price is about to crash.

 

I think you hit the nail on the head. If you are single renting is good.

 

1895 to 1942 wasn't so hot was it...

That would really suck if that's what we're looking at for the next 30 years or so...

 

There is going to be some serious negative equity.

 

It is all location based.

 

You mean it will happen in some areas not others?

I think on a global level you are right. But Nationally the west will see an overall price collapse. I think there is a wealth shift from the West to the East.

Look at Ireland for an example of the housing collapse. That is what I estimate will happen in the UK most of Europe and large parts of the US.