Rent to Income ratio

The Highlander said:
Why Rent? What's wrong with own? It's cheaper monthly than rent as APR fixed rate for long term. I believe rent's price will up each year.
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Not everyone can afford to own a home. Can you afford a $200,000 house on a full time job without a college degree? The mortgage is not the only expense, don't forget the repairs, property taxes and many more you have to spend on as well.

Seattle is obviously a rent haven. It is too expensive to buy a home for an average person. Most people rent in Seattle than buying, but in suburbs more people buy than rent depending where in the suburbs.
 
sequoias said:
Not everyone can afford to own a home. Can you afford a $200,000 house on a full time job without a college degree? The mortgage is not the only expense, don't forget the repairs, property taxes and many more you have to spend on as well.

Seattle is obviously a rent haven. It is too expensive to buy a home for an average person. Most people rent in Seattle than buying, but in suburbs more people buy than rent depending where in the suburbs.
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Yes, same with LA, NYC and SF - the rent is very common.
 
Foxrac said:
Not everyone could afford to own. :(
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sequoias said:
Not everyone can afford to own a home. Can you afford a $200,000 house on a full time job without a college degree? The mortgage is not the only expense, don't forget the repairs, property taxes and many more you have to spend on as well.

Seattle is obviously a rent haven. It is too expensive to buy a home for an average person. Most people rent in Seattle than buying, but in suburbs more people buy than rent depending where in the suburbs.
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Most rent like $800-$1000 at QC and owner like $600-$900 a monthly for $100k house. Why should pick $200k house? there is a lot house around $50k-$100k for low income. So many my Deaf friends own a house in Iowa and they don't have a college degrees. Why they picked house in Iowa? Iowa's property taxes is cheaper than IL. DIY is more fun than LL's bitch like no paint, no repair, blah blah. I heard too many of friends from Chicago was not happy with their LL due delay repair like NO AC or no HEAT for few months that LL won't repair it. We repaired a house like 3-4 times a year. Not much. How you feel that apt's rent keeps go up almost each year and own's APR fixed rate dont.
 
The Highlander said:
Most rent like $800-$1000 at QC and owner like $600-$900 a monthly for $100k house. Why should pick $200k house? there is a lot house around $50k-$100k for low income. So many my Deaf friends own a house in Iowa and they don't have a college degrees. Why they picked house in Iowa? Iowa's property taxes is cheaper than IL. DIY is more fun than LL's bitch like no paint, no repair, blah blah. I heard too many of friends from Chicago was not happy with their LL due delay repair like NO AC or no HEAT for few months that LL won't repair it. We repaired a house like 3-4 times a year. Not much. How you feel that apt's rent keeps go up almost each year and own's APR fixed rate dont.
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It is hard to get mortgage now - you need have good credit score to get mortgage.
 
Foxrac said:
It is hard to get mortgage now - you need have good credit score to get mortgage.
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Build up good credit score was not hard to do it as DONT skip or late to pay bill. Good thing, I use credit card a lot when I was teenage from high school for gas, food, and trip event. That's it.
 
The Highlander said:
Build up good credit score was not hard to do it as DONT skip or late to pay bill. Good thing, I use credit card a lot when I was teenage from high school for gas, food, and trip event. That's it.
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Yes but they will look at income as well.

I couldn't buy a house because I may need move to other area.
 
The Highlander said:
Most rent like $800-$1000 at QC and owner like $600-$900 a monthly for $100k house. Why should pick $200k house? there is a lot house around $50k-$100k for low income. So many my Deaf friends own a house in Iowa and they don't have a college degrees. Why they picked house in Iowa? Iowa's property taxes is cheaper than IL. DIY is more fun than LL's bitch like no paint, no repair, blah blah. I heard too many of friends from Chicago was not happy with their LL due delay repair like NO AC or no HEAT for few months that LL won't repair it. We repaired a house like 3-4 times a year. Not much. How you feel that apt's rent keeps go up almost each year and own's APR fixed rate dont.
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In Iowa you can get more house for your money. In Seattle, it is the opposite. Same here with Maryland.

My house is about 1,200 square feet and we paid $267K for it. For the same amount of money, we could get a brand new home for 3,000 square feet in AZ.
 
The Highlander said:
Why Rent? What's wrong with own? It's cheaper monthly than rent as APR fixed rate for long term. I believe rent's price will up each year.
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It depends on how many years you rent. If you buy in your 20s or early thirties and live to be 75, yes, you are beating the system. On the other hand, if you buy late in life it may be cheaper to rent.

From a security perspective, however, you don't have anything from renting whereas you have a home if you buy. Personally, I would rather have the home as it is an asset.
 
Foxrac said:
It is hard to get mortgage now - you need have good credit score to get mortgage.
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it's much more than that now.

1. good credit score
2. good employment history (the longer, the better)
3. enough stuff for collateral
4. reliable cosigner can help
5. pay more than 20% will help
6. and bunch more.
 
Foxrac said:
Not everyone could afford to own. :(
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The Highlander said:
Why Rent? What's wrong with own? It's cheaper monthly than rent as APR fixed rate for long term. I believe rent's price will up each year.
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I still think renting a place is cheaper than owning a house for monthly to monthly. WHY? if the houses roof become old, who pays for it, me, window cracks who pays for it me, flood in the basement who pays for it me, etc.. If the house is in a perfect shape, then yes it s worht it!

I told my hub to rent a place to live instead of owning a house. :lol: of course my hub ignored me!
 
Frisky Feline said:
I still think renting a place is cheaper than owning a house for monthly to monthly. WHY? if the houses roof become old, who pays for it, me, window cracks who pays for it me, flood in the basement who pays for it me, etc.. If the house is in a perfect shape, then yes it s worht it!

I told my hub to rent a place to live instead of owning a house. :lol: of course my hub ignored me!
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Yes, but you are also paying for it through rent. Furthermore, you can decide how you fix the roof when you own, you can patch it or replace it.
 
VacationGuy234 said:
Yes, but you are also paying for it through rent. Furthermore, you can decide how you fix the roof when you own, you can patch it or replace it.
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I live both, renting and owning. I have never experienced of paying stuff with rent, GUess I had an excellent landlords in the past. :dunno2: Owning a house is expensive, replacing many stuff inside or outside of the house.
Everyday, I pray for weather to respect my house so i dont have to worry about paying the damage. :ugh3:
 
The Highlander said:
Most rent like $800-$1000 at QC and owner like $600-$900 a monthly for $100k house. Why should pick $200k house? there is a lot house around $50k-$100k for low income. So many my Deaf friends own a house in Iowa and they don't have a college degrees. Why they picked house in Iowa? Iowa's property taxes is cheaper than IL. DIY is more fun than LL's bitch like no paint, no repair, blah blah. I heard too many of friends from Chicago was not happy with their LL due delay repair like NO AC or no HEAT for few months that LL won't repair it. We repaired a house like 3-4 times a year. Not much. How you feel that apt's rent keeps go up almost each year and own's APR fixed rate dont.
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That's Iowa and I'm not interested in living in Iowa anymore. Many people wants to live in a place where there's lot to do, more jobs, nature beauty and all that. It's cheap in Iowa for one of the reason, not many people move there. Less demand and plenty of supply=cheaper prices. Higher demand and fewer supply=higher prices in general. Sometimes NIMBYists or environmentalists force the prices up because of they can't build the house here or there.

I don't plan to own a house anyway, too many headaches to deal with.
 
Frisky Feline said:
I live both, renting and owning. I have never experienced of paying stuff with rent, GUess I had an excellent landlords in the past. :dunno2: Owning a house is expensive, replacing many stuff inside or outside of the house.
Everyday, I pray for weather to respect my house so i dont have to worry about paying the damage. :ugh3:
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Do you think rent does not take into account possible maintenance?

How has that been working out for you?
 
With the owning vs renting debate IMO it's only worth it to buy if you plan on being there for 5 or more years. My long-term goal is to live in a house for 30 years so that I can pay off the mortgage so that by the time I retire I'll have a house all paid off and don't have to keep blowing my retirement fund on the mortgage.

Oh and the kicker is I plan on selling the house and use that to buy a sweet RV and live in it doing a permanent vacation til I croak :D
 
VacationGuy234 said:
Do you think rent does not take into account possible maintenance?

How has that been working out for you?
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I am not sure what you mean about account possible maintenance.

Its been so long time ago.

We own a house now. I suppose today is a big different than 20 years ago with renting a home. I know if renting a coop or condo or townhouse, to pay for fee $ that the maintaince to cover it.
 
VacationGuy234 said:
It depends on how many years you rent. If you buy in your 20s or early thirties and live to be 75, yes, you are beating the system. On the other hand, if you buy late in life it may be cheaper to rent.

From a security perspective, however, you don't have anything from renting whereas you have a home if you buy. Personally, I would rather have the home as it is an asset.
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One more problem with renting. Sometimes the owners will sell the property out from under you. That happened to my mom a couple times. She was very happy in the places she rented but the owners decided to sell the houses so she had to move.
 
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