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13 points

Renting and ownership can be fairly similar in larger cities (but costs more than owning a house in my state), but when you’re in the rural America, there tends to be a fairly sharp decrease in quality of life despite the fact that rental prices adjust up with housing prices anyway.

I mean, I can still get a half-acre of land and private house for a mortgage payment that’s about the same as the rent on a 2 bedroom apartment. Without having to worry about a landlord, an upstairs neighbor with toddlers. I can do what I want with my yard, even have any pet without an additional “pet fee”.

And rental houses (the happy medium?) in my area are going for exactly what the mortgage would be to buy one today. We’re talking $3000, even $4000/mo. Yeah, current rates are shitty, but that still gets you a $550,000 mortgage (used to get you closer to $700,000). And rent isn’t going down any time soon, but one can likely refinance to a lower rate in 5-10 years

What it means to me is that I’m not selling my house, with my 3% APR mortgage any time soon despite the $200,000 in equity I have from the price skyrocket.

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5 points

Well I wouldn’t sell at that rate either, getting 3% in this market just isn’t happening.

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0 points

I just bought a house and we had to pay $10k just to buy points to get our rate down to 6.9 😭

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-7 points

Okay? I mean we live in two entirely separate worlds. $550k in my area gets you 850 sq ft with added condo fees. And of course if you’re locked in (trapped?) at 3% you’re not going anywhere. You can’t go anywhere even if you wanted. If that’s worth the advantage of doing your own landscape maintenance on the weekend, and having to drive everywhere for the simplest of errands, then head on.

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3 points

and having to drive everywhere for the simplest of errands

You say that as if most people lived in cities that didn’t require driving for every simple errand, whether they lived in a house or apartment. Good on you if you live in a walkable city, but you’re the exception.

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2 points

If your paying 550k for a 1 bedroom you better be living in a walkable city.

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2 points
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Okay? I mean we live in two entirely separate worlds. $550k in my area gets you 850 sq ft with added condo fees.

There’s not many “worlds” with those price points, so you’re probably in Boston, NYC, SF, or somewhere similar. I, too, live in one of the highest cost-of-living areas in the US, so I get it more than you think.

But rent in those areas… 1 Bedroom apartments in Boston $4000/mo for 800sqft. Same thing, actually a bit more expensive to rent than to buy.

you’re locked in (trapped?) at 3% you’re not going anywhere. You can’t go anywhere even if you wanted

How so? If I actually were willing to rent, I could pocket a couple hundred grand and just pay apartment prices.

If that’s worth the advantage of doing your own landscape maintenance on the weekend, and having to drive everywhere for the simplest of errands, then head on.

In fairness, on the price difference I can afford a landscaper and use delivery services for errands. But I don’t mind mowing my lawn or driving, so I don’t do those things. But I don’t grok your point here. Are you suggesting nobody would actually want to live outside of big cities “because lawns and driving”? I understand some people love cities, and I respect that. I had a starry-eyed coworker who GUSHED about his visits to Boston. I like leaning back and chillin in my yard, swimming in my private pool, without anyone bothering me.

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