Isn't renting just a scam?

Because down payment + insurance fees + property taxes + misc fees

Biggest barrier being the down payment.

>>1098917
You're asking in the wrong board. 90% of the faggots here are NEETs who rent out a room in an apartment with 3 of their buddies, live in a dorm, or live with their mom. They think paying $500 or less for rent is standard so of course they are going to advocate renting. Why would they want to pay more if their rent is under $500/month?

>>1098917
also some people like liquidity and find 20 year bets distasteful

>>1098917
Downpayment, and liquidity. I rent because I might be moving across the country after 18 months, and because a decent house here is north of $600k.

>>1098924
Here in the midwest, you can easily find a nice apartment for around $700. If you have a roommate, $500 is easy as fuck to achieve. I don't understand what your point is, exactly. That if you make a lot of money you'll have to pay a lot in rent? I have friends who just graduated making 80k who aren't spending more than 700 because it's simply wasteful to do so.

>>1098934
>That if you make a lot of money you'll have to pay a lot in rent?
That's what you gleaned from my post? I don't even know how you... Never mind. The point is that if you live in the Midwest for 100k you can put 3,500 down on an FHA loan for a condo and pay around the same amount you would have paid for rent on an apartment and any expenses like maintenance can be offset by extra tax deductions for owning a home. The difference between paying $700/month on an apartment and $700/month on a condo you own is that you are building equity instead of throwing the money away. Also home values appreciate over time and have consistently beat inflation for over a century which means you not only pocket the equity when you sell, you also pocket any money that you made from your house value going up. It's a no brainer.

Of course you do need good credit and a stable job which most of you NEETs don't have so its no wonder why the majority of you are against buying a home.

>>1098917

>Why Don't they mortgage their own homes?

Oh if it were that simple....

My credit(another scam) is shot because my identity was stolen and I didn't realize it until a month in so my credit is a meek middle 500s and even my personal bank who I've banked with for 10+ years, and never missed a payment with will not consider me for a mortgage unless I cough up %10+ up front.... well the average house in my area sells for $275,000.... yeah.....

Fucking renting sucks butttt I'm renting an actual house with 2 acres, that is fenced in.... Also I don't have to worry about any issues with the house because the landlord takes care of them.

>>1098980
>unless I cough up 10% up front
You're going to want to have 20% at least anyway, anon.

>>1098949
The mortgage tax deduction is pretty damn small and definitely doesn't cover property tax, maintenance, and potential other fees like HOA.

If you honestly don't think there are situations where you're better off renting than owning, you're simply neglecting basic facts.

>tfw I will never gentrify the west side of Atlanta
>tfw I will never have my own personal serfdom made up of indebted university students
>tfw I will never be able to profit from the gentrification of the inner city while Tyrone destroys the outer suburbs

>>1099019
It depends. We are comparing renting to buying here and in many cases renting can be much more expensive for the same property, mostly because landlords price it that way to cover the extra expenses like HOA, maintenance and taxes. What it all boils down to is that even if your rent is cheap you are still throwing that money away that could go towards equity. I can see rare situations where renting would be financially savvy but it usually involves having multiple roommates or living in a slum.

>>1098934
My apartment costs about that much in Atlanta and it's pretty nice. Such a thing is only possible because my landlords are racist as fuck and evict niggers for the slightest reason.

America is one of the few nations where you can actually buy a house for cheap(<300k)

>>1099040
>but it usually involves having multiple roommates
If i'm single I see absolutely no reason as to not have roommates, though.

>>1098917
because its a tv show

paying rent is basically throwing a house payment down the toilet for nothing in the long run

owning your own home is paying rent to yourself with the bonus being that after a certain amount of time, rent gets cheaper, becomes comparatively cheaper against current prices and will usually grow in value.

renting out a house you own, someone else pays the mortgage, depending on rental prices and mortgage amount, can net a small return, and after a certain amount of time, their rent either stays the same or rises, while your net income from it increases when it is paid off.

downside is general maintenance and upkeep

>>1098917

Here in Londonistan you need a near 6-figure deposit to buy a house, and a combined income on a similar scale. Unsurprisingly, most people can't manage that.

lets say you take out $100,000 borrowed at 4% for 30 years. Monthly payment would be roughly $477. Of that $150 would be going towards the principal. So the first year a person would put $1,800 of equity in the house. Renting would be better if you could save more than $1,800. paying $300 for rent would be (477-300)*12=2,124 "saved" but really a gain of only 324 by renting. These are just rough numbers but i think you should get my point. Rent has to be cheaper by a significant amount

Owning a home is much the better option verse renting.

Buying homes as a investment though is a bad choice and it's better to invest in stocks/bonds

>>1100589
Good job, sport. Dad will be up to read you your story in a few minutes.

Learn to put a fucking sentence together. Christ.

OP, for some people, the down payment is a huge issue. The other issue is basic maintenance. Those are barriers to people that may want to own. For someone like myself ($150,000/yr, single, young), there are several benefits that renting offers over owning. I will most likely relocate to advance with my company in the next two years. I really wouldn't want to do that with a home. I'd have little equity, and the liquidity in this market sucks. I could rent, but the type of home I'd buy is out of price range for the typical renter in the area. As it sits, I'm paying about $150 more per month than the mortgage on this condo would have been, and I get liquidity and no responsibility. Turns out the HVAC system needed to be replaced this winter. That was $6,000 I didn't have to pay.

There are benefits to both sides. Don't fall into the ownership groupthink.

>>1098917
Shit credit, can't be trusted with a mortgage, and all the houses in the area they want to live are taken by landlords.
That's why everyone around here rents.
The exception is the guy next door, who could easily afford it but doesn't believe in owning houses.

>>1100560
That's not including the gains from investing the 20% down payment over the 30 years that you're paying off the house, or if you triple those numbers to actually reach the New England market (not even hyper inflated, just blandly pricey), you need a 60k down payment which is a hefty barrier.