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Jour 59: Renting vs. buying, round two

Ding ding ding! Round two!!

- kcet.org

(*Note: luuurve this super old school foxy boxing. 
Those Downton Abbey ladies will smack a bitch)

So, remember when I was musing about which was better - renting or buying - and asked for your opinions? There was so much great discussion in the comments of that post, I wanted to address a bunch of them.

Important note: this is a very hypothetical discussion. Renting is best for me because a) I like moving a lot and b) I don't have very much money. Also c) I like the maintenance fairies who fix all my stuff for me and d) I like living downtown and e) I find empty houses creepy and enjoy hearing other people walking around my building so I am less scared at night.

But which is better? Let's tally up the votes!


- thepinupdictionary.wordpress.com


*Note: I realize that I didn't actually ask you to vote, and that you weren't actually voting. 
But I like adding stats, it makes everything seem more organized.



PRO-RENTING:

"It continues to boil down to this for me: I won't move to the suburbs, and we simply can't afford to buy downtown. For what we could "afford", I don't think it's good value, and even then we'd likely be house poor... For now, we rent something that really suits our life, is close to stuff that matters (as a non-driver, I can't even put a price on that), and we save the extra. We don't currently have a house as a retirement nest-egg, so we do our darndest to make saving for that a priority." - Jenifesto

"In today's market, I'd say renting. It's sad but true. If you buy a cheaper house, there's usually a reason for it, like outdated plumbing or electrical, and you have to spend a fortune on fixing it anyway." - Thecunanens

"I think that we need to change the idea of home ownership as the American/Canadian dream... I agree with Jenifesto - I live downtown and don't drive, and don't want to move to the burbs, so renting is an awesome strategy. Also, rent is definitely NOT throwing money away because it's giving you a roof over your head every month (I hate when people use that argument)." - Mikhaila

"Right now, I'm all for renting because I'm very used to moving to different countries every three or four years. If I ever actually settle down in one place, I'll probably buy once I've saved up a respectable down payment."- BrokeElizabeth

"I love renting and where I live, it makes more sense than to buy. The apartment I live in would probably cost about $200,000 to buy which would give me mortgage payments of about $900 + condo fees approximately $400 + property taxes approximately $150 -- but my rent is only $750" - Bridget

TOTAL VOTES: 5

- spearofartemis.tumblr.com

Boxing in that hairdo? What's not to love?
This is a foxy boxer with her priorities straight: hair, then training.

PRO-BUYING:

"I think the main thing about buying is that the money you pay into housing every month comes back to you in the end, unlike renting. Right now, we live in a very inexpensive place. Our monthly mortgage is a little less than 100 dollars less than we'd pay to rent. So it's definitely a good financial decision for us." - claybaboons

"I hate renting with a burning passion, haha. I will always, always, always rather own... I cannot fathom going through life living in other people's houses, apartments, condos, etc. But that's just me. I've always hated renting." - Daisy

TOTAL VOTES: 2
- multiplemayhemmamma.com

I don't blame the guy on the right for wearing a pith helmet.
Seriously, Lady Grantham inspired the classic Smack My Bitch Up.

PRO-IT DEPENDS ON THE SITUATION:

"I used to have this "why do people rent when a mortgage payment can be about the same amount" question running through my head, and then I figured it out: down payment and closing (legal) costs- they're kinda costly!!! So, in my humble opinion, unless you have at least $10k just hanging around, those "front end" costs need to be taken into consideration too :-)" - Sarita

"It really depends on where you live, and what you're looking to get out of it... Equity is the one lynch pin in the argument of owning vs renting for me. If you're moving around a lot it doesn't make any sense, but if you're staying put it does. If a person rents an apartment for 25 years, and another person pays a mortgage for 25 years, I'd be willing to bet that the person with a mortgage has come out ahead." - Cassie

"Unfortunately it comes down to, it depends. Depends on your personal situation of finances at the time, housing costs, your future plans, etc." - Kurtis

"Of course it depends. Saying "if I buy all my money will roll up in my house" is like saying "if I eat the entire contents of my fridge, I won't have any food left pin my fridge." yes, it's a huge financial outlay. But if it takes all your sheckles, you're doing it wrong, whether that is renting or buying." - Katy

TOTAL VOTES: 4

- flysongbird.blogspot.com

This might be my fave lady boxing picture. It's from the 1920s,
and looks like shit just got real.

Conclusion

Basically, it quite obviously depends on the situation. For me, j'adore renting, like it's not even a question. Even if I did want to buy? I'd have to first pay down all my credit card debt, then build up some savings, then make a downpayment, blah blah blah, I'm fine as I am thankyouverymuch.

This is going to be a continuing discussion, I think. Do you feel like being mad at someone? Check out this article: 8 Reasons Single Women Buying A House Is Nuts!  (*Hint: it should make you mad because of the ongoing, unspoken assumption that all women are going to wind up married, so you should wait to buy a house until later. What about the zillions of people who never marry? Should they never get to own a house?)

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