Quote:
Originally Posted by MisterPeabody
What a retarded thread (although Jesus H. Christ & Amp's comments are interesting, and a few others). But still, what a retarded thread.
I live in New York City. NEW YORK FUCKING CITY MAN!! A (decent) 1 BR in a (decent) neighborhood is $3000+. LOL But to BUY that same 1 BR? $750,000+. Over a mil for a 2 BR.
There are only (IMHO) TWO reasons to own a house (and I actually do own one, too, in NJ, for my family):
1. You want "stability" to raise a family/set down "roots" in a community (school, activities, etc)
2. You want to make money through time/equity.
If you don't have either of those things going on then rent, and if you work on the Internet (so you can live anywhere) then live where the rents are cheap. (I live in Manhattan but in a "turning neighborhood" where the rent is only - only - $1200 a month, and I feel lucky. LOL)
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NYC is a different animal all together. When I lived there my 1 bedroom was $2500 a month. In the 2 years we lived in the city, I could have use all that money and paid in full for a house where I live now. Yes...there are huge city houses where I live that can be had for under $60k.
We've had the house we're in for 7 years (in Rochester, NY)and are shooting to have it paid off in less than 3 years. 2800 sq ft of living space. And about 2000 between the basement and attic. 2 kitchens. 3 bathrooms. 5 bedrooms. List price 7 years ago was probably about what someone would pay for a new Range Rover or M5.
My rental properties have mortgage payments of just over $200 and both bring in $1000 - 1200 a month in rent. Properties are cheap as shit here.