Yeah and I saw a recent post saying that roughly 66% of Millennials would like to buy if it were affordable for them.
Rental experiences all come down to the details, how expensive is it, what extra costs (can you have pets) and benefits (do you have laundry in the rental or is it a shared space), is public transportation more accessible, etc.
Back when I rented my washing machine broke and the rental company had a new one installed the same day, the bus route went right up to my building, and the Greenway trail was adjacent to the complex. They decided to increase rent by $100 so I looked at buying a house and found a condo I could afford. The condo was $300 cheaper (including the HOA fee) than the new rent, but the bus didn’t come to where my condo was, the Greenway trail was 10 min road biking away, and when the HOA decided we had to install new lights and doors I had to pay for that (luckily I was able to do the labor myself, but a lot of people couldn’t). Before I sold and moved the HOA was about to replace the roof on my building and we would have all had to pay out of pocket our portion (which equated to approximately 3.75x what I paid for the mortgage and HOA fee, so an extra 3.75 months worth of payments).
Also, a lot of places have more or less protections for renters which can impact things.
Yeah and I saw a recent post saying that roughly 66% of Millennials would like to buy if it were affordable for them.
Rental experiences all come down to the details, how expensive is it, what extra costs (can you have pets) and benefits (do you have laundry in the rental or is it a shared space), is public transportation more accessible, etc.
Back when I rented my washing machine broke and the rental company had a new one installed the same day, the bus route went right up to my building, and the Greenway trail was adjacent to the complex. They decided to increase rent by $100 so I looked at buying a house and found a condo I could afford. The condo was $300 cheaper (including the HOA fee) than the new rent, but the bus didn’t come to where my condo was, the Greenway trail was 10 min road biking away, and when the HOA decided we had to install new lights and doors I had to pay for that (luckily I was able to do the labor myself, but a lot of people couldn’t). Before I sold and moved the HOA was about to replace the roof on my building and we would have all had to pay out of pocket our portion (which equated to approximately 3.75x what I paid for the mortgage and HOA fee, so an extra 3.75 months worth of payments).
Also, a lot of places have more or less protections for renters which can impact things.