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Well, you are talking about $145k, in Bay Area or in Seattle, for example, you can't buy any house at all for this price. Would you still buy this house if it w
by vl 17y ago
Well, you are talking about $145k, in Bay Area or in Seattle, for example, you can't buy any house at all for this price. Would you still buy this house if it would cost you 600k?
- hugh3 17y agoExactly. It seems to me that the only people who really need to worry about the economics of renting vs buying are those for whom houses are very expensive; either because they live in an expensive area or because they have low incomes. If you can buy all the house you need for $150K and you're earning at least, say, $50K then by all means go ahead and buy a house for the lifestyle reasons. But if the house you need costs ten times your annual salary then you need to think a lot more carefully.
- chime 17y agoLike I said: > All I know is that for people who can afford to buy and afford to rent, money has very little to do with buying vs. renting. If I could afford to buy a $600k house and afford to rent a similar house in the same location, whether I buy or not would depend on my personal choice (which is to buy, not rent). If I can't afford to buy, then why even get into a debate. Of course I will rent.