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I've been a landlord for ten years and I've always been a renter. For people like me with no desire to have kids and minimal ownership of furniture and toys, r
by cko 6y ago
I've been a landlord for ten years and I've always been a renter.
For people like me with no desire to have kids and minimal ownership of furniture and toys, renting is nice.
I've always wanted to be a renter for life, but recently I also have been thinking about buying some land in upstate New York or in the outskirts of some European city and building a livable structure like an A frame or a geodesic dome.
I do think urban housing prices are insane. My rental units were in the suburbs, and now I have vacation rentals in Southern Utah instead. So the rent price ratios made sense. In denser cities, the landlord would have to out like 50% down just to break even on the mortgage. Yes, they may be cash flowing, but just barely, and the nuance is they put a massive down payment. It just depends on location.
For those who need a general rule of thumb comparing rent vs mortgage, there's the 5% rule:
https://www.pwlcapital.com/rent-or-own-your-home-5-rule/ https://www.pwlcapital.com/rent-or-own-your-home-5-rule/