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Most of the people renting in a large city are doing so because buying is so expensive and unattainable. Not because they prefer renting.
by bern4444 4y ago
Most of the people renting in a large city are doing so because buying is so expensive and unattainable. Not because they prefer renting.
- distances 4y agoAnd if it's attainable, does it make financial sense? I rent an apartment now, and to buy a similar would be roughly 1000 times the monthly rent. I would have to bet very heavily on appreciation before that made financial sense, even with the leverage of a mortgage.
- jjav 4y ago> to buy a similar would be roughly 1000 times the monthly rent. Have you somehow inherited into a rent-controlled apartment still paying the same $5 rent from 1800?
- distances 4y agoTalking about the total apartment price, not a monthly installment. Yes most of the city is rent controlled, this is a ten year old rental contract. Rent is about 600€ and apartment I estimate would be 500-600k. Could also be more though, I'm not exactly up to date.
- presentation 4y agoI can buy a house here in Tokyo but it doesn’t make sense for me to. Partially because housing is a bad investment here and rents are very affordable (which is exactly the point of OP), and partially because I expect that my needs in my current situation will differ greatly from my future needs and don’t personally want to take on the burden of managing properties at this time to compensate for that.