this post was submitted on 20 Sep 2023
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I'm guessing it's mostly about building equity. The average net worth of a home owner is $225k, while the average net worth of a renter is $6k. You can usually get a lot of the money you pay for your mortgage back if you really need to (and likely much more long-term, if the housing market isn't down). And you can do whatever you want with a house you own (change flooring, remodel, make garden beds, install solar panels, build a workshop, etc).
Renting makes sense if you plan on moving again within the next 5 years, or if you are very high income, can build significant equity while also paying rent, and just want everything taken care for you.
That's why I'm saying starting with a condo makes a whole lot of sense, it's the compromise between the two, but it seems less and less people want to start small to be able to afford something bigger later... My friends are just staying at their parents' or in their authentic instead, even if they have more than enough money to afford a condo, but not enough for a house 🤷
Having owned a condo - I can't honestly recommend them.
You're beholden to an HOA in every way that can charge whatever they want.
I was paying $600/month for a green pool, a broken grill, and an 'unassigned' parking spot.
My place flooded 7 times in 6 years due to 'unforeseen circumstances' with no recourse because there is no way of knowing which of the 15 units above me leaked, or if it was a central pipe.
It sucked dick
You realise the HOA is... the owners...
And I call bullshit on the no recourse, insurance companies would never have let it fly because the owner responsible is the one who's insurance would have had to pay for the damage.