5 places where renting beats owning

Nationally, it's cheaper to buy a home than to rent, but in some areas the reverse applies. These markets are prime locations for renters.

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102Comments
Aug 28, 2012 4:03PM
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I would like someone to show me a three bedroom place in Laguna Beach for $1850. Whom ever wrote that really needs to do proper research. In Laguna Beach for a three bedroom you would be paying about $5k per month for a home and about $3k for an apartment of that size.
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Oh please, when we talk about renting, lets get real.  We paid five to six hundred dollars a month for rent the past three years, prior to purchasing a home in Colorado, where our payment is the same, plus, taxes and insurance, of an additional eighty five dollars a month.  We live in a small country rustic home on one acre of property and can actually afford our house/payment now, according to our income. After forty-four years of marriage, we have and would never pay more then several hundred dollars a month, whether we rent or own.  There are choices in life, hunt them down! 

Aug 28, 2012 3:07PM
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LOL renting never beats owning except in very few instances. (short term job about the only one that comes to mind)

 

Renting is buying a home for a stranger, sounds smart huh?

 

NOT!

Aug 28, 2012 3:03PM
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Honolulu is very expensive to buy or to rent.  So don't think of moving here. It is already getting too crowded with all the Mainlanders.  You guys keep pushing the price up over here.  Don't move to Hawaii.  Mahalo
Aug 28, 2012 2:55PM
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Being a military family, owning a  home was on the border of disastrous - prior to laws aiding military families in selling without incurring a loss. Either way, I love not having to worry about unexpected (or expected) costs, upgrades, and related issues associated with home ownership. We have a wonderful 3/2/2 house with enclosed back yard & playgym for the kids. It is in a quiet culdesac on the edge of town. It is wonderful knowing that if we need to move we can. Although I do miss the tax credit.
Aug 28, 2012 2:31PM
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I had a house in central new jersey my mortgage was 2,600 I've been renting for the past two years we have a two bedroom apt for 1,380 a month with swimming pool and tennis courts and I love it we have more peace of mind and money in the bank home ownership is only a dream because that house never gonna be yours after you finish paying the bank just miss a couple payments of your property tax and you'll see what happens next.......

Aug 28, 2012 2:31PM
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There is absolutely no way you can rent a 3 bedroom house in Honolulu for 1100 a month! I have no idea where they pulled their data from, but I can tell you rent for 3 bedroom house in Honolulu is well over 2k a month.  One bedroom apartment  cost minimum $ 1200 in Honolulu.
Aug 28, 2012 2:15PM
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They act like 1200 a month or 1800 to 2000 a month is cheap. I guess Im just poor living on fixed income because cheap and affordable to me is 500 or 600 a month....with utilities paid. 
Aug 28, 2012 2:13PM
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If you have the money, buy!  If you don't have the money, rent!  It's that simple.  Don't pay interest: The contractual obligations for having a mortgage are much harsher than what is being advertised (Ask a lawyer who works for the bank!).  Save your money and buy your house free and clear.
Aug 28, 2012 1:22PM
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The best thing to do if you cannot afford the house mortgage you are living in. Go to your bank or lending institution and ask them to change your loan to a only interest loan. This way you get to keep your house and you get to write off all your mortgage payments on your income tax's, because it is all interest. I did it. It is cheaper than renting . My payments went from $1,200 a month to $565 a month. Your house balance stays the same and you can refinance later when your income increase. The bank is happy and you are happy.
Aug 28, 2012 12:33PM
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Nursekerry, you have to remember these are "stories", not reporting.  The media writes interesting stories, and never research the facts.  The story teller in this piece is By AnnaMarie Andriotis,  lets see if she responds.  Lets see if she can find a 3 bedroom place for $1800.  Never believe what you read in the media print or on TV.  If 20% of it has some truth, your lucky.
Aug 28, 2012 12:22PM
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There is absolutely no way you can rent a 3 bedroom house in Laguna Beach for 1900 a month! I have no idea where they pulled their data from, but I can tell you rent for a one bedroom apartment in Laguna Beach is 1800 a month.   

A three bedroom home in Laguna Beach will run well over 3000 a month.
Aug 28, 2012 11:57AM
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Isn't this what Obama told us a couple of years ago?  He said that you may want to rent instead of buy!  Only in America could a president say such a thing to the citizens!

Aug 28, 2012 11:41AM
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The goal is to buy for many but you shouldn't buy unless you have the 20% and a good safety net of money afterwards. If you don't have it then rent.
Aug 28, 2012 11:36AM
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deciding to rent vs buy should be based on many things other than money job/ family/   et cetera
Aug 28, 2012 11:26AM
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Renting is almost always cheaper than buying a home due to taxes on the home. Renting allows you to forget about repairs because they're taken care of by the landlord, but your monthly payment is gone. With a house, your monthly payment is put into your house so if you stay there 25-30 years it's yours without paying anything except property taxes.
Aug 28, 2012 11:19AM
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This article has been poorly researched and executed . You are not giving an average rental rate in each city versus average mortgage payment/taxes. You pick and choose what ever "facts" you want to present without any real consistency. And your numbers aren't exactly factual. However, I do agree that in some parts of the country it can be more affordable to rent than to buy but this article lacks any credibility and is a waste of time.

Aug 28, 2012 10:45AM
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Typical mortgage is 30 years.  LIfe expectancy is, what, approaching 80 nowadays? Lets say someone buys their house at 25-30, that means the mortgage can be paid by the time they are 55-60.  You then only have to cover property taxes, insurance for 20 years.  If you're renting you've got another 20, maybe 25 years of paying the full amount.  How is this better?

This is why there was a push to make home ownership more accessible to everybody.  Mortgage/rent is normally your biggest expenditure.  If you can get rid of that expenditure at some point then you are in a much better position to retire.  Much harder to do that when you're stuck paying rent for your whole life.  And people being able to retire is better for all of us, it gets older people out of the workforce and opens positions for the younger generations.

Besides which, do you think your landlord is making a loss on their house?  Get real!  Not unless they are stuck in a real tight spot and have no other choice.  They're a landlord because they can make money doing it.  That means what they are getting in rent covers the mortgage and repairs, etc.
Aug 28, 2012 10:36AM
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Can't afford the rent never mind the homes or taxes!!!!!
Aug 28, 2012 10:28AM
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FWIW, one relevant criteria in the rent vs. buy debate might be whether or not the prospective buyer/renter has a strong or weak "DIY" capability and interest. Owning to most of us means constant maintenance, repair, and decorating projects. One of my 5 sons hates(!) DIY projects, and recently when he relocated he chose to rent in order to minimize the DIY "hassle" and/or hiring out such tasks. That works for him.

 

relinuca  

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