Is it better for you to rent or buy a place in your area? (calculator included)

posted 3 years ago in Home
  • poll: For our situation
    Renting is ideal, and we rent : (19 votes)
    30 %
    Buying is ideal, and we own a home : (26 votes)
    41 %
    Renting is ideal, but we own a home : (2 votes)
    3 %
    Buying is ideal, but we rent : (15 votes)
    23 %
    We do not rent or own (unique situation--i.e., live with family) : (2 votes)
    3 %
  • Post # 4
    Member
    11772 posts
    Sugar Beekeeper
    • Wedding: May 2013

    In our area, renting is better for 20 years or shorter of living in a place! But our rent is nearly free!

    Where we moved from (an hour away in Boston), after 8 years a house is the better option.

    But buying wouldn’t make any sense right now–Not when we could be moving out of state in the next couple of years.

    Post # 5
    Member
    10493 posts
    Sugar Beekeeper
    • Wedding: January 2011

    Going from our apartment to this house, renting was better.  There aren’t many houses for rent similar to what we own.  I wouldn’t be shocked if renting still came out ahead if similar living spaces were compared, but there are other advantages too.

    Post # 6
    Member
    6525 posts
    Bee Keeper
    • Wedding: September 2013

    @bmo88:  buying would be ideal but is out of the question bc houses where i live start at $550K

    Post # 8
    Member
    1358 posts
    Bumble bee
    • Wedding: June 2012

    For similar properties, it’s better to buy than rent after a few years.

    To buy a mid-range, 2 or 3 bedroom house in a decent but not amazing neighborhood, would be somewhere around 200 – 225 and up depending on how renovated the place was. Comparable rent would be at least 1400 and on up very quickly. In that case, it’s better to buy after 3 or so years.

    You can find a decent 1 or 2 bedroom condo in a fun, urban neighborhood for probably around 100k, but let’s just say you didn’t get a great deal and paid 150k. You would pay at least 1100 a month for that. (Maybe, possibly around 1000 for a lower end condo with no amenities, the kind that would sell for maybe 90 – 120k.) In this case it is still better to buy than rent after about 3 years.

    Atlanta is a pretty affordable area, one of the main things it has going for it.

    Post # 9
    Member
    10748 posts
    Sugar Beekeeper
    • Wedding: February 2014

    Definitely buying for us. I can’t imagine a situation where renting would be better, because you never get that money back. I get if you can’t afford to buy, but otherwise I can’t see the advantage. 

    Post # 10
    Member
    1888 posts
    Buzzing bee
    • Wedding: August 2014

    For LA it says that renting is ideal, but it doesn’t take into account that right now we are in a very small apartment (with a storage unit nearby), and we are saving to buy a home that would be much larger (and allow us to get rid of the storage unit).  We’re making do in a small place, but love the idea that someday we’ll be in a place larege enough that we won;t trip over each other.

    Post # 11
    Member
    3394 posts
    Sugar bee
    • Wedding: April 2014

    @bmo88:  According to that chart renting is better for where I live.

    Post # 12
    Member
    1822 posts
    Buzzing bee
    • Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall

    Edit: Actually, I can’t figure out this chart thing. I’m just going to delete my reply. LOL.

     

     

     

    Post # 14
    Hostess
    9910 posts
    Buzzing Beekeeper
    • Wedding: May 2014

    @bmo88:  in our area buying is better after 3 years!  We want to buy, we just don’t have the cash to do so right now.  Maybe after the wedding!

    Post # 15
    Member
    499 posts
    Helper bee
    • Wedding: April 2015

    renting will always be ideal for short term, but buying can be smart in the sense that it’s an investment.  I think that you have to weigh the money saved from renting vs the long term investment opportunities from buying.  

    Post # 16
    Member
    5697 posts
    Bee Keeper
    • Wedding: August 2012

    According to the chart, buying is better where I am, which I knew. Not so much in downtown Seattle, but in the suburbs it is generally better. 

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