My rent is around 1800 euro, if I’d buy this apartment, my mortgage would be around 3000. That’s for more than half a mil. After 30 years I’d have paid off more than a mil.
The company I rent from just got their financing much earlier, and in very big quantities. (Eg it has 100s to 1000s apartments and houses.)
Every year I make more money, every year the place I live is more difficult to buy.
One key difference between renting and buying is that you can then sell the apartment or house. You can’t claw back rent after being a good tenant for 30 years.
So, I happen to have friends that live in Lakewood, and from the sound of it, you just might live in a different Lakewood than them. Lakewood is economically similar to the majority of other suburbs of the major Ohio cities, and seeing as I also live in one of those suburbs, I can assure you that you’re lucky to be paying what you’re paying in rent, even for a studio apartment.
≥ Mortgage You lost me there, renting is much more expensive than paying a mortgage off
Yep if you rent for 60 years you’ll have nothing and spend more by far than the cost of the mortgage.
My rent is around 1800 euro, if I’d buy this apartment, my mortgage would be around 3000. That’s for more than half a mil. After 30 years I’d have paid off more than a mil.
The company I rent from just got their financing much earlier, and in very big quantities. (Eg it has 100s to 1000s apartments and houses.)
Every year I make more money, every year the place I live is more difficult to buy.
One key difference between renting and buying is that you can then sell the apartment or house. You can’t claw back rent after being a good tenant for 30 years.
True true, I try to invest most of the difference, hopefully that will be worth something too when I need it.
Depends where and how you live. My rent is $800 a month, but some mortgages are thousands of dollars.
Where the fuck do you live with $800 rent? Middle of Montana? Dead center of Death Valley? Gtfo.
800 if split 5 ways probably
Ikr, just saw an ad for a nearby apartment wanting 1,200$ a month for a studio apartment… in Nebraska
Lakewood, a suburb of Cleveland. It’s overpriced as hell.
You pay $500 less than the average American for rent. I think you may be lacking the perspective necessary to engage productively with this topic.
My rent is $500 less than whatever metric you’re using, but our local ecconomy is also lowers than yours.
Average wage here is 10/hr for a factory job. I’ve heard some places like Seattle make $20/hr just working at starbucks.
And keep in mind my rent is basically 1 room.
So, I happen to have friends that live in Lakewood, and from the sound of it, you just might live in a different Lakewood than them. Lakewood is economically similar to the majority of other suburbs of the major Ohio cities, and seeing as I also live in one of those suburbs, I can assure you that you’re lucky to be paying what you’re paying in rent, even for a studio apartment.
$800 Rent is cheap in this economy
Yeah, but I’m not in your economy. Average wage around here is lkke $10/hr.
Again, the “how you live” thing again, in your opinion, what is the “correct” way to live?