I can hear the groans: "Not another thread on this, please!" :) This one is The Trulia 2011 edition. "Rent vs Buy? The Definitive Interactive Guide" "Courtesy of Trulia we bring you the definitive interactive guide on whether it is currently cheaper to buy or rent in various metro areas around the country. It is immediately evident that real estate in New York continues to be massively overpriced,... [more]
I can hear the groans: "Not another thread on this, please!" :)
This one is The Trulia 2011 edition.
"Rent vs Buy? The Definitive Interactive Guide"
"Courtesy of Trulia we bring you the definitive interactive guide on whether it is currently cheaper to buy or rent in various metro areas around the country. It is immediately evident that real estate in New York continues to be massively overpriced, with the option to rent the only economical one, although that will surely not prevent this year's batch of Wall Street bonus heroes from purchasing multi-million Soho lofts, especially if the Chairman decides to lend a helping hand. "
http://www.zerohedge.com/news/rent-vs-buy-definitive-interactive-guide[less]
Response by GettingBearish
over 14 years ago
Posts: 4
Member since: May 2011
Well, I tend to agree with the conclusion, but the numbers don't make sense. They're comparing a $3400/month rental to a $1.3M purchase. No way. A $3400 rental would go for, what? $800-$900K? Now, 900K/(3400*12)=22, which would still be one of the top 5 in the country, but it wouldn't stand out like it does.
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Response by NYC10007
over 14 years ago
Posts: 432
Member since: Nov 2009
I have to agree with GettingBearish. I don't refute for one second that the renting is significantly less expensive, and I'm a recent owner, but any $1.3 million apartment is going to rent for a minimum of $5k, and most likely closer to $6k . Pretty poor comps that were used there...
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Response by Wbottom
over 14 years ago
Posts: 2142
Member since: May 2010
there is the issue of how monthlies should be treated as well
a portion of coop mntnce pays for underlying mtge (tax deductable as with mtge interest) which should be treated as an addtional cost of owning
the amenities one pays for as owner, with the balance of monthlies, are covered by rent in a rental
then there is the consumption portion of ownership--when one lives in an owned apt, normal wear and tear consumes the value of a complete renovation every 10 years or so
and without wear and tear, if one buys and shutters a multimillion $$ apt, and puts it up for sale 15 years later, even in perfect condition, it will trade at an appropriate discount to an updated or new apt--a discount close to a gut renovation
i so love consuming for nuttin the renovation provided by my landlord
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Response by Isle_of_Lucy
over 14 years ago
Posts: 342
Member since: Apr 2011
I don't care what "edition" this thread is. Here's an innocent question .....does anybody on this forum ever look at ANYTHING in terms of how much they enjoy it, or how much it enhances their quality of life, or how happy it makes them? Do people here ONLY look at "what is cheaper"?
:::shaking head in disbelief:::
I'll have high regard for those who will tell me what they like....or dislike....about their apartment WITHOUT telling me if they rent or own.
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Response by Wbottom
over 14 years ago
Posts: 2142
Member since: May 2010
i like the renovation my landlord executed for me prior to my moving in--i enjoy it immensely
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Response by beatyerputz
over 14 years ago
Posts: 330
Member since: Aug 2008
Lucy - I am in the same camp as W - just started a new lease in a gorgeously renovated apt. Beautiful bldg, great location. LOVE it! And the landlord fixes everything. Plus it's cheaper than buying. Very happy.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
Wbuttocks takes a break from "watching Barney videos" with children to tell us how institutional landlords are idiots.
Landlords don't make money, right? Landlords are all charitable towards their tenants or make bad investment decisions and get taken advantage of by Wtushy.
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
what about you?
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
what about me?
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
you are a liar.
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
you make everything up just to disrupt.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
If you were so sure about the answer, why did you ask a question?
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
case closed.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
Wow, this is like a very exciting episode of Matlock. With a current age-appropriate columbiacounty filling in for Andy Griffith.
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
disrupt?
check.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
I prefer credit and debit cards to writing checks which are a bit too suburban mom 10 years ago style for my taste.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
But I suppose you are like George H.W. Bush who just learned what a checkout scanner looks like, right columbiacounty? Did the technology just make its way up to your neighborhood in Columbia County?
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
huntersburg
4 minutes ago
ignore this person
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I'm also a early/mid-30s mom living in New Jersey.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
columbiacounty
8 minutes ago
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No, I haven't been back to NYC in four months and I'm not sure if my doctor will allow me to leave here.
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
huntersburg
1 minute ago
ignore this person
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I admit to having over a 1,000 different identities on StreetEasy.
Please accept my apologies. I don't know why I need to do this.
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Response by lucillebluth
over 14 years ago
Posts: 2631
Member since: May 2010
hey! i am not in my early to mid 30s!!! wtf!! i just turned 30 thank you very much.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
columbiacounty
about 2 years ago
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I couldn't take it anymore and had to sell the remainder of my portfolio today. My wife Velma has already left me and because of the criminal conviction of my old firm I no longer get a pension, so I needed what I could salvage. Fortunately, I found an apartment with a window in the shower that was reasonably priced because of the lack of privacy. So I'll be living there from now on, and I hope I can continue to steal wifi from my neighbor so I can post on streeteasy.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
>lucillebluth
less than a minute ago
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hey! i am not in my early to mid 30s!!! wtf!! i just turned 30 thank you very much.
Who the heck are you? You thought I was referring to you? What an ego
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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
huntersburg
9 minutes ago
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report abuse
Please, please can someone help me? I am pretending to be lucille and jim_hones among 1000's of others. I don't know how to stop but
I know that I need to. Please, is there anyone, anyone out here that can help me?
Please.
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Response by lucillebluth
over 14 years ago
Posts: 2631
Member since: May 2010
no columbiacounty thought that when he reposted it. of course YOU know i'm only 30.
'/%3e%3c/g%3e%3c/svg%3e)
Well, I tend to agree with the conclusion, but the numbers don't make sense. They're comparing a $3400/month rental to a $1.3M purchase. No way. A $3400 rental would go for, what? $800-$900K? Now, 900K/(3400*12)=22, which would still be one of the top 5 in the country, but it wouldn't stand out like it does.
I have to agree with GettingBearish. I don't refute for one second that the renting is significantly less expensive, and I'm a recent owner, but any $1.3 million apartment is going to rent for a minimum of $5k, and most likely closer to $6k . Pretty poor comps that were used there...
there is the issue of how monthlies should be treated as well
a portion of coop mntnce pays for underlying mtge (tax deductable as with mtge interest) which should be treated as an addtional cost of owning
the amenities one pays for as owner, with the balance of monthlies, are covered by rent in a rental
then there is the consumption portion of ownership--when one lives in an owned apt, normal wear and tear consumes the value of a complete renovation every 10 years or so
and without wear and tear, if one buys and shutters a multimillion $$ apt, and puts it up for sale 15 years later, even in perfect condition, it will trade at an appropriate discount to an updated or new apt--a discount close to a gut renovation
i so love consuming for nuttin the renovation provided by my landlord
I don't care what "edition" this thread is. Here's an innocent question .....does anybody on this forum ever look at ANYTHING in terms of how much they enjoy it, or how much it enhances their quality of life, or how happy it makes them? Do people here ONLY look at "what is cheaper"?
:::shaking head in disbelief:::
I'll have high regard for those who will tell me what they like....or dislike....about their apartment WITHOUT telling me if they rent or own.
i like the renovation my landlord executed for me prior to my moving in--i enjoy it immensely
Lucy - I am in the same camp as W - just started a new lease in a gorgeously renovated apt. Beautiful bldg, great location. LOVE it! And the landlord fixes everything. Plus it's cheaper than buying. Very happy.
Wbuttocks takes a break from "watching Barney videos" with children to tell us how institutional landlords are idiots.
Landlords don't make money, right? Landlords are all charitable towards their tenants or make bad investment decisions and get taken advantage of by Wtushy.
what about you?
what about me?
you are a liar.
you make everything up just to disrupt.
If you were so sure about the answer, why did you ask a question?
case closed.
Wow, this is like a very exciting episode of Matlock. With a current age-appropriate columbiacounty filling in for Andy Griffith.
disrupt?
check.
I prefer credit and debit cards to writing checks which are a bit too suburban mom 10 years ago style for my taste.
But I suppose you are like George H.W. Bush who just learned what a checkout scanner looks like, right columbiacounty? Did the technology just make its way up to your neighborhood in Columbia County?
huntersburg
4 minutes ago
ignore this person
report abuse
I'm also a early/mid-30s mom living in New Jersey.
columbiacounty
8 minutes ago
ignore this person
report abuse
No, I haven't been back to NYC in four months and I'm not sure if my doctor will allow me to leave here.
huntersburg
1 minute ago
ignore this person
report abuse
I admit to having over a 1,000 different identities on StreetEasy.
Please accept my apologies. I don't know why I need to do this.
hey! i am not in my early to mid 30s!!! wtf!! i just turned 30 thank you very much.
columbiacounty
about 2 years ago
ignore this person
report abuse
I couldn't take it anymore and had to sell the remainder of my portfolio today. My wife Velma has already left me and because of the criminal conviction of my old firm I no longer get a pension, so I needed what I could salvage. Fortunately, I found an apartment with a window in the shower that was reasonably priced because of the lack of privacy. So I'll be living there from now on, and I hope I can continue to steal wifi from my neighbor so I can post on streeteasy.
>lucillebluth
less than a minute ago
ignore this person
report abuse
hey! i am not in my early to mid 30s!!! wtf!! i just turned 30 thank you very much.
Who the heck are you? You thought I was referring to you? What an ego
huntersburg
9 minutes ago
ignore this person
report abuse
Please, please can someone help me? I am pretending to be lucille and jim_hones among 1000's of others. I don't know how to stop but
I know that I need to. Please, is there anyone, anyone out here that can help me?
Please.
no columbiacounty thought that when he reposted it. of course YOU know i'm only 30.
Don't worry streeteasy readers.
Help is available - just google it:
http://www.google.com/search?q=Help+Columbia+County
Help is available for Columbia County homeowners
http://readme.readmedia.com/Help-is-available-for-Columbia-County-homeowners/2452855
Jun 2, 2011 – Columbia County homeowners are invited to attend a meeting to find out how they can save money while making repairs to their older homes.
>lucillebluth
2 minutes ago
ignore this person
report abuse no columbiacounty thought that when he reposted it. of course YOU know i'm only 30.
Of course I know you are only 30. What am I thinking right now?
How about now?
i cannot possibly imagine