Bad News For Renters..........

> since so much equity would have been built up over time.

beware, this is bubble-speak

"Not everyone wants to live like a gypsy, moving from rental to rental."

Not everyone wants to be stuck living somewhere due to high transaction costs.

In any case, the point is that renters have more options when they don't like their living situation--not that they have to exercise those options all the time. People can make rational decisions about the cost tradeoff in moving versus dealing with higher rent, older appliances, etc.

> I don't think it is true that NY renters move more frequently than NY owners.

those with rent stab move even less than home-debtors.

> Nationally, renters are more mobile, largely because nationally the rental market is sufficiently broken that only people with limited options rent.

renters tend to be younger, the young want mobility. the old loved the idea of staying in the same place (mostly white suburbia) all their lives till heading to florida. that's not appealing to anybody i know under 40.

No one under the age of 40 is in a "real" rent stabilized apartment, by "real" I mean paying under 2K for a 2 bedroom in a doorman building.

For those stuck in a cheap rent stablized apartment for the past 30 years, where the landlord does no renovations and gives them used appliances when theirs break, talk about being stuck.

RENY:

Brooks doesn't get that your use of "touting" was aimed at her way with words.
She thinks we are both simpletons.

How can we go on in life now? lol!

"When did I say young was a bad thing?"

"Uhh, in your last post!"

When did I say young was a bad thing? Please be specific. I said no such thing.

> No one under the age of 40 is in a "real" rent stabilized apartment, by "real" I mean paying under 2K for a 2 bedroom in a doorman building.

there are, but up 96th though

I don't think so notadmin - not a 2/2, anyway. I have not seen a 2/2 in a doorman bldg in Harlem advertised ever, and I have lived here since 2000.

>I have not seen a 2/2 in a doorman bldg in Harlem advertised ever, and I have lived here since 2000.

But the ZIP code in your name is 10006?

And a reason not to rent is that your apartment either is shabby or you pay through the nose to rent something nice.

> I don't think so notadmin - not a 2/2, anyway. I have not seen a 2/2 in a doorman bldg in Harlem advertised ever, and I have lived here since 2000.

it's true, they weren't widely advertised. plus their rotations is lower than owner occupied, so don't count of finding one available.

Well maybe you are right, I did not look above 125th. Now that I think about I did see one at $2200 at the 102nd street Glenwood in 2009 so its POSSIBLE.

lol jason, i know people living in those you decided "don't exist" under 125th on the nicer part of harlem (close to Morningside Park). Remember not so long ago, neither yellow cabs would go around that area.

Buy apt for $120k.
Sell it 30 years later for $1.7mm.

There is a reason the average net worth of renters is like $2000,
and the net worth of owners is in the 6-figures. It's call parabolic equity.

END OF THREAD.

sure if you sold it peak 07'- buy it peak 07' sell 5 years later. YOU LOSE! 30-40%(with transaction costs)- END

For a deal boy, you don't know the DEAL of the century for parabolic equity growth. It's called sidestepping the greatest RE bubble. Or locking in the greatest bubble profit in mankind. It makes the tulip mania look like the cabbage patch dolls. Imagine if you sold all your cabbage patch dolls at the height girlfriend.

And that ticket to become parabolic equity gainer as a prepaid renter gets cheaper by the day for me. How about you girlfriend?

Size orman, your financial advisor says RE won't bottom till 2023! Even if she is wrong by a decade, I still have a full 2 years to become a prepaid renter! Flmoazzz

"There is a reason the average net worth of renters is like $2000,
and the net worth of owners is in the 6-figures. It's call parabolic equity."

Idiotic. That is a US-wide stat for the last 50 years. The average renter in such stats made less money and was much much younger than the average homeowner. You would have to control for income and age to arrive at such a conclusion.

not to mention a once in several centuries real estate bubble.

Owner is cheaper than renting, is most parts of the country, so even without the lottery jackpot to finance our retirement when you sell, it's STILL a better deal. The inflation protected monthly "rent" is just yet another sweet bonus.

>Owner is cheaper than renting, is most parts of the country,

Most of us live in NYC. Do you believe that owning is cheaper than renting in NYC?

Buying a condo or coop really makes absolutely no sense unless you have money to burnt. Figure your average buyer needs a mortgage, then there is maintenance or condo fee, then real estate tax if there is no abatement, i.e., older building. After you add all that up, you don't know when and by how much your condo fee will increase and any other assessment that comes with it :) Good luck trying to budget that mess.

Moral of the story, unless you are making bling bling money, buying a condo or coop in the city is like throwing bad money after bad money! Do the math!