Renting now more expensive than buying. RARE!

Are we talking Manhattan here or some place in Mississippi?

National aggregates... Rents rising as home prices fall.

Damn. Dealboy. Nice vajazzle. The penis sorta ruins it for me. Go sprint.

"National aggregates" - Jesus.

I live in prime Manhattan. Show me that renting is more expensive than buying that. It's all I give a sh*t about.

Sooooooo duuuuuuumb.

Deal oh sounds like a RE agents desperate for action

If you have money laying around and want to invest in something..... I would definitely invest in a property in Manhattan---NOT the stock market. Investing in NYC is like investing in the US treasury... It's a flight to quality--- and if you put 50% down, and your common charges and RE taxes combined are $2700 on a 1.2M 2B/2B ---- I dont know about you, but I'd say it's better than renting the same unit for $4,500 with some landlord who's gonna keep increasing the rent 3-5% every year....

Buying is cheaper than renting - that shows that the market believes that buying is not a good option because it is willing to price a similar value (living there) at a lower cost.

If "[R]enting is more expensive than buying for only the 3rd time in decades" then almost all buyers in the past several decades made bad decisions. Right?

Sounds like some poor sucker is losing money by being long a lot of Real Estate

Why all the anger, dealboy? Even if you had a point, which you don't, you sound like you're trying to convince yourself just as much as the rest of us. Apples to apples...let's look at a 1br/1br penthouse in East Midtown. It's got better outdoor space than my rental. It also has a kitchen that's half the size of mine, and 1/2 the closets, too...and no room in the foyer for the large desk I have. I look at the East River clear across to Queens now, and I'd be trading that for a view of office buildings. It's a very nice apartment, which was just reduced $51,000 to $649,000. Sweet! But the maintenance is $2,142, and oh....there's an assessment of $171.43. That's over $2,300 a month, (only $500 and change less than my rent), BEFORE I make a mortgage payment. Now, to be fair, the current owner may have paid $200,000 for this place a long time ago. He might make money on it even if he drops the price another 50K. And with the write-down, I may net down to around the same thing I'm paying each month...but the space, the location, and the view don't even compare to where I am now. Why would I do that? I'm an idiot? That must make you an idiot with less money than me.

Way to provide context IAmSpartcus.

dumbboy

Sounds like a ripoff with that maint. Use a better example, but whatever you need to justify your lowly renter status. By 30 years, you will lose. And badly.

No anger.
And F realtors.

I just feel sorry for insane renters who think they are smart, and can't see the long term picture of missing out on what I stated above. A lottery jackpot at retirement.

http://streeteasy.com/nyc/rental/727632-condo-535-west-end-avenue-upper-west-side-new-york

In most of the country it's much better to buy than to rent. Unfortunately, Manhattan is one of the few exceptions to that rule. It's still smarter from a financial standpoint to rent in Manhattan than to buy.

"about 1% of people in the history of real estate have lost money"

Tell that to the millions of homeowners who are underwater on their mortgages...

what does that say about the smarts of NYers?

>millions of homeowners who are underwater on their mortgages...

Millions?

Approximately 11,000,000 US households are underwater on their mortgages currently. That's a lot of households.

http://www.usatoday.com/money/economy/housing/story/2012-03-09/bank-of-america-underwater-loans-relief/53434958/1

The number doesn't hold water. How many households are in the U.S.? How many homes were bought in 2004-2007? How many were financed with the minimum equity and by a first time buyer who didn't have excess equity from a prior place.

11MM households ... call it 44 million people, and at that scale, someone ELSE should be responsible?

whoa

nobody caught that dealboy is being sarcastic, huh?!!!!!

or did a cashout refinance with an inflated appraisel..

Hey, cashout refinance was a free lottery payout for anyone who cashed out, and didn't pay any of it back. Guess who paid the bill for that $500,000 shopping spree? YOU. Dumb renter! Renters didn't have that option, did they? You lose. Again.

Underwater? How dumb can a renter get? Underwater people can just stop paying the mortgage. FREE RENT. Dumb renter keeps paying. Or gets evicted in 3 months, if he tries the same stunt. Or, they just walk. Underwater? LOL. They lose NOTHING, idiot renter! Renters lose. Again.

"... Underwater people can just stop paying the mortgage. FREE RENT....They lose NOTHING,..."

And then zero credit rating. Which means they can't even rent. Or buy. So they have to go live with Mom and Dad again. Like dealboy.

are real estate agents eligible for unemployment benefits? dealboy should visit a social security office nearby.

dealboy,

Underwater = no lottery jackpot at retirement. Just in case, you got a Plan B? You certainly sound like someone who is all in and very nervous.

Like I said, SCREW overpaid middlemen realtors. That I'm not. I am all for FSBO and cutting out those overpaid dochebags. Get a real job, leeches. 6% to do what amounts to a $25k/year skill? F that.

Live with mom and dad? LOL, my mortgage is paid off. I'm already enjoying stage 2 of buying. Living at a fraction of market rent. For the rest of my life. Renters lose. Again.

Okay, your mortgage is paid off. What has been your return on equity in the past five years?

Correct me if I am wrong, but in general terms, if a property owner wants to rent out his/her place(s) for even a meager profit, then renting should always be more expensive then buying, right?

That's true if you get to set the rent to whatever price will be profitable to you. In reality, you have to set the price to whatever the market rate is, and that may result in a loss rather than a meager profit.

looks like there will be some hiring this year so I bet we see the rental market get tighter come may / june

dumbboy