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re: Homes in upper middle class neighborhoods going up for rent

Posted on 5/16/24 at 9:47 am to
Posted by kywildcatfanone
Wildcat Country!
Member since Oct 2012
119591 posts
Posted on 5/16/24 at 9:47 am to
Other than not wanting to deal with yardwork, I don't understand why people will pay $2K a month rent instead of buying.
Posted by Chucktown_Badger
The banks of the Ashley River
Member since May 2013
31335 posts
Posted on 5/16/24 at 9:55 am to
quote:

I don't understand why people will pay $2K a month rent instead of buying.


Because buying would require you to pay 2-3x that per month. I'm one of those people right now. Just waiting it out. Though I'm paying a lot more than $2k per month in rent
Posted by Sterling Archer
Austin
Member since Aug 2012
7344 posts
Posted on 5/16/24 at 10:38 am to
quote:

, I don't understand why people will pay $2K a month rent instead of buying.


Because $2k a month in mortgage might get you a $240k house with today’s mortgage rates. And if you pay that much for rent then there probably aren’t decent homes for $240k where you live
Posted by ks_nola
Bozeman
Member since Sep 2015
503 posts
Posted on 5/16/24 at 2:07 pm to
$2k a month is approx $280k. In my area according to zillow that gets you a 1k sf trailer but you still have to lease the land, 7k sf vacant lot, or a van down by the river. So instead we rent a very nice apartment for now.
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