Is it "immature" to dislike home ownership and never want to do it?

[I spent the winter writing songs about getting better]

I vote no of course, but I bet many will vote yes.

[Grumpier Than Uncle Joe]

Not at all.........it's just immature to constantly poll about it.

[Franzl]

It isn't immature to dislike it for yourself. Only you can decide what you want in life.

[I spent the winter writing songs about getting better]

Bono (not one to agree with me economically) has posted lots of good stuff on why homeownership is really fucking stupid.

[TeePee4Prez]

I think you have to look at the economics of it.  I think it's the best goal, but with the current environment and what part of the country you live in, it may not be best for everyone.  Remember, rent goes up every year.  Mortgage payments stay constant unless you're a fool who goes into an ARM.  All I'm saying is don't write it off so easily.  Minneapolis and Philadelphia have similar markets so you maybe right for now considering most loan payments are interest loaded in the beginning plus the possibility of short term valuation declines so you won't get much equity considering you could only be living in a place for a few years and might be underwater.  In both our cases, yeah renting is probably better, but don't write off home ownership in the future.     

[Mint]

I think you have to look at the economics of it.  I think it's the best goal, but with the current environment and what part of the country you live in, it may not be best for everyone.  Remember, rent goes up every year.  Mortgage payments stay constant unless you're a fool who goes into an ARM.

Why is it the best goal? Sure rent costs go up (normally) but buying a home forces you to stay in the same area and saddles you with years of debt. If you rent you have far more mobility and you can probably put the money you saved to better use. I think BRTD has it right for once, even if property value wasn't crashing I don't think it ever made that much sense for the average person to treat home 'ownership' as anything other than a luxury (outside of crime rate + all those incentives the government gave them).

[fezzyfestoon]

Well, your support for the position certainly doesn't do it any good in the arena of maturity.

[Lief 🗽]

If it is, then many adult Europeans (even those with families) are immature.

[I spent the winter writing songs about getting better]

Remember, rent goes up every year.

Mine hasn't. I'm paying the same that I did when I moved in here in June of 2008.

If it is, then many adult Europeans (even those with families) are immature.

In all fairness the markets in those places are much different. On the other hand, maybe that's part of the mess. If people saw homeownership as a luxury instead of a goal or something everyone needs to do eventually as is more the attitude in Europe, we wouldn't have had the housing bubble.

[John Dibble]

You can dislike it yourself all you want. That's your business. What's immature is getting up in someone else's face about their preference.

As to the renting vs ownership, there are pros and cons to each.

With renting, you have a lot of short term benefits. You don't have to do most of the maintenance work as your landlord is required to do that and you don't pay property taxes. However, if your landlord sucks getting the work done can be a hassle. Your rent payment also may go up, though not necessarily every time you renew your lease. It is very unlikely it will ever go down. The biggest con is long term - if you never own, you always rent, which means you always pay. In the long run you'll be paying far more money.

With ownership, you have the long term benefits. Once you manage to pay off what you owe on the mortgage (provided you don't pay outright and owe nothing) your biggest monthly expense will be gone. Yes, you still have the drawbacks of having to be the one who pays for maintenance and property taxes, but that will generally cost much less than what you would be paying in rent year by year - that's why landlords make a profit even if they do that stuff.

There are other pros and cons to each of course, but those are the big ones I think. My plan is to continue renting for at least one more year and then go for a house. Rent while you're young and just out of school, because that's when you'll need the immediate savings of not having to pay for maintenance and property taxes the most. Those short term savings allow you to build yourself up. Once you're secure and you have the things you need, then you go for ownership, but not before.

[TeePee4Prez]

You can dislike it yourself all you want. That's your business. What's immature is getting up in someone else's face about their preference.

As to the renting vs ownership, there are pros and cons to each.

With renting, you have a lot of short term benefits. You don't have to do most of the maintenance work as your landlord is required to do that and you don't pay property taxes. However, if your landlord sucks getting the work done can be a hassle. Your rent payment also may go up, though not necessarily every time you renew your lease. It is very unlikely it will ever go down. The biggest con is long term - if you never own, you always rent, which means you always pay. In the long run you'll be paying far more money.

With ownership, you have the long term benefits. Once you manage to pay off what you owe on the mortgage (provided you don't pay outright and owe nothing) your biggest monthly expense will be gone. Yes, you still have the drawbacks of having to be the one who pays for maintenance and property taxes, but that will generally cost much less than what you would be paying in rent year by year - that's why landlords make a profit even if they do that stuff.

There are other pros and cons to each of course, but those are the big ones I think. My plan is to continue renting for at least one more year and then go for a house. Rent while you're young and just out of school, because that's when you'll need the immediate savings of not having to pay for maintenance and property taxes the most. Those short term savings allow you to build yourself up. Once you're secure and you have the things you need, then you go for ownership, but not before.

I have to agree with BRTD on one thing.  It's that people can be in your face like home ownership is the ONLY way and anything otherwise makes bad financial sense.  Being an accountant/aspiring CPA, I get insulted when I make the argument for renting in some cases and my business sense/accounting knowledge gets questioned.

[Smash255]

Never want it?  Perhaps

Overall it depends on the situation.  It wouldn't make much sense for a single guy in their 20's to own a home, unless perhaps if they live in a real cheap area.

On the other hand if your someone with a family who is looking to settle down and stay in one area for awhile it does make sense as long as you can afford it.

[TeePee4Prez]

Never want it?  Perhaps

Overall it depends on the situation.  It wouldn't make much sense for a single guy in their 20's to own a home, unless perhaps if they live in a real cheap area.

On the other hand if your someone with a family who is looking to settle down and stay in one area for awhile it does make sense as long as you can afford it.

See BushOK's case.  Less than $100 at closing?  You'll never get that in the coastal mid-Atlantic.  Oklahoma and Texas.. yeah, buying is the better choice in almost all cases.  What he paid would be a rowhome in the ghetto here in Philly and let's see a 1/16 acre with a cardboard box up where you are on LI?

[Associate Justice PiT]

     Not at all. Owning a home is far from necessary.