have you seen how this works? i know this is a parody post but it’s real. Rent starts “ok” then the “market” (which is just this guy with 6 props) says rent can be higher. So it bumps. Then inflation. Then covid. Then “market” again.
While the owner know how his tenants salary is tracking, keeping sure to raise the rent by enough to keep him there but not so much he bails.
it’s not the renters fault they need a place, even if one says “yeah but they overspent.” Not initially, no. Maybe some. Tough nuts. But often it’s not initially overspending.
Then again capitalism itself relies on and markets for people thinking they “need” more than they do; the owner of the props is counting on it.
Trying to save up 20% was the biggest mistake of my home buying experience.
My whole fucking life my parents insisted that you had to have 20% down, so that’s what I aimed for. Both my siblings just YOLOed and bought houses between 5-10% down, but I had a better paying job, so continued to save. As I saved, the cost of housing out grew my rate of savings.
When I finally did get a mortgage I only put 15% down and it was at that point I realized that the only thing the 20% down would do for me was save me something like .75% for the first 5-8 years. That is still a lot of money, but compared to just buying a house at $175,000 10 years ago and selling it for double when I ended up moving anyway–it’s nothing.
The whole system is fucked. There’s no reason only those making 6 figures or more should be the only ones with the privilege of trying to own the place you live someday. There’s no reason a company should own a place to live. There’s no reason minimum wage shouldn’t cover a reasonable lifestyle for a family. There’s no reason housing in general shouldn’t be available to everyone.
Who rents that for 72’000 $ per year? At that point you are throwing away your money and most definitely have enough to actually buy a home.
have you seen how this works? i know this is a parody post but it’s real. Rent starts “ok” then the “market” (which is just this guy with 6 props) says rent can be higher. So it bumps. Then inflation. Then covid. Then “market” again.
While the owner know how his tenants salary is tracking, keeping sure to raise the rent by enough to keep him there but not so much he bails.
it’s not the renters fault they need a place, even if one says “yeah but they overspent.” Not initially, no. Maybe some. Tough nuts. But often it’s not initially overspending.
Then again capitalism itself relies on and markets for people thinking they “need” more than they do; the owner of the props is counting on it.
Landlords are scum and deserve nothing.
Andrew Cuomo bragged about renting for $96k/year
You don’t need a 20% down payment to rent a home. That’s the big hurdle, as housing prices have ballooned
Trying to save up 20% was the biggest mistake of my home buying experience.
My whole fucking life my parents insisted that you had to have 20% down, so that’s what I aimed for. Both my siblings just YOLOed and bought houses between 5-10% down, but I had a better paying job, so continued to save. As I saved, the cost of housing out grew my rate of savings.
When I finally did get a mortgage I only put 15% down and it was at that point I realized that the only thing the 20% down would do for me was save me something like .75% for the first 5-8 years. That is still a lot of money, but compared to just buying a house at $175,000 10 years ago and selling it for double when I ended up moving anyway–it’s nothing.
The whole system is fucked. There’s no reason only those making 6 figures or more should be the only ones with the privilege of trying to own the place you live someday. There’s no reason a company should own a place to live. There’s no reason minimum wage shouldn’t cover a reasonable lifestyle for a family. There’s no reason housing in general shouldn’t be available to everyone.
I had to put 30% down for a condo. It just depends on the bank and what you’re buying