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Money Is The Main Reason For Renters Not To Buy (Duh)
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2025 May 28, 4:35am 106 views 6 comments
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1
porkchopXpress
2025 May 28, 5:24am
porkchopXpress
2025 May 28, 5:24am
I bought for the first time three years ago, while in my 40s. I had to leave CA for TN to do it because I'd get a shitbox in CA. While it was one of the best decisions of my life to move my family and buy a home, it is indeed expensive to be a responsible homeowner. Maintaining a home properly costs serious $$$, but I love making my castle my own. Having said that, I make really good money and can afford to maintain and upgrade my house. For the average American, I really feel for them because renting sucks in comparison IMO
2
Patrick
2025 May 28, 8:11am
Patrick
2025 May 28, 8:11am
Al_Sharpton_for_President says
Lol, wtf? As it there were not a whopping huge money reason to rent?
It's way cheaper to rent the same thing in coastal California than it is to buy.
while there are some viable, non-money related reasons why some people choose to rent a home instead of buying
Lol, wtf? As it there were not a whopping huge money reason to rent?
It's way cheaper to rent the same thing in coastal California than it is to buy.
3
MolotovCocktail
2025 May 28, 8:41am
MolotovCocktail
2025 May 28, 8:41am
Patrick says
Wookie rant in California/Coastal comments backlash starts in 5..4..3..2..1.
Al_Sharpton_for_President says
while there are some viable, non-money related reasons why some people choose to rent a home instead of buying
Lol, wtf? As it there were not a whopping huge money reason to rent?
It's way cheaper to rent the same thing in coastal California than it is to buy.
Wookie rant in California/Coastal comments backlash starts in 5..4..3..2..1.
4
Al_Sharpton_for_President
2025 May 28, 10:03am
Al_Sharpton_for_President
2025 May 28, 10:03am
Patrick says
Please remind me if the analysis includes home price appreciation over time.
It's way cheaper to rent the same thing in coastal California than it is to buy.
Please remind me if the analysis includes home price appreciation over time.
5
HeadSet
2025 May 28, 2:45pm
HeadSet
2025 May 28, 2:45pm
Al_Sharpton_for_President says
Also should include rent increases over time.
Patrick says
It's way cheaper to rent the same thing in coastal California than it is to buy.
Please remind me if the analysis includes home price appreciation over time.
Also should include rent increases over time.
6
SunnyvaleCA
2025 May 28, 3:21pm
HeadSet says
There are a lot of variables and assumptions, but my area looks like a prime example of renting being cheaper than buying... $2.6 MM to buy but less than $5k/month to rent. Buying my shack now would entail $600k down payment followed by monthly interest payment of $10.8k and monthly taxes of $2.2k. That doesn't count maintenance and repairs. That doesn't count maybe paying some principal on the mortgage.
That said, in other parts of the country the equation is much more favorable towards buying. Heck, in other parts of the bay area you could see yourself clear to buying, although you would be signing yourself up for a miserably commute.
Al_Sharpton_for_President says
Patrick says
It's way cheaper to rent the same thing in coastal California than it is to buy.
Please remind me if the analysis includes home price appreciation over time.
Also should include rent increases over time.
There are a lot of variables and assumptions, but my area looks like a prime example of renting being cheaper than buying... $2.6 MM to buy but less than $5k/month to rent. Buying my shack now would entail $600k down payment followed by monthly interest payment of $10.8k and monthly taxes of $2.2k. That doesn't count maintenance and repairs. That doesn't count maybe paying some principal on the mortgage.
That said, in other parts of the country the equation is much more favorable towards buying. Heck, in other parts of the bay area you could see yourself clear to buying, although you would be signing yourself up for a miserably commute.
And while there are some viable, non-money related reasons why some people choose to rent a home instead of buying – e.g. greater flexibility and fewer responsibilities – most of the current renters surveyed by Gallup earlier this year cite financial reasons for their decision to rent.
As Statista's Felix Richter shows in the chart below, 68 percent of renters said they simply can’t afford to buy a home or put down a large down payment, which is not a surprise given the unfavorable mix of high prices and high mortgage rates we’re currently seeing.
That’s up significantly from 2023, when just 45 percent of renters said they couldn’t afford to buy.
Convenience and easier maintenance were the second most cited reasons to rent in 2025, albeit far behind affordability at just 11 percent of respondents.
The state of the housing market/the economy, bad credit and lack of financial stability followed at 9 and 6 percent of respondents, respectively.
https://www.zerohedge.com/personal-finance/money-main-reason-renters-not-buy