[fred_is_fred]

Something I've thought about quite a bit here - for renters don't you worry about being unable to control housing prices long term? I have maintenance on my house and taxes, but I can generally control both (for example I can have my house painted now or wait a year or 2). Rent prices may go up 20% without any input from you. Secondly - do renters move more than owners? How does that work if you have kids in school? I would think ownership provides more stability than renting, but I have no data on whether renters move more or not.

[milkytron]

> for renters don't you worry about being unable to control housing prices long term?

Yes. This is what ultimately led me to a home purchase. I rented for 3 years, and moved each time. After the first year at each place, rent was increased anywhere from 4% a month to 15% if I were to renew. I ended up not renewing a lease each time, since I didn't have many possessions and could move within a day with the help of a buddy for the big things.

I think that might answer your second question too, but I was younger and had less obligations at the time, so moving was more feasible.

I ended up buying simply because I was already renting the cheapest in my market (really bad area, but good location for my needs), and rent was skyrocketing at about 5-10% increases everywhere I looked. I bought for many reasons, but the primary driver was as a way to secure a stable monthly payment and not have too worry about increasing my future wages to keep my current quality of life.

[axaxs]

RE prices, not really. Most landlords seem just happy to have someone not tearing up their house and making payments on time. I've not had one increase rates.

If they did increase rates, well, I guess move? Or buy a house if rent everywhere is crazy.

I do tend to move a lot, but that's what I like about renting. Freedom. Can just pick up and leave and onto the next adventure. I owned a house years back, and it felt like a big anchor holding me down.

Kids are an important factor. I think age matters a lot. Mine is in elementary school and is just happy to meet new people.

You do get 'stability' with buying a house, but that's not always good or even a sure thing. Maybe your city will implement a bussing program and cart your kid across the county. Maybe you get an awful neighbor(s) who make tons of noise, park cars in their yard, etc.

Stability is definitely a double edged sword IMO.

[horsawlarway]

Are you renting from owner operators, or from a corporate owner?

Because my experience with renting apartments was that rates will go up at every renewal - don't like it? Move.

I could rent a new construction 2 bedroom luxury apartment in midtown Atlanta and pay about 1250/month in 2011 (I did this several times with buddies) - usually between 1200 and 1400 sqft. Now you can only rent much older units (constructed 70s to 90s) usually 1 bedroom or a loft for that price - usually around 900sqft.

I just searched the area I used to live for anything with 2 bedroom for 1250 and below. There is one result, and it's old student housing.

If I wanted a comparable apartment to something I could rent 10 years ago for 1250, most options now start at 2500.

Now - home prices have also spiked in my area, but the population growth doesn't seem to be slowing at all, and if I buy I'm no longer subject to yearly increases, and the perils of the rental market continuing to heat up.

Basically - owning means I get to still live where I am after the gentrification occurs. Because as a renter I'll likely be pushed out of the area (even if renting still is cheaper somewhere else in the city)

[axaxs]

I only rent from individuals who own the home. People should never give money to the likes of BlackRock or Invitation Homes, who are helping destroy the housing market.

Rant aside, there's certainly nothing wrong with owning. I plan to probably settle down and buy this year in fact. I was just trying to show that renting isn't all bad, and certainly has some pros over owning

[pram]

My mortgage payment has gone up $400 a month since 2013 just because of property taxes and the house value getting appraised upwards. Pretty much feels like renting at this point lol

[fred_is_fred]

OTOH when you sell you reap the benefits of $4800/year in the additional appraised value.