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WeWork founder remains a billionaire even with firm’s bankruptcy | The Straits Times
(www.straitstimes.com)
this post was submitted on 09 Nov 2023
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So everyone needs to be able to spend the upfront capital to buy a home? What about people who want to rent? There are lots of advantages to not buying.
The advantages you mention are a result of inflated values. Your parents generations could much more easily buy a property and decide to sell it within a few years to move somewhere else.
back when I was growing up (I'm under 30) a normal middle class family could own a whole ass house with more rooms than people. today's housing market is not normal
Loans exist. And reduce the upfront cost in paperwork to buying a house. It shouldn't cost nearly 5 figures just to get documents signed.
So instead of paying rent, you pay loan payments. And the bank can seize your property if you can't pay. Sounds like six of one and a half-dozen of the other.
You're still thinking within the current broken system. The only reason the bank can seize everything unfairly no matter how much had been repaid is because the laws allow it.
Even if you ignore foreclosure, mortgaging still is often more expensive than renting on average in the short term. Because part of what you're paying for in a mortgage is the fact that it has a finite length.
Rent keeps going up, my mortgage is the same regardless of that and I purchased based on what I could afford at that time.
My mortgage is gone because I paid it off. Which is an option, but not for renters who have to pay forever (and in many cases, increasing rates) just to keep hold of the same 1000 SQ ft place.
Mortgage payments build equity and when you move you can sell the property and recoup nearly all of that. Rent is gone.
Foreclosure is a huge issue that needs to be addressed in legislation. All that equity should still exist for the homeowner even if they stop being able to afford payments.