Comments on: Renting vs. Owning A Home http://www.jerseysmarts.com/2008/05/07/renting-vs-owning-a-home/ How to Survive in the Garden State Thu, 11 Mar 2010 02:25:51 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Metroplexual http://www.jerseysmarts.com/2008/05/07/renting-vs-owning-a-home/comment-page-1/#comment-1888 Metroplexual Wed, 07 May 2008 14:19:37 +0000 http://blog.thebalrogslair.com/2008/05/07/renting-vs-owning-a-home/#comment-1888 Thanks for the hat tip Joe. A cautionary tale about "Rich Dad Poor Dad" google Casey Serin and you will find someone who thought that they could get rich quick and has listened to everyone who had a tale to tell. That said the book has some interesting and counterintuitive views on money. I would recommend it with a skeptical eye. BTW, the place I rent has $4,500 per year association fees and $5,500 in local taxes. I rent 2000 sq feet for $1,600 a month. If you do the math the payment per month on a mortgage on the house at my given rent is about $770 give or take. At 5.75% fixed 30 year the payment would get me around $130-$135K. What are these places selling for in my area? In 2005 $330,000. Yeah there is no bubble, right. This is why I rent. Besides there is the intangible benefit of choosing to leave when you like. I am able to save money vacation and hve enrichment activities for my kids, all because I did not bury myself in debt. I will buy in the near future but only when prices have reverted to the mean. You cannot time the market in stocks but in the case of real estate when things are this out of whack you can know not to dive in. Thanks for the hat tip Joe. A cautionary tale about “Rich Dad Poor Dad” google Casey Serin and you will find someone who thought that they could get rich quick and has listened to everyone who had a tale to tell. That said the book has some interesting and counterintuitive views on money. I would recommend it with a skeptical eye.

BTW, the place I rent has $4,500 per year association fees and $5,500 in local taxes. I rent 2000 sq feet for $1,600 a month. If you do the math the payment per month on a mortgage on the house at my given rent is about $770 give or take. At 5.75% fixed 30 year the payment would get me around $130-$135K. What are these places selling for in my area? In 2005 $330,000. Yeah there is no bubble, right. This is why I rent. Besides there is the intangible benefit of choosing to leave when you like.

I am able to save money vacation and hve enrichment activities for my kids, all because I did not bury myself in debt. I will buy in the near future but only when prices have reverted to the mean. You cannot time the market in stocks but in the case of real estate when things are this out of whack you can know not to dive in.

]]>