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Why do you Rent ?

Posted by Curious on November 04, 2001 at 12:31:31:

I was just wondering why so many people in New York rent apartments, as opposed to owning. I believe New York City has the highest rate of renting in the country - with around 70% of household renting. In most parts of the country, far more people own, than rent.

Why do people here prefer to rent? Owning always cheaper in the long run and often times a mortgage payment is less than monthly rent. There are tons of town houses, coops, condos, etc. available for ownership. Yes owning does mean you have to take care of problems yourself, but also frees you from dealing with a landlord for everything. I'm especially perplexed when I hear of people renting the same apartment for years or even decades. Come on New York - why do you rent?

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