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Re: Why do you Rent ? Ownership doesn't just mean single family houses

Posted by Cranky Tenant on November 05, 2001 at 05:37:20:

In Reply to: Re: Why do you Rent ? Ownership doesn't just mean single family houses posted by Curious on November 04, 2001 at 19:04:07:

How many New York City homes have you seen in the $200,000 range?

Those of us who have been here awhile and have rent stabilized apartment do the numbers and often figure out owning a home costs
more than renting.Sure if I could find a home in Lower Manhattan for my current monthly cost, or less, I'd grab it in a moment.

: You seem to feel that the home ownership is exclusively of suburban style single family homes. While NYC (in Queens, the Bronx and Staten Island) does have these, most home ownership involves the same type of housing you're familiar with as rentals: high rise apartments (in the form of coops or condos), and row houses (at all price levels) are available for purchase. Get a spreadsheet and do the math - a $200,000 mortgage at 6% interest over 30 years. More or less than what you pay in rent now?

: I'm beginning to feel that the answer to my question, 'Why do you rent?' is .... out of ignorance!

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