Posted by ChrisG on November 05, 2001 at 11:37:25:
In Reply to: Why do you Rent ? posted by Curious on November 04, 2001 at 12:31:31:
while it is true there are plenty of places up for sale in the city, when you get into specifics you see what is desirable (or necessary)about renting.
i think a lot of people in this city barely live paycheck to paycheck, so the concept of a downpayment plus mortgage on even a modest apartment would be over many people's heads.
then you have super-rich people who don't blink at 10K/month rent; they just dont' care, and they have the house in the hamptons anyway.
for the rest of us who could feasibly own, it's a matter of finding the right place. i'm looking for a place, but right now the only things in my price range are 1 bedroom apts in lame post-war hi-rises. i'm about a year of savings plus one healthy raise in my wages before i can seriously consider buying something i really like.
most people i know share their apartments with SOs or other friends. when buying a property, however, you sort of have to go it alone. this reduces one's price range considerably. does naybody know if there's a way to buy a property as a group? does that require forming a co-op board or something? if it were as easy to buy a place en masse as it is to split rent between roommates, i think there'd be a lot more purchasing going on.
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