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

Posted by Curious on November 05, 2001 at 20:00:03:

In Reply to: 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:

What your saying makes sense - in a twisted way. There are plenty of apartments available in NYC for way under $200,000 - but not in tony Lower Manhattan neighborhoods where you live. Don't expect someone to give away a home for less than market value. I'm glad you're happy with your rent stabilized apartment. I guess you're also happy with the guaranteed rent increases every year. And you must be happy with the knowledge that at any time the LL can decide to renovate, raise your rent, or simply take over your apartment for his own use.

While you get hit with rent increases, those who own their homes enjoy long term appreciateion. While you complain about your lousy building, those of us who own are busy redecorating. No surprises that you're the "Cranky Tenant"!!!

: 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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