Home Sweet... Mortgage...Or Rent. Which Would You Choose?

[seoulsearch]

Hey Everyone,

I don't know if the term "Home Sweet Home" is known worldwide, but that's what I was referring to in the title.

I know this thread might be seen as better suited for the Family or Miscellaneous forums, but since we seem to get a good amount of traffic here in Singles, I'm going to post this here.

I am wondering what people think about living in a house vs. living in an apartment, and renting vs. owning where they live.

I know that owning a home has long been seen as the ideal (at least here in the USA,) but with skyrocketing prices and a crazy housing market, it just might not be possible for everyone.

I've also noticed that as I get older, keeping up a home is just so much work and expense: the lawn, landscaping, property taxes, HOA fees, heating and cooling maintenance, painting, washing, etc. I've had to move several times for family and/or work, and so I'm left wondering if renting, though seemingly "throwing money into the great abyss" because you'll never own anything, might be a better option for future needs.

What about the rest of you? Especially singles who don't have anyone else to help with the chores or expenses...

If you give me a few minutes, I'm going to post a poll, but please don't let that be a substitute for posting here and adding your thoughts to the discussion.

The poll is going to be anonymous and multiple choice, and if I've forgotten any key points, feel free to add them here in your post. The poll function also only allows a limited number of choices, so I wouldn't have been able to include every option as it is.

Please tell us what answers you chose and why, and what living arrangements you think work best for your own life.

I know that for myself, hearing from others is an invaluable resource, so thank you for helping all of us when weighing this crucial life decision.

I'm looking forward to hearing from you!

 

[Lynx]

Depends on the available options, and the viability of each. Home ownership used to be a lot more feasible than it is now... Or that is what I hear from most parts. Here in Southwest Tennessee it is still a viable option. For now.

When I get old the choice will be simple. Retirement village ho! That is, if they are still as relatively cheap as they currently are.

 

[seoulsearch]

When I get old the choice will be simple. Retirement village ho! That is, if they are still as relatively cheap as they currently are.

This is definitely intriguing.

Over the past several years, I've known several people who have looked into a variety of retirement housing options/care facilities according to need or independence, and they have been anything but cheap.

I might have to check into Tennessee's pricing/keep an eye on it for future reference.

Lol, I'm just picturing the horror that our younger (20's and 30's) friends here might feel when reading these posts about things like retirement villages/old folk's homes.

But many of us are having to look into these things for aging family members and/or friends of the family.

 

[stilllearning]

Lets see, I picked own a place, prefer to own, live in a house, prefer a house.

I have just have been blessed, lived in the barracks prior to marriage and got married and bought a house. Again I have been blessed cause able to every time I buy use my VA loan. So just has made it easy to buy the 6 different houses I have bought lived in and then sold and moved to another.

My favorite I owned was the one I had on 35 acres. The reason I like owning is I love growing stuff. Which of all my quirks this is the one that makes me laugh the most and wonder why did ya make me like to grow stuff Lord. I say all this cause as rough as I can be and a rub some dirt in it or suffer in silence attitude I have for myself, the violent occupations I have chosen and the complete violence I can be when the time and place calls for it.

I find this quirk so funny and even outta place cause what I love to grow is flowers......LOL When I had my 35 acres I bought every bulb I could find and any seeds I ran across. I grew roses, bachelor buttons, morning glory's, marigold's, petunia's, holly hock, sun flowers, wildflowers, and much much more but have to admit I have to look online to see how to spell them so just going with what I know I can spell...................LOL

I loved the fall time cause I would save up all the country crock butter containers after they were empty. In the fall would just get out there and cut bulbs off and pick all the seeds out and place them in the butter containers label them and do all over in the springtime with planting.

So have always loved houses so I can just grow my flowers...............LOL

 

[seoulsearch]

So have always loved houses so I can just grow my flowers...............LOL

If you meet a special lady someday, she is going to LOVE this.

 

[cinder]

I recently purchased my first home and while it's been the right decision for me I can see how there's a right time and situation to be purchasing rather than renting.

I would say that overall renting is good for short term ( I think they say if you're going to buy you want to plan to stay there for 5+ years) or situations that are uncertain and might be shorter term. But that flexibility comes with added costs (no equity from rent and the landlord is going to price things so that rent gives him some profit and doesn't just cover expenses) and limitations (the landlord has all sorts of rules about what you can have on the property and do with the property).

As for me, I prefer house living to apartment living mostly because I want my home to be a retreat from other people, not listening to the neighbors through thin walls. Also don't underestimate how wonderful a basement and garage are for storing all kinds of stuff and giving you workshop space. Also if you like big dogs or lots of pets owning is a definite plus.

 

[Artios1]

Depends on the available options, and the viability of each. Home ownership used to be a lot more feasible than it is now... Or that is what I hear from most parts. Here in Southwest Tennessee it is still a viable option. For now.

When I get old the choice will be simple. Retirement village ho! That is, if they are still as relatively cheap as they currently are.

From what I hear Tennessee is also getting pretty pricey ....pretty quickly. All the New Yorkers escaping the régime.
Just don't get old ....It works for me

 

[cinder]

From what I hear Tennessee is also getting pretty pricey ....pretty quickly. All the New Yorkers escaping the régime.
Just don't get old ....It works for me

There's really only one long term alternative to that whole getting old thing. Though I do agree with the whole get old as slowly as possible idea.

 

[seoulsearch]

From what I hear Tennessee is also getting pretty pricey ....pretty quickly. All the New Yorkers escaping the régime.
Just don't get old ....It works for me

Every older person I've ever known has always told me not to get old.

If only we had a choice.

(I know the state in which we are in has a lot to do with choices, but we had a family friend who lived into the triple digits without a cane or even taking any medication.)

But in the end, age gets the best of everyone and eventually steals aways their independence.

 

[Artios1]

Every older person I've ever known has always told me not to get old.

If only we had a choice.

(I know the state in which we are in has a lot to do with choices, but we had a family friend who lived into the triple digits without a cane or even taking any medication.)

But in the end, age gets the best of everyone and eventually steals aways their independence.

Sounds like you have some good genetics… maybe Christ will come back first……...yay!!!

 

[seoulsearch]

Sounds like you have some good genetics… maybe Christ will come back first……...yay!!!

Alas, I am not blood related to the person I described...

But we'll see what God has in store for the future. 🙂

 

[Lanolin]

I'm not really a fan of apartment living, its more for the convenience though
I think you have to really be settled and love the place enough to own it though one can be a slave to a house (some homes are a nightmare to maintain)

I'd prefer the alternative...that you are paid to live somewhere!

I havent come up with an answer to the housing crisis yet but its something that has been going on for years. I think its more important WHO you live with and that you actually get along with them than all the costs of it.

I think the most important thing for singles is they at least have a room of their own that they are happy to live in. It might not be like their bedroom it could be like a shed, workshop, kitchen, library, garden, car etc where they spend the most time i.e their happy place where they can go and relax. The nesting instinct is I think natural ...a homeless person is always thought of as the dregs of society to be pitied.

Homes are very expensive though and that is why it takes a mortgage to own one (mortgage means -pay it until you die) and not really possible for just one person. You need two or more incomes to buy one. Ideally three. I think if you are lucky to inherit or the banks think you are a shoe in for loan they would lend you the money but most banks charge an insane amount of interest after pulling you in with low interest for the first year.

Though rent can be even more I think its so dodgy that people profit from it and make it harder for anyone to live permanently anywhere. You can be paying rent for many years and never get to own any home and get evicted any time. thats hard on families who have to move everytime, find a new place but people get used to it. When renting you just take what you can get depending on the market and available jobs in the area.

 

[Kireina]

I prefer a house 🏠 and I currently own a new house, praise God 😇 purchasing a house was the best decision I have ever made.... though the renovation stressed me out in the beginning 😫 lol.


I bought a townhouse unit in a big neighbourhood because I also want to start a business a small store hopefully lol in the future to support my everyday expenses when I go back home in the future for good 🙌 I prefer a house because I can't live in a neighbourhood where neighbors don't know each other lol which is usually the case if you are living in an apartment complex... you have very little opportunity to develop a good relationship with your neighbours...


Here is a picture of my new home just the first floor 🏡 it is a two-storey townhouse 😍😍😍

 

[JohnDB]

Currently I live in an apartment by choice.

I have owned a home but sold it.

Houses have maintenance...and every dink in the walls and yard always bothers me to no end. So I end up doing something about it.

And houses also require selling when you leave the state.

And I've considered myself only temporarily living in Nashville. So living in an apartment is my life currently...I don't know now if I'm going to get to leave or not...I want to...but it's currently not in the cards.

I like living in houses...much much better than an apartment. Quieter... better parking. Oh well...not now with the current pricing and demand.
And if we can pull off this coffee house and bakery...I'm not getting out for another ten years at least...

I'm trying to stay flexible...but it's just getting to be a juggling act.

 

[Gojira]

This is definitely intriguing.

Over the past several years, I've known several people who have looked into a variety of retirement housing options/care facilities according to need or independence, and they have been anything but cheap.

I might have to check into Tennessee's pricing/keep an eye on it for future reference.

Lol, I'm just picturing the horror that our younger (20's and 30's) friends here might feel when reading these posts about things like retirement villages/old folk's homes.

But many of us are having to look into these things for aging family members and/or friends of the family.

I'm 57 and bought a mobile home in a retirement "village" here in Mesa this past December. I'm the young'n around here. Sheesh. Spent 18G (bought straight out). I rent the lot space (half the amount for a comparable apartment, and property taxes are almost non-existent).

I still work (am working from home in fact), and my inner jury is still out. But, so far, it's not bad.

Expenses are down, it's quieter than my last ghetto-esque apartment, and I have a certain freedom to do things to the property. What I don't like is that more responsibility's on me. That's the trade-off for paying someone $1,200 for a studio apartment.

I prefer an apartment, run by good people and housed by good people. I had that in NYC and in Glendale, CA. My apartment in Mesa SUCKED, and rents are going through the roof here (don't believe all that you hear about rents being so cheap in AZ), so I had to exploit my age.

 

[seoulsearch]

I'm 57 and bought a mobile home in a retirement "village" here in Mesa this past December. I'm the young'n around here. Sheesh. Spent 18G (bought straight out). I rent the lot space (half the amount for a comparable apartment, and property taxes are almost non-existent).

I still work (am working from home in fact), and my inner jury is still out. But, so far, it's not bad.

Expenses are down, it's quieter than my last ghetto-esque apartment, and I have a certain freedom to do things to the property. What I don't like is that more responsibility's on me. That's the trade-off for paying someone $1,200 for a studio apartment.

I prefer an apartment, run by good people and housed by good people. I had that in NYC and in Glendale, CA. My apartment in Mesa SUCKED, and rents are going through the roof here (don't believe all that you hear about rents being so cheap in AZ), so I had to exploit my age.

I had a mobile home in a park as well for many years, and it suited me just fine.

When I first moved in, they had a deal on the lot rent for $99/month for the first year. I forget what the regular rent was after that, but it went up $10 a month every year, and remained very reasonable for a long time.

When I finally left that area, the rent had climbed to what seemed like astronomical rates. I've looked at mobile home parks in every place I've moved but the prices and lot rents alone ($700+ at one) made it completely unreasonable (it was a better deal just to get a regular house in that area.)

I was perfectly content in the mobile home park I was originally at, but any others I've found since are too expensive or else in areas where people are cooking meth.

I was looking into the tiny home movement for a while, but the prices I've seen these days (in the areas I'm interested in) are just as much as a mobile home or regular house.

It's really a shame because where I used to live worked out great and I would have loved to have found something similar to it in another area.

 

[Gojira]

I had a mobile home in a park as well for many years, and it suited me just fine.

When I first moved in, they had a deal on the lot rent for $99/month for the first year. I forget what the regular rent was after that, but it went up $10 a month every year, and remained very reasonable for a long time.

When I finally left that area, the rent had climbed to what seemed like astronomical rates. I've looked at mobile home parks in every place I've moved but the prices and lot rents alone ($700+ at one) made it completely unreasonable (it was a better deal just to get a regular house in that area.)

I was perfectly content in the mobile home park I was originally at, but any others I've found since are too expensive or else in areas where people are cooking meth.

I was looking into the tiny home movement for a while, but the prices I've seen these days (in the areas I'm interested in) are just as much as a mobile home or regular house.

It's really a shame because where I used to live worked out great and I would have loved to have found something similar to it in another area.

I've seen those tiny homes. They look nice, but 200 sq' or whatever they are is just TOO small for me. I don't need a mansion. At all. But I don't want a walk-in closet, either. I got too much stuff, and too many interests.

 

[Gojira]

I had a mobile home in a park as well for many years, and it suited me just fine.

When I first moved in, they had a deal on the lot rent for $99/month for the first year. I forget what the regular rent was after that, but it went up $10 a month every year, and remained very reasonable for a long time.

When I finally left that area, the rent had climbed to what seemed like astronomical rates. I've looked at mobile home parks in every place I've moved but the prices and lot rents alone ($700+ at one) made it completely unreasonable (it was a better deal just to get a regular house in that area.)

I was perfectly content in the mobile home park I was originally at, but any others I've found since are too expensive or else in areas where people are cooking meth.

I was looking into the tiny home movement for a while, but the prices I've seen these days (in the areas I'm interested in) are just as much as a mobile home or regular house.

It's really a shame because where I used to live worked out great and I would have loved to have found something similar to it in another area.

When I was homeless, I considered a van (not down by the river), in which I'd only have the bare necessities. The rest would either be in a storage facility or sold off. The problem would be showering and climate regulation.

 

[TheIndianGirl]

There are definitely pros and cons to renting, owning, living in an apartment, living in a house, etc.

I lived in average apartments in my early years, before my parents bought a townhome during my middle school years. After college, I lived in a series of "luxury" apartments with roommates, and eventually a studio of my own (410 sq ft). Now, being a single woman, I would not consider living in an average/lower-cost apartment alone due to safety concerns. However, if I were a guy, I would be more open in living in these apartments.

Why I enjoyed living in the various apartments (since college) because:
1) No/minimal maintenance worries,
2) Generally great security.
3) Because the apartment is not my "own", I did not waste too much time or money to make it my own (I decorated enough of course, but I did not paint the walls, change the light fixtures, etc.). I bought items with the idea that these items may not last, get damaged while moving, etc. so I did not spend too much money on these items. However, if I owned a home, I would have definitely invested more in quality which can get costly. Oh, and I fixed a few damages with super glue, white nail polish, etc.
4) Occasionally, I made friends with neighbors. At a minimum, there was generally someone to chat with in the lobby.
5) Amenities such as gym or pool. My last apartment also had a dry cleaner and on-site mini grocery store.
6) Flexibility to change new apartments, locations, etc.

Why I do not like living in apartments:
1) Rent increases. I rented my last apartment through a landlord who owned the unit; he didn't increase the rent much. However, before, I rented through management companies and there were definitely huge rent hikes at the end of the lease.
2) Occasional noise issues.
3) Space issues/No space for storage. For example, the kitchens that accompany studio/one bedroom apartments are typically small where I live.
4) Basically impossible to own a pet.
5) No (sizeable) outdoor space like a garden to get fresh air in your nightgown/pajamas.

While I have enjoyed my apartment experiences overall, I would like to own a house once day so I don't have to deal with the negative aspects of living in an apartment as listed above.

Regarding cost, one does build equity owning a home but there are so many other costs. I think the home buyer will come out ahead financially in the long run, but there are a lot more up-front costs with home buying so this needs to be part of the equation.

 

[seoulsearch]

I've seen those tiny homes. They look nice, but 200 sq' or whatever they are is just TOO small for me. I don't need a mansion. At all. But I don't want a walk-in closet, either. I got too much stuff, and too many interests.

I went through a time when I spent countless hours on my days off (or on the treadmill, lol) researching tiny homes, but eventually came to the conclusion that they are just not for me. Finding places to park them, as well as hunting down the specialized insurance and maintenance they need seems like almost as much or even more work than a regular house (at least to me.)

I was floored when I saw a video last week about one place I was interested where two sisters raved about their tiny houses costing around $100,000 each, along with the $500 lot rent.

Biscuits and gravy, if I'm going to pay that kind of money, it's not going to be for a house the size of a sardine can.

And I totally understand about hobbies (if I ever get back into mine,) because there are just some interests that are not adaptable to tiny amounts of space.