Quote:
Originally posted by ikarcuaso
Because the cost of real estate has become prohibitive for many here in the Bay Area (and I'm sure elsewhere), I know people who prefer to rent in nice areas closer to their work, good schools, etc. rather than own a nice home and endure a ridiculous 2-3 hour commute, or own a smaller, older home in a closer, yet less desirable neighborhood.
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+100.
Prices are ridiculous although they're getting better. I'm hoping that in the next 3-12 months things implode enough to allow us to get into at least a condo without taking on one of those idiotic "sucker mortgages" that's little more than a rent payment to a bank rather than a landlord.
Right now, the jury is still out, but I'm looking at 2-4 places a week (been doing it for the last few weeks) but it appears that it's still cost-prohibitive, with occasional properties getting tantalizingly close to affordable range.
To put it in perspective, we're well into the six-figure range and there's still no way we can afford a modest detached single family home either. And it ain't because we're both driving brand new cars either. Something simply has to give in this market. And I'll be damned if it's equity building.
I'd love to own, but if the choice is continue to rent or get all of the problems of home ownership and none of the benefits (e.g. "I/O" sucker loan where you build NO equity), I'll stay renting.