Srs... seems like a massive headache and debt burden. Why not just rent a fancy condo or high rise apartment, where all the bars/clubs/restaurants/social scene is?

If you are in a HCL area, you will find out quick. Fixed rate, paying into an asset w/ tax benefit. It's tough to wrap your head around early, as the initial costs can look daunting.... it's the exact opposite if you are buying smart. Start with a condo & climb the ladder. Most of Misc is in a theory of delusion, that you somehow, your landlord is footing a bill for you. Not a chance.

It’s mainly so you don’t have to hand over your pay check to a landlord


Spoiler!

Make sure you don't blow your rent money on Xmas gifts.

Rent's due buddinger.

Don't forget maintenance

well. freedom to **** around with and improve your home. Personalize it, increase the value of it. Whatever.

hedge against inflation

various tax write offs. something to hand down to the kids, yada yada yada

and eventually, not having a monthly bill for where you hang your hat. I paid off my house in 2020. Only thing I have to pay is a tax bill each march and august but the feeling of having no monthly mortgage or rent is incredibly satisfying.

there's no comparison in terms of quality of life

As you pay it down you have more and more equity you can borrow against or use as “net worth” if you want to start a business or purchase a franchise etc. Plus in 15 or 30 years its paid off and no more rent every month. Do you really want to try paying rent when on Social Security?

House:
No landlord
You can upgrade certain things you don't like
You can keep however and whichever pets you like
More sense of community
In CA, a mortgage+prop tax + insurance for a $400,000 is around $2,100 - $2,500
If you own a home, it's easy to live off of minimum wage (MIL does it)
If you own house, rent is effectively zero (property tax is negligible relative to rent unless you own a million dollar home)

Your "contract" to live in a house depends on whether you can continue to pay your mortgage.

You can buy in cash

If self employed, you can work from your house with clients (neighbor did this in apartment, and they got evicted)

You have a drive way or garage.

Very rare if criminals can afford houses.



Apartment:
Rent in my area is $2,400 - 3,000 unless you rent non corporate
No pets (depending on landlord)

Stuck with chit AC, Toilet, Shower if you complain and have been living there forever, you will get kicked out for renovations as soon as your lease is expired.

If you rent, and get kicked out for a any reason in a rent controlled market your rent will jump from $1,200 to $3,000 (this is realistic based on my location)

Quarterly inspections where Mexicans go into your unit looking at everything to make sure you aren't keeping too many people, or unauthorized pets (if allowed)

Monthly income must exceed 3x monthly rent (no exceptions unless it's not corporate), you cannot use your bank account savings of $300,000 as proof you can pay

No fans on windows

No walking on grass

No pets allowed to wander outside

Longest contract you can have is typically year to year (if allowed by landlord) then typically you are living month to month and they increase rent every month

Most apartments don't have private garages, so ******* Mexicans will park in your spot and they will get angry with you if you ask them to move or call tow truck

At night, you are ****ed if someone takes your spot.

Most apartments have bad lighting or zero security, so if you are a single woman, you're ****ed.

Criminals can rent apartments, "criminal" is defined by vague legalese, so even if someone went to jail, they aren't consider criminals, and can still live next to you.

Violent tenants will not get arrested by police (if you live in a liberal place) a single mom was begin targeted by some Mexican, and he broke all her windows (police did nothing since no one was killed)




There is 0 advantage to renting despite what the news says.

If my MIL who works minimum wage can easily afford an owned home, then anyone can do it.

The people who complain about having to mow the lawn sound like old men at work who consider accounting to be "fast paced" work. i.e. out of touch with real life or obese.

Owning is superior in the long term.What's more is you can rent rooms of your house out if you want to. In this market, that's a lot of money.

Leave it to some of the bad advise crew of the Misc to say you can rent rooms out of an apartment. I don't know of anywhere that landlords, private or corporate that will allow this. Every place I've ever seen requires anyone living in the property has to be on the lease.

If I were to sell my house now I’d have basically gotten paid an extra $50,000/year just to live in it

But instead I’m going to rent it out this spring for an extra $500+/month for the rest of my life


So my answer is money

Pros and cons to both sides

I had great pride in paying off my house a few years back, the feeling is wonderful not only that it's the best investment I've ever made, the value of it could pay for care when my wife or myself are really old. Or a nice heritage to pass on the my son a daughter. If I had rented none of this could have happened.
And as pointed out above I've been able to stamp my own personality on the house buy restoring it back to how it looked in the 1930's (when it was built.) It's appeared in numerous TV and film productions and a back drops for fashion shoots, this has been so enjoyable, I love my house that I 100% own!

I really wanted the land mostly, House just came with it so I said we’re moving.

Imagine being able to fap to porn with no headphones on, thats why you own a house

Did you end up getting evicted or nah

So my children don't think I'm a poverty rentcel when they see my will and there's no real estate on it

Imagine having to have an assigned parking spot. Imagine having to tiptoe around the building and keep it down to not upset others. Imagine having to wait until the tenet in 3B gets done to use the Laundry Room.

BRB sense of pride and freedom while paying less than the market value for rent. BRB gaining 200k in equity since I bought. BRB parking diagonally if I want and blasting music as loud as I please.