Nation of mortgage slaves among Britain's young couples

[mawilson 2,133]

Who says you have to own a home. Would you believe some people are happy to rent??? Now that is a thought

What are they going to do when they retire and their landlord raises their rent beyond their social security or retirement income?

Indeed. Renting only makes sense if you have a rent-controlled apartment.

[homesick_american 1]

Who says you have to own a home. Would you believe some people are happy to rent??? Now that is a thought

Renting is OK as a temporary measure, but why pay someone else's mortgage when you can be building equity? That's a thought too...a better one!

My house has been losing value since about mid-2005. During this ride to the bottom, my mortgage payments haven't increased my equity in my home.

Yes, but that's because you bought at the peak of the boom. Unlucky.

LOL, what high house prices? Houses in Dallas are cheap cheap cheap.

Yes well someone that pretends they can afford the mortgage, taxes utilities etc on a $200,000+ home when their salary may only be $35,000 is going to run in to problems down the line.

$200,000 homes?

Not where I live. No $35,000 salaries, either

Yes, Gupt, we get it. You won't get out of bed for less than $100 an hour and houses where you are cost at least $1 million for a shack.

[mawilson 2,133]

Yes, Gupt, we get it. You won't get out of bed for less than $100 an hour and houses where you are cost at least $1 million for a shack.

That's exactly right. No need to

[homesick_american 1]

Renting is OK as a temporary measure, but why pay someone else's mortgage when you can be building equity?

Because you might be saving money quicker by renting than you would be building equity? If I remember correctly, if you can rent for 30% less than your monthly mortgage payment would be, it's better to rent.

Besides, with the market in a freefall, it's pretty easy to get your mortgage underwater. That means negative equity.

The market is not in a free fall across the country; many markets, including Dallas, are still rising.

You'd be an idiot to buy in Phoenix, most of Florida, or California right now, definitely. Most of the country doesn't live in those areas, though.

There's no shame in renting; if someone is single, it's probably a better idea for them to rent an apartment than to own a house. However, once marriage and kids enter the picture, they really should start thinking about their own financial futures and if they can afford a house, they should strongly consider buying one. Lifelong renting is for suckers.

Yes, Gupt, we get it. You won't get out of bed for less than $100 an hour and houses where you are cost at least $1 million for a shack.

That's exactly right. No need to

Why not? I'm a bit tired of him laughing at average people in America. It's really snotty.

[mawilson 2,133]

Why not? I'm a bit tired of him laughing at average people in America. It's really snotty.

Here's what $910,000 buys in Manhattan's West Village:

1 bedroom co-op

Maintenance: $1,497 / month

Not much, eh?

[homesick_american 1]

Why not? I'm a bit tired of him laughing at average people in America. It's really snotty.

Here's what $910,000 buys in Manhattan's West Village:

1 bedroom co-op

Maintenance: $1,497 / month

Not much, eh?

I don't care what it buys in Manhattan; I don't live there and neither does most of the rest of the country. You cannot take salaries and average house prices for the NYC area and apply them to the US as a whole, assuming that is somehow anywhere near "average" and I'm tired of him doing so.

[Donna A 4]

i always watch house hunters on hgtv and i am amased how much some houses go for. theyve started house hunters international and they were in england and these guys were buying a dump for a lot of money. i couldnt believe it.

lately theyve been going to roatan and man there is some nice stuff there.

[Trumplestiltskin 5,791]

Why not? I'm a bit tired of him laughing at average people in America. It's really snotty.

Here's what $910,000 buys in Manhattan's West Village:

1 bedroom co-op

Maintenance: $1,497 / month

Not much, eh?

I don't care what it buys in Manhattan; I don't live there and neither does most of the rest of the country. You cannot take salaries and average house prices for the NYC area and apply them to the US as a whole, assuming that is somehow anywhere near "average" and I'm tired of him doing so.

Well it really depends where you live doesn't it. We moved to NJ/NY because my wife got a serious promotion paying twice as much as her position in CA. With the house prices in NJ/NY (generally more than Los Angeles, which is saying something) I'm having trouble seeing when we'll be in a position to buy a first home. At this point it seems as far away a proposition as ever.

[mawilson 2,133]

I don't care what it buys in Manhattan; I don't live there and neither does most of the rest of the country. You cannot take salaries and average house prices for the NYC area and apply them to the US as a whole, assuming that is somehow anywhere near "average" and I'm tired of him doing so.

And Gupt doesn't live in Texas and probably doesn't care what $200,000 buys in Chopf##kville, TX, USA.

I don't think he ever implied that NYC area salaries applied to the US as a whole.

[almaty 19]

I don't care what it buys in Manhattan; I don't live there and neither does most of the rest of the country. You cannot take salaries and average house prices for the NYC area and apply them to the US as a whole, assuming that is somehow anywhere near "average" and I'm tired of him doing so.

And Gupt doesn't live in Texas and probably doesn't care what $200,000 buys in Chopf##kville, TX, USA.

I don't think he ever implied that NYC area salaries applied to the US as a whole.

amen brother MA....a well know fact, brother arijit hates the south and texas

[Trompe le Monde 1,107]

Mansions that cost $200k in the booneys are no more affordable than $500k houses in the ghetto when the average wage in the area is about $30-$40k.

Renting where I live makes absolute sense as you can easily get a rent-controlled 1 bedroom for less than a grand and the mortgage on the average home would be at least $2k/month at current prices, which are heading down. Some of the asking prices around here make me think the local crop of chronic is getting stronger.

[w¡n9Nµ7 §£@¥€r 123]

I don't care what it buys in Manhattan; I don't live there and neither does most of the rest of the country. You cannot take salaries and average house prices for the NYC area and apply them to the US as a whole, assuming that is somehow anywhere near "average" and I'm tired of him doing so.

And Gupt doesn't live in Texas and probably doesn't care what $200,000 buys in Chopf##kville, TX, USA.

I don't think he ever implied that NYC area salaries applied to the US as a whole.

amen brother MA....a well know fact, brother arijit hates the south and texas

Yes, well known fact. I think Gupt needs a wikipedia page. Hates the south and celery, logs on VJ on weekends and evenings and loves open borders and low taxes.

[homesick_american 1]

amen brother MA....a well know fact, brother arijit hates the south and texas

His loss.

[sereia 0]

i always watch house hunters on hgtv and i am amased how much some houses go for. theyve started house hunters international and they were in england and these guys were buying a dump for a lot of money. i couldnt believe it.

lately theyve been going to roatan and man there is some nice stuff there.

i watch that religiously too! roatan looks pretty nice. as soon as i get an online business started i may send my butt down to somewhere similar!

I don't care what it buys in Manhattan; I don't live there and neither does most of the rest of the country. You cannot take salaries and average house prices for the NYC area and apply them to the US as a whole, assuming that is somehow anywhere near "average" and I'm tired of him doing so.

And Gupt doesn't live in Texas and probably doesn't care what $200,000 buys in Chopf##kville, TX, USA.

I don't think he ever implied that NYC area salaries applied to the US as a whole.

LOL Chopf##kville, TX, USA!!!!!!!!!

[homesick_american 1]

LOL Chopf##kville, TX, USA!!!!!!!!!

Yeah...Texas is full of hicks and cows and we don't have running water or electricity or anything on TV except religious programs and Green Acres.

I guess that's why five of the US's fastest-growing counties are in Texas, Texas is being flooded with northern carpetbaggers seeking jobs and salaries that are high relative to the cost of living, and three of the largest cities in America are in Texas (Houston, Dallas, San Antonio).

But hey, it sucks. It's the boonies. We're a bunch of illiterate hayseeds. Etc. You couldn't pay me to live in New York. No way.