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[Serious] The revolution was successful! The old government is gone. You get to help write the new Constitution. What do you put into it? (sopuli.xyz)

submitted 1 year ago* (last edited 1 year ago) by pinkdrunkenelephants@sopuli.xyz to c/asklemmy@lemmy.ml

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[–] MJBrune@beehaw.org 1 points 1 year ago

I think what OP was getting at was not housing being sold to make money down the line but housing being bought, then sat on until prices rise, then sold for more money. All while the property lays vacant.

That makes sense. A lot of places fix that with a vacancy tax.

ah yes the act of renting suddenly makes those costs disappear, you know you’d have even less cost if you bought wherever you are living instead since now you don’t have the overhead cost of paying the landlord? Renting being cheaper is a myth because most people rent apartments, not houses (At least where I live). If 10 people owned the apartments in the house they live in and shared the repair costs they would be significantly cheaper off than if those 10 people rented their apartments from a landlord.

It's not a myth. I've literally done the calculations. I live in a 580,000-dollar house. I have an active standing offer to buy this house at 580k. I pay 2.8k for rent. The mortgage for me would be 3.1k to 4.3k a month. Plus repairs. Plus down payment if you pick the number closer to 3k. The reason the large corporation landlord can afford this house with repairs and rent it for that rate is because they don't pay a mortgage, they bought it outright.

So yes, renting can be cheaper than owning.