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Message Subject Mortage vs Apartment living cost
Poster Handle Anonymous Coward
Post Content
I live just a few miles outside Manhattan.

- For a 2 bedroom, 2 bathroom apartment rent paid is $2600/month and i have paid out around $160K in rent over the last five years.

- I can afford to rent rather than buy, and have had the flexibility of moving whenever I need to.

- Many friends lost jobs, and couldn't move to a different part of the country for work because they were stuck with a house they could not sell and could not afford two monthly rents.

- I prefer to retain my flexibility.

- Also in the current and foreseeable economy, I refuse to take $200k from my account and use it as a deposit to buy a house, I will hold onto that thank you just in case I need it.

- When I die, (trust funds none withstanding) I am not happy about the fact that some 50% of what I own will go to government in inheritance taxes.

- Everything has changed in the last 20 years or so with regards the economy and speculation, but especially since about 2007 onwards.

I don't believe that the formulas used for calculating future house prices/values can be trusted. I don't think the government or the banks or anyone else with a hand in the economy of the can be trusted anymore.

- I have no intention of retiring in the US or EU for that matter (I am originally from UK).

My retirement will be spent in Asia or maybe South America where the cost of living is low and I can retire comfortably in a small rental cottage near the sea.
 Quoting: Anonymous Coward 17996389

I should add also that here in the USA, if you get old and get dementia or similar and need to spend your twilight years in an old peoples home that your house will be viewed as equity and sold to pay extortionate monthly care home costs until all of your equity is depleted, and then good luck finding a care home on medicare near your family.

(I have insurance to cover my old age infirmities, but MANy do not!)
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