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Message Subject Mortage vs Apartment living cost
Poster Handle SaveUSa
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mortgage: 600$ monthly payment +

4,300 tax yearly/12months=358$

600+358= 958$

not too bad.....i guess

apartment living, i can get a very nice 2 bedroom w/ all utilities included for 750$

200$monthly difference lets say for the next 360 months=72000$ You'll be saving living in an apartment over the house.

Thats also not including all the extra fee's included with home ownership........insurance, upkeep, landscaping etc...etc..........FOR THE NEXT 30 years

What do you night owls think?
 Quoting: Anonymous Coward 34588948

I am in the commercial real estate business as both an investor and a structured finance guy. I also finance a good bit of Multifamily (apartments), so I keep up with trends and statistics on a very regular basis. That said, I still think it a better play to own (in the right location, and assuming you have the cash or can get financed). Granted, we all lost a bunch of "value" in our homes during the latest crash, but real estate is one of the few tangible assets that will ALWAYS appreciate. For instance, we probably lost about 30% of our equity in my current home because I purchased at the top of the market in 2006 (in the right location), but as of today, we could probably sell for at least what we paid.

Regarding Multifamily, and given the tightening credit environment, you could maybe find a good 12 month lease today for much less than a mortgage payment, but that will very quickly change over the next 24 to 36 months as all existing stock is absorbed by a population now finding it much more difficult to qualify for the debt to own. Sure, more will be built to account for this (and that's occurring now), but what you can afford today may be nowhere close or as nice as what might be available for the same price two or three years from now. In time, inflation and demand will kick your ass.

So, for long term security of a fixed payment (or no payment if you are fortunate to have the capital, which is best) - I say own.
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