General Discussion

Johnny2X2X

(23,503 posts)

23. Still cheaper for a lot of people right now.

Sat Mar 2, 2024, 03:35 PM

Mar 2024

Your property tax and insurance are part of your monthly payment that goes into escrow. But yeah, you have to budget repairs.

My neighborhood is upper middle class. But a couple of the houses are rentals. I couldn’t afford to rent in my neighborhood. The difference is massive. There’s a house similar to mine on not as nice a lot that is renting for 2-1/2 times my mortgage payment right now. Zero chance I could afford to rent my house. Even at today’s buying prices I think rent would be $800 a month higher for me. Pretty crazy.

My sister got divorced and thought she’d sit on the proceeds from the sale of their house and wait to buy. Massive mistake and life happened and she doesn’t have savings to buy anymore and is stuck renting a townhouse for several hundred dollars more a month then a mortgage would be.

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California lawmakers want to crack down on corporate ownership of single-family homes [View all] Auggie Mar 2024 OP

About Damn Time. dalton99a Mar 2024 #1

Monopolization is the trend without force of law preventing it. David__77 Mar 2024 #2

I applaud this nationwide if possible Johnny2X2X Mar 2024 #3

Yes. I think some don't understand that buying a house is the best way to have long term financial health. jimfields33 Mar 2024 #4

Interest rates Johnny2X2X Mar 2024 #5

So true. It's never easy to save but a lot give up quickly. You do not need every new gadget they put out. jimfields33 Mar 2024 #6

Education on personal finance Johnny2X2X Mar 2024 #8

I definitely agree. I had an uncle who taught me. I'm thankful. jimfields33 Mar 2024 #9

You're probably a multi millionaire by now. Johnny2X2X Mar 2024 #10

My parents were careful with money and taught me to save certain amount each month and not carry kimbutgar Mar 2024 #12

+1,000,000 Auggie Mar 2024 #25

Isn't that the truth! Basic LA Mar 2024 #28

Paying cash for cars is smart, not extreme Johnny2X2X Mar 2024 #29

I did that with my house, too. Basic LA Mar 2024 #34

Agree Rebl2 Mar 2024 #7

Monthly payment is only a piece of the costs MichMan Mar 2024 #20

Still cheaper for a lot of people right now. Johnny2X2X Mar 2024 #23

My sister and I inherited 2 homes and I get letters all the time from corporations offering to buy them kimbutgar Mar 2024 #11

Agree Mollyann Mar 2024 #16

K & R jalan48 Mar 2024 #13

Someone called me a couple of days ago asking if we were interested in selling our home ms liberty Mar 2024 #14

Corp ownership also robs CA of property tax dollars thanks to Prop. 13. SunSeeker Mar 2024 #15

So what are CA lawmakers waiting for? Dems control both houses and the governor's office. HeartachesNhangovers Mar 2024 #17

There's no limit to the avarice. limbicnuminousity Mar 2024 #18

What they're doing with trailer parks is criminal Johnny2X2X Mar 2024 #19

A capital gains tax of 50% on home sales would take care of the issue. MichMan Mar 2024 #21

Maybe at the federal level, but CA is constrained by Prop 13 DBoon Mar 2024 #32

Good luck to them in getting meaningful laws passed, and to Schiff & Porter Hekate Mar 2024 #22

This is a huge problem in GA. Dulcinea Mar 2024 #24

Well, I read an article that Corporations owning single family homes were reassessing the value of investing in SWBTATTReg Mar 2024 #26

Single-family houses as rentals. Basic LA Mar 2024 #27

I hate them when they call. LiberalFighter Mar 2024 #30

and, once bought, the coporate owners take full advantage of Prop 13 tax limits DBoon Mar 2024 #31

Jeff Merkley (OR) is promoting similar proposals jmbar2 Mar 2024 #33