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VirginBarryGaming t1_j412ckh wrote

Some people in the comments want all property owned by the government it seems

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Expendable_Red_Shirt t1_j4147uk wrote

Or owned by the people who reside in it.

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dopkick t1_j41husy wrote

I suspect many of the same people will cry when they do own a place and shortly after moving in the HVAC system needs to be replaced and the roof starts to leak. Suddenly that stable, risk-free rent payment looks mighty attractive compared to the impending $15,000+ bill to fix those issues. That's the other side of the coin that people either do not understand or want to selectively ignore. Renting absolves yourself of significant risk. I know several people who have ZERO desire to ever own a home because they enjoy not having to worry about anything home-related. Renting isn't always bad. Owning isn't always good.

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Expendable_Red_Shirt t1_j41lr41 wrote

I think the risk just changes tbh. As a renter I can see the appeal of it. But with rates what they are the risk is so minimal.

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dopkick t1_j41n74d wrote

Have you seen recent mortgage interest rates? A cheap house's monthly payment is now easily an additional $300-500+ per month solely due to increased interest rates. And you're still on the hook for for repairs. The value proposition of new home ownership is currently fairly low.

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Expendable_Red_Shirt t1_j41rmao wrote

I have. I’ve also seen the rent prices spike.

Cheap houses would be significantly cheaper if there weren’t people buying them as money making opportunities. If you cut a large amount of demand out of the market prices go down.

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dopkick t1_j41t4v8 wrote

> Cheap houses would be significantly cheaper if there weren’t people buying them as money making opportunities. If you cut a large amount of demand out of the market prices go down.

This doesn't happen in Baltimore the same as cities like Seattle, Austin, etc. The housing inventory in Baltimore greatly exceeds the demand. Having talked to people who flip houses, the profit margins are muuuuuuch smaller than you are imagining. It's not necessarily restaurant industry levels but the small time home flippers aren't living lavish lives.

There's also a floor in the cost of housing if you want to pay people a living wage. If you want laborers to make more than minimum wage there is going to be a significant cost increase in homes. Everyone's all about increased wages, right up until they're on the hook for paying the cost of those wages.

Also, if you want REALLY cheap housing that does exist too. You can score some dirt cheap places in meth-ridden Appalachia. But I suspect you want more than just cheap housing. You want cheap housing in a nice area that is convenient to things you enjoy and job opportunities. Just like everyone else. That increases the cost of things, even before any notion of profit.

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Expendable_Red_Shirt t1_j41tgr4 wrote

The good housing absolutely does not exceed demand. That’s why prices are so ridiculous right now. And a large part of that is people who rent.

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dopkick t1_j41ts23 wrote

You do realize that not that long ago much of the now "good housing" was often "shit housing," right? Also, without those much maligned flippers there wouldn't be "good housing." There would still be "shit housing" that nobody wants to live in.

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Expendable_Red_Shirt t1_j41upx2 wrote

And that shit housing was purchased at an inflated rate…. There are also issues with supply that effect prices right now. I’m speaking more generally.

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dopkick t1_j41veg3 wrote

Do you think there is some sort of mass conspiracy to buy gut job homes at an inflated rate and sit on them for decades or something like that? Seems like the homes are purchased on the open market, often at auction, and quickly rehabbed and put back on the market. There's no shortage of newly renovated homes available.

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muchadoaboutme t1_j414bqp wrote

People in the comments want property to be owned by the people living on it.

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Honeyblade t1_j41yc0t wrote

No, people in the comments think that rent is extortion and people should be able to afford homes, especially since the average mortgage is around 20-30% cheaper than rent. But since landlords keep buying second and third properties for over asking price they can't.

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