How much do you pay for rent?

[DrThunder]

precisely, they're still not bad.

But 3 years ago like Jon was saying, they were at all time low. like around 3%, when the bank was just giving anyone a house....

I think with the decline in value though, now is probably a pretty good time to get yourself a good deal.

I bought mine at 3.625%, there really isn't much room for the rates to go lower. Now is an excellent time to buy

[HeavyMetal]

the interest rates suck,

precisely, they're still not bad.

[Nick]

Don't argue with the interest rate expert, he had lunch with Ben Bernake yesterday to discuss future Fed policy

[Lawn Guyland]

a few people here at work are currently in the process of buying and they all range between 3.5-4

[Zullock Holmes]

the interest rates suck, COMPARED TO WHAT THEY WERE, that's why the market isn't ideal.

Fixed. william.



Corey, what did you buy (size, land, etc.) and where??



I really want something on nothing less than an acre or two. Does it need a lot of work?? That's one of the areas i thought would work out well. I can do basic home improvement, sheet rock, plumbing, heating, flooring, etc. I always thought it would be cool to get something that needs some work as a first house. Not something that isn't live-able, but more of a fixer-upper.

[Burton58]

i'm renting in west milford, nj. it's a 4 bedroom, 1 bath for $1325. gas, water, heat and electric are all included

[Zullock Holmes]

Don't argue with the interest rate expert, he had lunch with Ben Bernake yesterday to discuss future Fed policy

I never claim to be an expert on anything, i just add my $.02

Just something i hear about alot, my mom works as a paralegal for an attorney that does taxes and real estate. I always kinda ask her about this stuff cause i wanna have my own place in the near future (4-6 years)

[Nick]

Well, then just for your information, mortages rates were never 3% on an FRM, nor are they now.

Now is the best time to purchase a house if you have the means to do so. Prices won't go down much anymore, nor will rates drop much further.

[DizzDizz]

So you expected me to put out more money a month to have you live a better life in my house for free? Man, that makes sense. What was I thinking.

I'm 99.9% positive that I told Kyle and you I would split the cost of cable between the three of us. Also I paid you as much as I could when I could you know that. Also I did my fair share of chores at that house.

[CSaddict]

$1975 per month on the new house in Columbia we just bought. 2 acres, 1700+sq ft. 3 car garage.

Our other house in Manchester is $1260 Per month and we rent it out for $1350. 3 bed, 1.5 bath. Tiny yard.

[netrachamp1853]

I bought a forclosed home that just needed a little work, if your handy and have some connections this can really work out for you..I paid cash for my house but borrowed about 70k against the equity, so my ''mortgage'', taxesm and insurance is less then the rent I get for my bottom floor...but you gotta be on your game people with cash will suck them up quick.

[TSISam]

god dammit, i hate how much it costs in this area

this. it's going to be impossible to move out anytime soon unless i move out of the area. i'm luckily living home free of rent and only have a 10-15 min commute to work and get along pretty well with the parentals.

hoboken apartments look like they run anywhere from 900-2000 though meanwhile my 4 person townhouse in delaware was 500 with everything included. not an easy adjustment.

[Nada_Jeep]

Apartment hunting is extremely draining, trust me i've been there.. Don't forget though, for every apartment that's ready to be rented, there's a lot of people who can't afford to pay what they're asking. So dont be scared to negotiate. Mine was $1400 a month, and I told them i'd only sign the lease if they knocked it down, so they gave it to me for $1300 a month. Only $100, but $100 adds up when you're signing the lease for a year.

If you can afford to buy a house - explore the market. It's a buyers market right now. The only reason why I haven't gone out and looked at houses to buy yet is because 1) I don't have a job where I know for sure i'll be here in 3 years, and 2) i'd rather wait until I have someone to buy the house with. I'm a female - i'll be the first to admit I don't know shit about fixing things if they break.

[customcreationsllc]

buying vs rent not really any better as for as money goes.
Buying is not that much better unless you can really put a lot down.
90% of your mortgage is to interest and you still pay $4-8,000 a year in taxes and $1500-2000 in insurance. So you basically throw away a lot. I throw away $1400 a month only $200 goes to principle that is after 7 years. Basically I have a rent to buy lease from the bank.

Then all your bills. If anything breaks you need to pay for it.
Say you need a new roof $10-20K, furnace $5-8K, hot water heater, major appliances, never mind septic issues.
Need to take a tree down, or one falls.
A pipe leaks your window breaks need to paint the house, cut the grass shovel snow it all ads up.
When you sell you get whacked with closing cost $10-15K

Renting is not a bad deal you never get surprised bills, landlord deals with all the major issues. Especially if you can split it with someone it is worth it. Plus you never know where you are going to be in 5 years house will hold you back.

Why own a house if you're someone that just needs to own there own house.
You do something out of your house like run a shop like me I actually looked to rent a garage first but the market sucked 8 years ago.

Equity sucks 7 years I have whopping $25K in equity compared to purchase price not what it is worth now (less). I'm sure you can save more than $5K a year.


Just saying think about it before you jump in.

My one advice will be buy the cheapest place you can possible find that fits your needs.
Don't spurge on a nicer/larger house than you need.
Compound interest sucks so the cheaper the faster you can pay it down the faster you will gain equity they way more money you will have in the long run. Never mind more in taxes insurance and upkeep.

[HeavyMetal]

i pay 7,000 a month