Quote:
Originally Posted by HamiltonBoyInToronto
I think many people look at it the wrong way or have a bad approach to the housing market
Obviously there are people who will just never own and that's just a reality but for the most part 2 people with good paying jobs should be able to save up, sacrifice and get into entry level home ownership
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For starters, viewing renting as a negative proposition is an approach that needs to change.
Part of that is based on circumstance -- it is much easier for a single or a couple to find a suitable rental than a family -- but ownership seems to be the be-all and end-all for many, many people.
I've become a renter again after my life situation changed. I'm paying a lot more rent than I did before re-entering the housing market several years ago, for essentially the same size unit in a different city and urban context (it was fully renovated though just before I moved in, so that's a big difference). But I'm also spending a LOT less in utilities and all the costs involved in home ownership, some of which many people may not consider.
I'll start saving again and when I have more certainty about my finances I'll likely purchase a home of some kind... a small single-detached, townhouse, condo, who knows... but this return to being a renter is not a big deal to me and if I do it for 5 or 10 more years that would be just fine -- I'll continue to save, and invest that savings (which is key; renters can prosper but need to be smart with the money that would otherwise have gone toward the equity in home ownership). I do have family members who lament that I am not buying another property right away, and while they understand it's not affordable to me at the moment they think I'm throwing money away, and I disagree.