Quote:
Originally Posted by suburbia
Is it fair to say that people who spend more on drinking, cars and illegal drugs save less?
Is it fair to say that those who cannot save enough for a down payment are more likely to be renters?
I would agree that there is no way that one should paint all with the same brush, but the above may influence skews in the make-up of different groups.
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Is it fair to say there is nothing wrong with renting? Be it an apartment downtown or a McMansion in the burbs? Being a renter isn't an issue. Being a douchebag is.
Home-ownership is near an all time high in Canada, around 70%. meaning 30% are renting. that 30% number is obviously significantly higher in less affordable areas. As house-prices outpace wage growth, which they have for 30 years, more people will move to renting as they cannot afford the entry price into the world of ownership.
Calgary is higher (i.e. highest) than the average (~73%) but differs drastically by community. Did you know Altadore has only a 59% home-ownership rate?
Home-owners are not more responsible than renters. They are the same people. Some people want to not have any disposable income and "save" by spending 3,000 on a mortgage a month for 20 years. Some people would rather have the income. Some people switch between renting and owning several times in their lives. There is nothing wrong with any of that.