Why do so many Americans have such a strong desire to buy a house/property?

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original_greaser_bob@reddit

am Native American... i am trying to reverse Manifest Destiny one parking space at a time.

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AngleRelative4683@reddit

We want independence. This includes financial

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ameis314@reddit

I feel like people don't understand how big of a financial gain owning vs renting is.

They see it as well rent is X and my mortgage payment would be Y and I would have to pay for maintenance and all of the other things that go along with owning a home.

What they generally ignore is two factors. Houses generally appreciate while they are using them to live and rent can change on the whim of your landlord.

Yes, things happen, I had to spend 5k this year due to some storm damage and that was my deductible for the insurance claim. My home has gained over 100k in value in the time I've lived in it, which will more than offset any maintenance//repair costs i.may incur.

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79215185-1feb-44c6@reddit

The problem is that this isn't true everywhere. Here rent vs mortgage is the same relative cost, except you need to pay property taxes and upkeep. I can't justify owning a home when all I need is a 1BR apartment and I get that WITH utilities included for $1700/mo when it would probably be near $3000/mo for housing if I went down that path.

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ameis314@reddit

And in another 15 years you'll have missed out on the equity that would've been gained.

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Crazy_Raven_Lady@reddit

You are spot on. I’ve had my house for three years and the value has gone up by 100k. I’m in a very expensive area so values might not go up that fast in cheaper areas, but over time they always go up. Not to mention if I were in a financial crisis and couldn’t afford my mortgage I could live in an rv on my property and rent my house out. You don’t get options like that while renting.

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alaskawolfjoe@reddit

Unless you live in one of the few cities that has laws about how much rent can be raised, renting is very insecure

When the landlord decides to jack the rent up 20 ,30, 50 or 70% it can destroy your plans

The only security is in owning

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6894@reddit

I refuse to pay anyone else's mortgage anymore.

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tcspears@reddit

American culture is fractured and diverse, but one thing that unites all the states and cultures here is everyone wants to be independent and build wealth. Property ownership is a huge piece of the “American dream”. I know countless people who moved here with nothing, worked multiple jobs, bought real estate, became a landlord, and now they’re putting their kids through college and living a good life. Real estate gives you equity, which you can use for other things, plus you have the ability to rent it out and make income each month.

Owning property also means you aren’t paying rent to someone for the rest of your life, you own something. And when it comes time to retire, you have the profits off that home to fund your next place, and to live off.

I bought a condo in 2008, for example, and it’s now worth 3 times what I paid for it, and rent has gone up considerably in my area - and I’m paying the same monthly payment.

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Several_Celebration@reddit

I don't want to live with my family.

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baalroo@reddit

I find it interesting that home censorship is such a priority once you hit a certain age. I get generational wealth but feel like it can be built even if you rent by other means.

Putting $2000+ towards an asset every month that you can turn around and sell to someone else sure does make it easier to gain wealth than just giving someone else $2000+ you'll never see again to live in the same home.

I really don’t get why people move away from family or friends to be able to buy. Leaving people who you care about and who care about you seems crazy to me.

I mean, I don't want to see harm come to my mother, but we've got very little in common and we only get along in small doses. And our lifestyles are fundamentally different, we can't really live together all that comfortably.

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dr_strange-love@reddit

Because I didn't want to pay some rich person for the privilege of living.

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Cinisajoy2@reddit

You are asking several different questions. Once a home is paid for you just have to worry about maintaining it and taxes.

Now as to moving away from family, some do, some don't. Some stay on the same block or in the same city. Others may move for work or other personal reasons. Also, some family members don't care as much as others.

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Psychological-Star39@reddit

A long time ago, you needed to be a property owner in order to vote.

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TeamTurnus@reddit

I am sick of having to deal with landlords mostly

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Danibear285@reddit

Is owning property frowned upon in YuhCountry

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notthegoatseguy@reddit

There's almost no rent control. They can raise your rent 10+% every year if they want.

If you aren't willing to move every few years home ownership is the way to go.

I wouldn't mind being a lifelong renter but 10% increases isn't tenable

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VincentTakeda@reddit

if your house is paid off you have something providing financial leverage so if you have to borrow you have best interest rate. if house paid off monthlt expense goes down compared to flushing a third of your jncome down the toilet to put some real estate robber barons kids through college. rent is theft. interest is theft. designed to keep you down.

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claudiatiedemann@reddit

I didn't move away from my family to buy a house. I moved because of my job and because I didn't like the area we were living in. My parents actually followed me to my new location after they retired because they liked it too. As far as friends, I have moved a lot in my life for school and jobs and I always make new friends where I go. I lived in a apartment for a while but sometimes I had horrible, noisy neighbors. Then I rented a house because I wanted a yard for my dogs and wanted to have a garden. The landlord never fixed anything. Also, they only accepted cashier's checks for payment and it was a pain to have to get a cashier's check from the bank every month and then drive it to the drop off location. I bought a house when prices were low and now my house payment is less than what many people are paying in rent for apartments. Yes, I have had to put money into the house and that's an expense, but now if something breaks, it gets fixed. My house will be paid off in five years.

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timstiefler@reddit

That’s a really grounded way to do it. Buying close to where you already lived probably made it feel less overwhelming. What was the biggest difference once you owned instead of rented?

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PomPomMom93@reddit

Because if you rent, you’re throwing your hard-earned money away to some landlord, whereas owning is an investment. Buying a home is actually one of the best investments you can make.

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WhatABeautifulMess@reddit

For many people moving out of their parents home/where they grew up comes before buying a house. My husband and I each lived with roommates during and after college before moving into a rental together. We continued to rent together for a few years after we got married and bought a house when we were making more money. The house is 6-8 mins drive from our last apartment so there wasn’t any moving (away from family or friends) as part of buying a home.

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goblin_hipster@reddit

Eh? I don't want to buy a home so far away from my family. Most of my extended family live within a 70-mile radius from each other. If I buy a home I expect it will be somewhere in south-central Wisconsin, where my parents live.

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Ok-Energy-9785@reddit

I mean it's pretty obvious that there are certain benefits that you get from buying over renting.

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KaBar42@reddit

Because my sister is extremely lucky mom loves her because no one outside of her immediate family would tolerate her as a roommate.

If you get along with your family, that's great. But there's a lot of people, especially siblings, who simply do not mesh well.

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Yeahboyeah@reddit

When you have a monthly mortgage payment , it's probably higher than your rent. As time goes by, that mortgage payment becomes lower than most pay in rent. There are many, many other reasons, but this may help the OP understand it easier.

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voltairesalias@reddit

- Renting with a family can suck. It limits your autonomy.

- Rent, in the long term, always goes up. If you buy with the intention of staying long term - your housing costs generally tend to go down. It hedges one of the most significant costs of your life.

- You can do a lot of neat things with real estate assets.

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thankyoufriendx3@reddit

Great way to build wealth and independence.

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redcoral-s@reddit

My friends and I would all have to move away to buy a house, but we already had to move away to rent. Our hometown has us completely priced out.

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stedmangraham@reddit

Historically American real estate values go up faster than most other investments.

It’s a stupid system imo because it has resulted in nobody being able to afford anywhere to live

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Remarkable_Pie_1353@reddit

No, real estate value does not historically rise faster than other investments.

Stock market has average annual gains higher than average residential homes.

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stedmangraham@reddit

True, but your investment in VTI doesn’t double as your rent.

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Libertas_@reddit

A few reasons. Renting sucks, independence (financial and socially), a sense of owning something, and as investment they can sell later on.

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Cudi_buddy@reddit

Independence. Won’t find many here that want to live with family unless needed. Now most want to be near family and friends to visit in my experience. Also it makes sense for a lot of situations. Rents always go up, mortgage stays the same. You have certainty in your living situation. Won’t be kicked out of a new landlord comes in or something.

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BandicootOnly4598@reddit

At least here in volusia county Florida, thanks in large part to our exempting about half the homeowners from property taxes and failing to reign in insurance fraud, my mortgage has gone up more since 2018 (35%) than rent in my city (21%). Values are up, sure, but by less than what repairing the house after two hurricanes has cost me, as insurance deductibles are massive in named storms. I wish I hadn’t fallen for the “American Dream” and had put my down payment in an income generating investment instead. Kiyosaki was right; houses are liabilities.

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Synaps4@reddit

I dont know what you expected when you bought a house in hurricane central that couldn't stand hurricanes.

Homes in okinawa japan see more hurricanes than you do, but they build out of reinforced concrete so its not a problem.

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Adjective-Noun123456@reddit

We actually have some of the strictest building codes in the country.

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MikIoVelka@reddit

That's a Florida thing, my dude. Got 49 other states to try out that don't have that particular combination of unpleasantness.

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_handlemewithcare_@reddit

I’ve owned a home about 15 years, sold it. Moved around the time of COVID. Not yet motivated to buy if I find a good property manager.

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YOUTUBEFREEKYOYO@reddit

Its part of "the American dream" and we are told as much our whole lives, so most of us figure that if we do that, we have officially "made it"

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Help1Ted@reddit

This isn’t specifically an American thing. Picking up the family roots and moving across the globe is how we got to this point.

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Ravenna178@reddit

If you own your own home, you can do whatever you want to decorate and improve it. If you rent, you have to get permission for everything (which usually you don't) and have to rely on a landlord (who is usually cheap) to fix things. It's a pain in the ass. Most people don't move far away just to buy a home though.

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lucky_fin@reddit

In my mind, the MAJORITY of the retirement money I will have is from selling a (paid off) house

I have a meager 401K also, but at least I have house equity. When I “retire” it will be working a job that pays for food and small rent. Then the house pays for my healthcare/end of life bills…

I don’t know about “generational wealth.” When my grandparents died, each family got a small amount of $$ (like enough for everyone to go on a week vacation together). I hope to get that much when my parents die, however not sure we’ll get that. My dad has made a LOT of money but also they spend A LOT.

My house is so that I don’t have to pass on (medical) debt to my daughter

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MikIoVelka@reddit

Your debts die with you.

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Crazy_Raven_Lady@reddit

Are you sure? When my ex husband (my child’s father) died his mother had to fight to stop medical debts being taken from his estate. That makes me think that they are taken from your estate because why would she fight the med debts if they just died with him?

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TheJokersChild@reddit

I see the whole thing as a game. You buy young, pay your mortgage for 30 years and if you can retire before the house is paid off, you win. You don't want to keep renting after you retire.

Why we move away from family and friends varies. Sometimes there's no job potential in that area - some people still have to go where the jobs are and have exhausted their options closer to home. Or the cost of living there is too high for someone starting out. Maybe the quality of life is better in some other place and you just want to explore a little to find the kind of area you want to live in or can thrive in.

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Bluemonogi@reddit

People who rent homes or apartments don’t necessarily stay near their family or friends.

My spouse and I bought a house in a place near where he was working after renting for a year. Neither home was near our family. The place we rented we could not paint the walls or plant a garden. We could not have pets. The landlord did not like fixing things. The house payment for our house is less than rent would be for a similar property. We have a lot more freedom. We have lived here for 20 years and have made friends in the area. We could sell our home someday if we want to.

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Living_Molasses4719@reddit

I’d be screwed if I hadn’t made the choice to buy a house almost 20 years ago. Even where I live, which is somewhat lower than average cost of living, rents have gone up tremendously. I could maybe rent a slummy one-bedroom apartment for what my mortgage payment is on a three-bedroom house.

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Living_Molasses4719@reddit

Also, I bought my house in the same medium sized city I’ve lived most of my life. My family and friends are here, for the most part. It is not at all uncommon for Americans to not move far away from where they were raised.

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bloodectomy@reddit

Some of us don't care about building generational wealth. I don't want and don't have (and won't be having) kids. So renting to build generational wealth isn't something I'm interested in.

But also: how do you think you're going to build generational wealth while renting? ROI on rent, as a renter, is zero. Owning your home allows you to leave it as inheritance. Renting allows you to make a stranger wealthy.

Then there's the whole independence aspect, which is core to the American identity. We place great value on having space that is ours and only ours. You know who's allowed to park on my driveway? Me and my wife. That's it, that's the full list.

And then on top of that, when you own a home, you don't share walls or floors or ceilings with anybody else. Under my floor there's dirt. Above my ceiling is the roof. On the other side of my walls there's my property. If my neighbors are having loud sex or a fight, I don't know about it. That's priceless.

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KTeacherWhat@reddit

In America, a lot of people need to be able to sell their home to afford end of life care.

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Spirited-Way2406@reddit

This should be stickied at the top.

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pushdose@reddit

Because renting in America sucks. No controls on pricing, rent can escalate very quickly in desirable areas. Landlords are the scum of the earth and corporations have taken over the business and made it even worse. Buying a home secures your cost of shelter, gives you a way to build equity, and freedom from punitive and oppressive landlords.

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Rescuepets777@reddit

I paid off my house in 15 years. My annual property tax and insurance combined are about what I would pay for one month's rent. The current Zestimate to rent my home is $2,978 a month. If I had to pay this level of rent for the next 20 years for a comparable home, it would cost $715k vs $60k. This is so helpful going into retirement. And, if I ever need to go into an assisted living center, I can use the money from the sale of the home to fund at least a good portion of it. Unfortunately, it's much harder for young people today to be able to afford homes with stagnant low wages and homes priced well above inflation.

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pushdose@reddit

Same. I’ve been mortgage free since 2020 or so. I even moved once and used the proceeds to pay for a better house in cash and put solar panels on the roof. My overhead costs of living are extremely low because of it. I could probably float for years without a steady job if I needed to. Early retirement is definitely on the table. All because of home ownership.

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Spirited-Way2406@reddit

A mortgage contract can be written to enforce the exact same payment amount for 30 years, after which you own a house, which hopefully you can still live in after you are too old to work anymore. A rental contract may guarantee your rent for some years, but after that it can go up to anything the landlord cares to charge, and they can also sell your home out from under you whenever they like.

I was extremely lucky to become a homeowner for the first time just recently, and I have grown kids. The relief of knowing that there's somewhere private to sleep for every member of my family and nobody can take it away from us, I can't even tell you. And if I can just keep taking care of the place, my husband and I can live here until we have to live in a care home.

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BigCrunchyNerd@reddit

Owning a home is one of the easiest and most surefire ways to grow your wealth. A home appreciates in value, a rental will increase in costs over time but if you rent for 30 years you'll have nothing to show for it, if you buy you have a home that will likely be worth way more than you paid for it.

As for moving, I moved away from my family much earlier than I bought a house. I loved my family, but I did not love where they lived. I felt stifled there. I didn't feel like I belonged there. Now I live in a more urban area. It's much more diverse and there's always things to do - theatre, music, museums, great restaurants of every kind you can imagine. Those things were harder to find back home. It's a peaceful place to live, sure, I might enjoy it when we retire but for now I'm going to enjoy my life doing interesting things.

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OkayDay21@reddit

In 12 years my cost of housing will drop by about 2/3 and I will have an asset to one day either sell to afford retirement/assisted living/end of life care, or will to my children. If I was renting my cost of housing would increase exponentially and I would have zero assets. I would not be able to afford to set aside the same amount of money that my house is appreciating in value.

Also, I just want to do whatever the fuck I want to do with the house that I pay for, and a landlord makes that complicated.

Finally, my family of origin is batshit crazy. I left their house when I was 18 and I have never regretted that decision. I like to visit some of them on my terms but I couldn’t live in that dysfunction again.

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Visual-Cheetah9744@reddit

While it’s far from the only way to build wealth, it has historically been a relatively fast and stable path. Home ownership and middle class lifestyle are deeply ingrained in “the American dream” which was reinforced in post WW2 consumer culture explosion as a way to sell lots of shit. There’s probably some residual “Manifest Destiny”/“go forth and claim western land for yourself” pretty baked into our social psyche as well. We are very propagandized :)

Speaking from my personal experience, in my early thirties I had the opportunity to purchase a home due to some small inheritance from my late father and interest rates being historically low. I was interested in more long term stability than my landlord could provide and I was needing access to some amenities than I could get in a rental (I’m a gigging musician and need space to bang on my drums). Outside of that, home ownership felt like the next milestone in my life after graduating college, establishing a career, and getting married. Actually - fun fact - we were supposed to get married during wha turned out to be the first COVID surge, so we used that money to get a down payment. And it worked out!

So yeah lots of reasons I guess

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WhereasTherefore@reddit

I really don’t get why people move away from family or friends to be able to buy

We’re moving across town to buy a house. It’s not like you have to move cross country. You see family and friends still.

Cross country moves happen, but that’s usually more career or family driven.

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penelopeclearwater13@reddit

I love my family but I love living alone more. Plus having my own house is awesome. Lots of work, but still awesome

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Responsible-Fun4303@reddit

Moving away, where you can’t see loved ones daily? Or moving but still close? 2 of my sisters live in the same city as my parents still and see each other sometimes daily. One of them lives in walking distance from my parents. I live 6 hours from my parents but it wasn’t to buy a house. It was to complete my graduate degree then I just happened to get married and stayed in the region where I went to school. I feel many travel far from home more for college or a job than to necessarily buy property but I could be wrong. Home ownership I think is important for many since it’s your own. You can do what you want with it (for the most part depending on insurance and if you have a single family home, home owners association etc), you can have space depending what you buy , and then it’s paying into something that gives you a bit of leverage with equity. We for example have the space to plant a vegetable garden every summer, which we couldn’t do previously when we rented. Home ownership isn’t for everyone and plenty choose to rent. I’ve done both and prefer never to rent again as I enjoy the freedom of it being mine, but again I didn’t move away to buy a house it kind of just happened lol.

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CatRiot2020@reddit

Part of it is that you have the ability to do anything you want with the property. For most mortgages, the cost isn’t going to increase year after year, it’s a fixed payment. Plus, you get to build equity, which you can’t do with a rental. My current home has a 2.75 percent interest rate and I have about 50% equity in it. I pay the minimum payment every month and invest any extra since my investments will earn more money than paying my mortgage off early. If I die tomorrow, my kids will get almost 100k each if they sell the house. If I keep on living, I keep paying down the debt and they get to inherit more.

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Asparagus9000@reddit

I get generational wealth but feel like it can be built even if you rent by other means.

Not in America. It's hard to even really get started on that until you own a house.

Leaving people who you care about and who care about you seems crazy to me.

I moved 2 blocks away when I got married. We walk over for dinner all the time.

I probably would not be able to retire if I wasn't going to own a paid off house by then. It's too expensive to rent. More than my retirement payments will be.

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Adjective-Noun123456@reddit

Renting is literally pissing away money on a property that you and your children stand to gain nothing from.

Add to that the limitations that comes with it. Even if you're renting a home, it's not your home, so you're limited to what you can do with it.

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InevitableRhubarb232@reddit

Historically, statistically, those who own a home produce significantly more generational wealth than those who do not.

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shakeyshake1@reddit

Honestly I don’t know.

The idea of not caring about owning land isn’t relatable to me.

I own a home on an acre. It’s amazing. I can remodel it however I like. I live on my own land where I can do pretty much anything I want.

I have future plans for my current house. I have future plans to acquire more property. I would love to have like 5 acres where I can’t see my neighbors when I retire.

I feel really strongly about this, and these things about homeownership are incredibly important to me.

Most Americans really love the idea of freedom. Having my own land comes with a lot of freedom that I wouldn’t get with renting.

My reaction to your question is basically “why would anyone not want to own their own home and land!?”

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Ana_Na_Moose@reddit

It is a legitimately good investment to buy real estate, since houses appreciate in value over time. And in many places, mortgage payments might be comparable to rent.

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HadynGabriel@reddit

Because it’s cheaper than renting and you can sell it later

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Alpacamybag14@reddit

Rent would be more than my mortgage, and I'm able to get equity as I pay my mortgage. As land values and home values increase, my mortgage remains stagnant unless I refinance, but that value translates into something I can borrow against. Rent change is based on the landlord's desire, and it can lead to increases every year to you while you do not accrue anything in your pocket. Also, owning my home makes it mine. I can do whatever I want to the property as long as it remains lawful or doesn't violate the HOA (which can vary by location or home).

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Fun-Yellow-6576@reddit

Where I live in the US there is no rent control. The owner/company can and does raise the rent every year. They can also decide not to renew your lease. Why would infant the stress of not knowing what my rent was going to be and if I would have to move every year?

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pianodude01@reddit

Because I can do whatever I want to my house, because its mine.

If I want to tear down a wall and turn my dining room into a pool, I can, cuz its mine.

I cant do that in a rental

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shelwood46@reddit

Home ownership got pushed hard during the Bush 2 regime, it had been on slow upward tick since post WWII, but really took off then (and caused the economy to crash, six of one). But moving out of the house, even when renting, once one is an adult has always been an American cultural norm. People often move away for schooling, a better job or just for an area they like better, whether they buy or rent. Multi-family living has never been popular in the US when young adults are able to move out. And family doesn't necessarily equal people who care about you.

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Elemental_Breakdown@reddit

I don't think you can get the same acreage in a lot of places, it's not just the house. Having acres of fruit, nut, crops, hunting land etc is a different level of independence. Also the security of eventually only owing tax which is offset by rising value of property, the fact no one can trespass to nap a few reasons.

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Successful-Coffee-13@reddit

Because that’s how you ever can make decisions that end up having an impact on the real world.

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riarws@reddit

There are tax benefits to owning rather than renting.

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TexelDestiny@reddit

I guess the idea of being able to stay in the same place for a long time is appealing to me. With rentals it hard to predict what will happen in the future. I like to customize my living space, which is limited as a renter. I like to garden, which is hard as a renter. I want to have more than 1 pet, which is hard to get a landlord to be ok with. I also like to do repairs and fix things because it's fun to learn how they work, but landlords, for good reason, prefer that tenants don't do that.

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allysonwonderlnd@reddit

I really, really don't like spending money on things I don't own. Experiences are one thing, but actual things just doesn't sit right with me

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ShortRasp@reddit

The nuclear family concept in the US is a lot different from other parts of the world. Many of us don't share that bond with family like other countries.

As for housing, home ownership is peak level of making it in life or being a responsible stable adult.

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bi_polar2bear@reddit

Why pay someone else's mortgage when you can pay your own? You're able to do whatever you want when you want and not have to ask permission. And most homes don't have noisy next door neighbors. Plus, you own something, and have legal protection. And in the end, it's usually a safe investment and earns you money.

Back during the founding of the country, owning land allowed you to vote, so that meant that owning property became a deep desire built into our dream for a better America.

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ArdraCaine@reddit

American culture is very individualistic. Many families expect adult children to move out on their own between 18 and 25.
Many parents of adult children do not allow parties, boyfriends/girlfriend to stay over night, or the adult child to have any space outside their bedroom.
It's difficult for an adult child to build a new family inside the parents home - there's often just not enough room.
If the adult child moves out, rents basically go up every year by several hundred dollars per month
Some people are just really difficult to be around. Many parents can't seem to accept that their adult child is an adult, and will still treat them as dependent children.

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Crazy_Raven_Lady@reddit

In my opinion owning property is one of the absolute best ways to build wealth in the US. That’s how my poor parents got rich. I had my first house for three years. I sold it and walked away with 50k. My sisters mortgage in 2008 was $600 a month and that was including taxes and insurance. To be renting that house right now people would likely have to pay about $2500+ a month with no option to sell and walk away with a huge check. If my sister was still in that house she’d be paying far less rent than people are even paying to just rent a single room in someone’s home. Property values fluctuate a bit here and there, but over time they always go up, making them a great investment.

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plotthick@reddit

The ownership of a home here includes social rights to the behavior of those inside. Whether visiting or staying long-term, whoever pays the bills dictates social interactions within certain boundaries.

It's "don't like it? Then leave!". So unless they are very good people with very little trauma and/or stress (rare here), it's going to get uncomfortably dictatorial quick.

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behindgreeneyez@reddit

It may be changing, but owning a home was arguably the best ROI of any investment you could make.

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Michael-Balchaitis@reddit

It's the one thing any American can do to build wealth. You don't have to be smart or skilled. Buy a house and watch the value of the home appreciate, and you can add to the value of the house through sweat equity.

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MikIoVelka@reddit

Are you asking why Americans prefer paying the same expensive price to gain equity in land and the buildings on that land rather than paying to have the right to temporarily inhabit the building that someone else owns?

Or are you asking why don't grown-up Americans live with their parents and not pay rent at all but still have to deal with the rules and requirements that parents place on their adult children?

Or are you asking why don't adult Americans want to have to keep paying for and living with their adult children and having to share space with grown-up adults that should have sufficient income and opportunity to live their own separate lives?

Is it one of those?

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dpk794@reddit

Buying a house is a big deal. Instead of your rent going to someone else every month, it’s going towards your own property that also acts as an investment in almost all cases. My house has doubled in value since Covid. My mortgage is also less than apartments in the area. That’s besides the facts that I have my own space with no one else’s rules really besides city ordinances.

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Ask_Aspie_@reddit

Because then you don't have to follow the rules of a landlord, can't be evicted for no reason, and can do whatever you want to do. If you want to knock down a wall, you can. If you want hardwood floors, go for it.

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DragonflyOnFire@reddit

Rent increases every year and never ends Mortgage never rises and sometimes refi to a lower payments and will end after 30 years (mostly)

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Pirate_Lantern@reddit

It's not that we want wealth. We want PEACE.

Not everyone is cared about. Most of life is loud and stressful. We want a place that is ours away from what we grew up with.

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Slow_Concern_672@reddit

Not everyone moves far away to own a house, but it is because you get more more money than renting. It's often less expensive and it's an asset. Taking the biggest expense you have keeping a large portion of that payment as an asset is huge financially. And housing is a safe.asaet to put money in and often appreciate at higher levels than other investments. You can double or triple the value you put in easy enough. Also there are tax advantages to owning..

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Rex_Nemorensis_@reddit

Some people don’t enjoy the idea of working 40 hours a week just to give most of your paycheck to a landlord and make them richer.

They would rather that go towards a mortgage and eventual equity towards their own net worth.

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PPKA2757@reddit

Housing is a basic necessity and owning a home is a financial asset, often times the largest asset a person owns.

It’s also yours, you can do whatever you want to it. Something you can’t do if you’re renting.

There are downsides, sure. But typically speaking while homes don’t appreciate faster than the stock market and they’re much more stable investment.

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nothinnews@reddit

There are many reasons. But rent can be so expensive compared to a mortgage. What makes it difficult is qualifying for a home loan. Banks will literally tell you can't afford less in mortgage than you are currently paying for rent because your credit is too low.

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CollenOHallahan@reddit

Because I want a place to live with my wife and children that isn't in a city? Not a tough concept. All of our family is within a 30 minute drive.

Plus, I don't want to live in an apartment. I own 5 cars. Not going to happen downtown.

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Apocalyptic0n3@reddit

Our culture values independence in a way that most other cultures do not. Moving out is part of adulthood. Buying a home is gaining independence from a landlord and ever-rising rent. Our country is also large and full of opportunities, so moving away from family is much easier and much more common here.

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skittlesriddles44@reddit

You are buying something that is truly finite

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ChiSchatze@reddit

In the U.S. property values have been on par or sometimes higher than stock market gains. A big part of generational wealth is definitely real estate. We also don’t have rent control in most places. So as someone’s property increases 20% in value, you’ll often see a big rent increase also.

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AdelleDeWitt@reddit

You can pay rent every month for 30 years and at the end of that time you don't own anything, but the landlord has profited off of you.

I am doing really well as a single parent who teaches Elementary school, but that's because I inherited my parents house. If they had rented, I would have to do that too and I wouldn't have anything to pass down to my child.

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