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Is renting until death going to be the new norm in the 'own nothing be happy' land of the future?

We're not in Sydney, but median house price is Sydney is around $1.5 million now.

For us, median house price is about 2/3 that and we're in a regional area.

We can't get anywhere near close to saving for a deposit even on our two incomes. Banks require minimum 20 pct deposit, and there are no home buyer support schemes accessible to us.

Do you see renting as the way everyone will be as a lifetime proposition for the future?

btw we did look into rent-to-buy and freaked out at how dangerous/risky that is.
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Jenny1234 · 56-60, F
Absolutely not. We have to start getting creative about home ownership. We may unfortunately not being in a position where we can all buy a house ourselves or with our spouse or partner, but we can buy a house with a few different people if everyone pitches in. I tell this to my kids all the time go and find a few friends that you trust and who also want to own home and plan to buy one.
Jenny1234 · 56-60, F
@HoeBag well that’s unfortunate. Luckily my kids don’t know anyone like that.
masterofyou · 70-79, M
@Jenny1234 good luck prices are still very high interest rates are high due to inflation that the last administration caused
Jenny1234 · 56-60, F
@masterofyou I think typically Americans have higher mortgage interest rates than we do
HoeBag · 46-50, F
yeah rent to own is never a good idea whether it is property or household goods.
Best case scenario is one way over-pays.

It is kind of worrisome about how things are going because a lot of places want ridiculous prices to buy a house.

Of course on youtube videos and other outlets, they are trying to push the idea of these tiny living spaces, so cramped that the bed either folds into the wall or is in an area the height of a crawl space.I see stuff like that and suddenly the house I live in feels like a mansion, even with it's 800 square feet.

I guess though the advantage of renting is one doesn't have to look after the dwelling the same way as if they owned it. They could try to say that upkeep is the responsibility of the renter but let's see how well THAT works out.
Offthetop · 56-60, M
Same for a lot of cities in Canada. My generation was able to save up a down payment in a few years of renting. Now the down payment requirement is a much higher amount even for the 5% minimum. It is impossible for many to achieve while paying crazy high rents. I expect to assist my kids when the time comes or they would never make the leap to ownership.
exchrist · 31-35
Its about stages! first buy the land then build a habitat (house). I lived in a wood shed on a .15 acre for several years. That was a 50 sq ft shed on a 607 sq meter lot. That 607 sq meters lot was 6534 sq feet of paradise. The 50 sq foot shed had no insulation only a twin matress pullout couch, a toilet, a shower, a hot plate, a toaster oven, a desk, & a tv.
exchrist · 31-35
@exchrist after 6 months i got it insulated just in time for winter. I did most of the labor with friends and family. I still have dial up internet, but i have a cell phone and work phones so whats the difference?
exchrist · 31-35
@mksworld yea start with the bare minimum then in time build the one room house. Lay a foundation set up a few solar panels get an antennae tv dvd player. Building up your residence slowly but with focus.
exchrist · 31-35
@mksworld can you just pave a driveway. Maybe lay a foundation? Dig a well? Establish the basics then add onto it?
Wiseacre · F
No idea…I am too old to worry about that. Renting isn’t so bad!
pdockal · 56-60, M
ive owned since 30ish
mom finally sold "everything" & is not renting
not sure what ill do after retirement
In a word...yes
masterofyou · 70-79, M
It's what they want to do to you .... the elite wants you to live in a cube with all the cubes stacked together you work your whole life for the elite to get rich and your in jail in your little cube that the elitist owns and pay your rent to the elitist....
Kavat · 36-40, M
Without government intervention or people willing and able to live away from where most jobs are, that's the likely scenario.
Here renting is more insane than a mortgage but at that point you are effectively renting from the bank anyway
Ozdharma · 61-69, M
Its getting ridiculously expensive and unless young people are highly paid or have family to help its almost impossible.
Musicman · 61-69, M
Rent to buy is a scam at best. Never ever do that. Fortunately here in America houses are still affordable with a little effort on your part.
yu vill own nutting.. an be 'appy.
-klause shwab delivers a nazi speech in a nazi accent...

 
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