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4 Bumps

Rent or buy

I owned a home in the Orlando area for 7 years I sold it less than a year ago and barely broke even after 7 years!!!! We had to move to NYC for my new job, I now rent the housing prices are ridiculous. I owned a home in the orlando area 3 bedroom 2600 sq feet and my mortgage with taxes and insurance was $1400, I now rent a 3 bedroom in manhattan and pay $4000 a month!!!!!!!!! Is it smarter to rent or to buy?

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MZcindyM

Asked by MZcindyM at 1:19 PM on Mar. 31, 2011 in Money & Work

Level 3 (17 Credits)
Answers (8)
  • I think renting is better but 4 grand... damn woman that's a lot!!!
    iluvmykidsxoxo

    Answer by iluvmykidsxoxo at 1:26 PM on Mar. 31, 2011

  • I'd much rather buy, but I like my rent payment a LOT better than the mortgage I might have to pay for a decent house. lol
    lovingmy4babies

    Answer by lovingmy4babies at 1:35 PM on Mar. 31, 2011

  • There are good points and bad points to both sides. Have you thought about moving outside of the city and commuting? I live in Connecticut, and a lot of people work in the city and just take the train every day.
    Namaste17

    Answer by Namaste17 at 1:49 PM on Mar. 31, 2011

  • Not sure. But that's alot, you deserve a BUMP!!!
    arenad

    Answer by arenad at 2:22 PM on Mar. 31, 2011

  • In NYC your better off renting. 4000 a month for what you have is on the cheaper side for Manhattan
    vbruno

    Answer by vbruno at 2:38 PM on Mar. 31, 2011

  • It is always smarter to buy. You will eventually have equity in your home. The economy will eventually go up and with that so will the prices of houses. It is a buyers market right now. Take advantage of lower prices if you can.

    thecoffeefairy

    Answer by thecoffeefairy at 2:42 PM on Mar. 31, 2011

  • Don't think of it as breaking even on the FL house, think of it as getting your rent refunded to you when you moved. I know NYC is crazy. If you plan to stay *like forever* then buy. If you will be there less than 2-4 years then rent.
    LoveMyDog

    Answer by LoveMyDog at 3:08 PM on Mar. 31, 2011

  • I'd much rather buy
    Nitestalker

    Answer by Nitestalker at 10:13 PM on Apr. 1, 2011

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