Black homeownership rate lower now than a decade ago while white, Asian, & Hispanic increased.

[Thanos]

It’s no more responsibility than renting. This is another excuse people use. “If something happens at the apartment, I can just call maintenance”, well with a house you can call a plumber or handy man. You can get a home warranty too. Yes you have to pay out your pocket, but you’re also not having to fix shyt every month unless you bought a damn shack.

Anyone who wants to own a home can and will. Others will find an excuse and that’s ok too I guess.

It's definitely more.

 

[JLova]

I don't think a lot of people know how big a responsibility it is to own a home, It's more than just do it.

Agreed. Especially a house.

 

[Rawtid]

It's definitely more.

I disagree, in terms of overall responsibility and I’ve been at it for 6 years. I also have a small SFH, about 1200sq ft.

 

[ogc163]

Too much anecdotes in this thread, as expected.

 

[winb83]

It’s no more responsibility than renting.

Saying that home ownership is equal to the responsibility of renting is laughable. When you rent you don't need any extra resources to account for major property issues. If you can afford the rent the rest is taken care of by the landlord. It's even easier living in an apartment. I never had to pay for a new furnace or roof at my apartment.

 

[Rawtid]

Saying that home ownership is equal to the responsibility of renting is laughable. When you rent you don't need any extra resources to account for major property issues. If you can afford the rent the rest is taken care of by the landlord. It's even easier living in an apartment. I never had to pay for a new furnace or roof at my apartment.

Lol I didn’t say equal, I said it’s no more or that much more in terms of responsibility. I have a home warranty and home insurance, with affordable deductibles. Most issues are just $500 away from a solution.

You have your perspective and I have mine. It’s just mine is based on actual experience.

 

[Conan]

I think we're in agreement. There are plenty reasons to rent, but to say you come out ahead at the end is insane.

It's not insane. You're just being very stubborn on this topic. There are many scenarios where you can come out ahead while renting, compared to someone who bought a house. @ogc163 has posted several posts showing many black home owners have been held back by having a home.

 

[Conan]

Lol I didn’t say equal, I said it’s no more or that much more in terms of responsibility. I have a home warranty and home insurance, with affordable deductibles. Most issues are just $500 away from a solution.

You have your perspective and I have mine. It’s just mine is based on actual experience.

So you're paying a premium every month, so that when something happens, you only pay a $500 deductible. That's a cost that renters don't have to worry about. Repairs don't happen every month. But they do happen and are substantial. Again, a renter does not have to worry about that. These factors are important when figuring out what the better option is between renting and buying.

Your perspective is your own perspective, there's no expanding it beyond anecdotal levels.

 

[Conan]

I mean if the houses don't increase in value, does that really set you back? As long as you can pay it off you can still retire, you still have something to fall back on. The only downside I see is if you wanted to move, but houses are a lot more expensive. But even then, with a paid off house you saving more money that could go towards a newer house.

Yes it does set you back because you've screwed yourself out of all the money your down payment and insurance and taxes and home repair expenses would have multiplied by in a low cost index fund tracking the market. Plus, how are you gonna live when you're retired from work?

 

[JT-Money]

I think it's a good idea to purchase a home eventually. Just not now with everything being overvalued. The same way I wouldn't buy a car now due to supply shortages jacking up prices. If you're earning potential keeps rising there is no need to be on a rush.

 

[winb83]

Lol I didn’t say equal, I said it’s no more or that much more in terms of responsibility. I have a home warranty and home insurance, with affordable deductibles. Most issues are just $500 away from a solution.

You have your perspective and I have mine. It’s just mine is based on actual experience.

Owning and maintaining something is always more responsibility than renting and using something someone else owns. Both financially and in terms of effort / time.

If you own a home unless you bought cash you have insurance, interest, and taxes you have to pay. Adding to that paying for a home warranty is further burden. When a plumbing issue arises in your home you call a plumber. When one happens in my home I call the rental office and they handle it. No deductible or concern on my part for what the issue cost.

I don't own or have to maintain a lawnmower, snow blower, or any yard equipment in my apartment. I don't spend any time at all on any of that stuff and it cost me nothing to do this. Hell I don't even have to pay or worry about a water bill.

Renting an apartment has many advantages over home ownership. Now if we're talking about renting a house I'd rather just own it myself. There's a level of responsibility beyond apartment renting with that. Still noticeably less than ownership but I don't want to rent someone else's house and have to cut their lawn ect.

 

[beenz]

I think it's a good idea to purchase a home eventually. Just not now with everything being overvalued. The same way I wouldn't buy a car now due to supply shortages jacking up prices. If you're earning potential keeps rising there is no need to be on a rush.

as interest rates rise (which is already happening), home prices will fall.

 

[BornStar]

as interest rates rise (which is already happening), home prices will fall.

With stagflation that may not be true.

 

[Glorious]

Seeing how we ADOS are a thing. It wouldn't shock me. Most of us have non-black as part of our DNA. And that certainly didn't come about by BM knocking up WW.

After watching the likes of Serena and Halle call their daughters black and not bi-racial. If they are calling their daughters black then it wouldn't be a big leap to think other BW think like them. I think both women used the one drop rule for their reasoning.