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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: No Mo Mo who wrote (228968)	8/8/2013 3:02:16 PM
From: koan	Respond to of 543062

When you rent the landlord will get as much as he can. In my town right now a 750 clean sq ft condo will rent for $1,500 a month (if you can even find a rental-some are renting for $1,900!), but you can buy one for $150,000 with payments of around $1,200 and tax deductible. And rents will continue to rise while the owner's payment will remain the same forever. So people are buying as a defense. For the last 30 years the rent for those condos was $800 to $900 per month and the price of a condo so far has not risen above the $150,000 mark. Everyone in my town that can buy are buying as the only way to avoid being fleeced by landlords. I have many customers buying homes, townhomes and condos for their kids, just so they can stay here. And the poor are being forced out of town. Our city is going through a lot of growth as we are the capitol, have been discovered having such a pristine city with low crime and an intact social structure. And pretty mild weather. Hot this year-lol. So buying is the only way to stay. Nothing to rent even at these high prices. We cannot expand fast enough to meet growth, so while housing prices will stay pretty even with slower price rise, the rents are exploding. Building costs stay the same, except for land.