My point is all things being equal you can't rent for as cheap as you can buy. You can buy a 1000 sqft house for less per month then you can rent a 1000 sqft apartment.

That's not always true either......

OK, since most that disagree with me are living in Louisville I just did a search for rental houses and houses for sale. These results are in Jeffersontown. The rental is just north of Charlie Vettiner Park and the for sale is just south so they are pretty close together.

 

The rental is 1410sqft 2 story, 17 years old, 3 bed, 2 bath for $1195/month

The for sale is 1450sqft 2 story, 5 years old, 2 bed, 3 bath (seems weird so could be backwards) for $148,500. If you took out a 30 year mortgage on the full amount your payment would be $708/month at 4%.

 

OK...now do a search for Highlands/Tyler Park/Cherokee Park/Deer Park. That's the area I live in. 40204. And I won't live in J-Town. Completely and totally different dynamics than where I live. I'd consider 40206-Crescent Hill or Clifton. But those are the two areas I would live in at this point in my life.

OK, since most that disagree with me are living in Louisville I just did a search for rental houses and houses for sale. These results are in Jeffersontown. The rental is just north of Charlie Vettiner Park and the for sale is just south so they are pretty close together.

 

The rental is 1410sqft 2 story, 17 years old, 3 bed, 2 bath for $1195/month

The for sale is 1450sqft 2 story, 5 years old, 2 bed, 3 bath (seems weird so could be backwards) for $148,500. If you took out a 30 year mortgage on the full amount your payment would be $708/month at 4%.

 

I pay less than that in rent where I live. And the amenities of Jeffersontown are not even comparable to those where I live, given my preferences.

What is your zip code, I can look for comparisons in your area as well.

 

Same as RM, 40204.

My point is all things being equal you can't rent for as cheap as you can buy. You can buy a 1000 sqft house for less per month then you can rent a 1000 sqft apartment.

 

With my HOA I pay about $700 a month. An apartment the same size would likely run well over $1000 per month.

My point is all things being equal you can't rent for as cheap as you can buy. You can buy a 1000 sqft house for less per month then you can rent a 1000 sqft apartment.

There are a LOT more factors. Throughout most of the are I live in you simply CAN'T buy 1000 sq ft houses. I used to live on Cherokee Road in Louisville. To buy the type of condo I had it would cost me at a minimum $350,000.

It's also worth mentioning the more difficult to calculate intangibles of neighborhood. I rent a place for very little money in a neighborhood where, if I bought, could expect to pay upwards of $350,000 for the house. I'm living in a neighborhood I love that would otherwise be far outside my means.

I haven't gotten this far down yet. But this is exactly what I mean. Until the house I rent now, there is no way I could come close to buying a comparable for the rent I paid.

You would pay more in rent than a mortgage payment most of the time. Landlords aren't in business to lose money.

HT, meet the Louisville Highlands. The dynamic of the neighborhood make most of this false. You aren't touching these places for what you pay in rent. As Rockmom said, my definition of "The American Dream" is to live somewhere I enjoy with cultural, hundreds of dining/nightlife options, and neighbors who are similar.

 

It's most definitely NOT to move to Jtown or Fairdale just so I can own a home. Having said that I am passively looking around in Paristown for homes.

OK, since most that disagree with me are living in Louisville I just did a search for rental houses and houses for sale. These results are in Jeffersontown. The rental is just north of Charlie Vettiner Park and the for sale is just south so they are pretty close together.

 

The rental is 1410sqft 2 story, 17 years old, 3 bed, 2 bath for $1195/month

The for sale is 1450sqft 2 story, 5 years old, 2 bed, 3 bath (seems weird so could be backwards) for $148,500. If you took out a 30 year mortgage on the full amount your payment would be $708/month at 4%.

Yea, but then I'd live in JTown. I sure as hell don't want to do that just to be a homeowner.

Guys I'm not saying anyone is foolish for renting. I agree with most of your arguments about the amenities of areas you live. I was simply pointing out the flaws in the authors reasoning. And nothing is 100% one way or the other. There will always be exceptions.

I looked up different listings in 40204. The problem is I don't know much about that area so it's hard to compare one listing to another. As far as buying for $350,000 you could get anywhere from 2000sqft to 3000sqft. I also found some listings for under $100,000 for 1200ish sqft but the houses didn't look like something I would buy to live in. Again without knowing the area better it's hard to compare.

I looked up different listings in 40204. The problem is I don't know much about that area so it's hard to compare one listing to another. As far as buying for $350,000 you could get anywhere from 2000sqft to 3000sqft. I also found some listings for under $100,000 for 1200ish sqft but the houses didn't look like something I would buy to live in. Again without knowing the area better it's hard to compare.

 

What you are finding is indicative of the situation in 40204. Paristown, Shnitzelburg and Germantown represent the best "value" if buying. But, as has been mentioned by Getslow and FKY, people live in the Highlands for the experience more than the size of th home, or the newness. It's not for everyone, but for those of us who do choose it, it's irreplacable. I've lived in St. Matthews, Clifton, Old Louisville and Hikes Point. All are nice areas with their own pluses. But nothing touches the experience of living in the Highlands, IMO, although Clifton and Old Louisville have progressed more than any other areas, in my opinion. I did absolutely love living in Clifton and Old Louisville. But living in the Highlands is the ULTIMATE experience for me. And it's one of the things holding me back from moving to Evansville. I am reluctant to give up everything I love about living here and can't find anything even close to comparable in Evansville. Possibly downtown in the historic area. But haven't quite gotten the right "feel" when I look.

What is so special about the Highlands area I know Bellarmine is located there and I've been to Bellarmine for the State Volleyball tournament .Got any pictures of the area is it comparable to Ft Thomas ?

IMVHO the only people that get rich renting are the landlords .

What is so special about the Highlands area I know Bellarmine is located there and I've been to Bellarmine for the State Volleyball tournament .Got any pictures of the area is it comparable to Ft Thomas ?

 

I like the Highlands area a lot. Cool old houses.