Current Events > Does it really make sense for people to buy houses in rich neighborhoods?

(+) Yeah! (+)

if I was rich id save the money and buy a large house in the hood. its a lot cheaper and it would save me lots on property tax long term

im not afraid of minorities like a lot of rich people seem to be. I know this because I deliver for Amazon and people there always look uncomfortable when my black or brown co workers deliver to their rich neighborhoods

My god man

If I was rich I'd just buy a plot of land and have a decent sized house built in the woods somewhere away from other people cuz I hate people. Also wtf dude.

xAzNPimP4LiFex posted...

id save the money and buy a large house in the hood

sounds like a really dumb idea ngl

my main focus would be saving costs for the same size house

The people in the neighborhood's focus would be just slightly different and their skin color doesn't matter much

I'm kinda wondering if you have lived in urban or poor areas before because literally the last thing you want to do there is flaunt any kind of wealth

Second edit: Ok second to last thing. Main thing you shouldn't do is wear suspicious colors or logos

You sound like you're not very familiar with "hoods" lol. It's not about being racist or not. There's plenty of white "hoods", they're usually called Trailer Parks tho lol. It's just that when you got money and flaunt it in a place around systematically oppressed people, you can easily become a target. Even if 95% of the people respect and appreciate you and what you do. There would always be someone wanting more or wanting your spot. And the protection in systematically oppressed places aren't up to snuff to protect you as much.

You could just move to a lowkey Rural area tho. That would ge much smarter. You don't gotta choose between bougie and the hood.

Oh Lord I want to imagine someone rich living in East Oakland

People in the hood don't want to live in the hood either. Why do you think rappers all talk about trying to leave?

i live in the hood and i absolutely cannot wait to leave this shithole.

people who know, just know. the meth heads are so quaint to the weekenders, but we deal with that shit on tuesday nights.

I'd buy an entire neighborhood in Detroit

A_Good_Boy posted...

People in the hood don't want to live in the hood either. Why do you think rappers all talk about trying to leave?

dont some voluntarily stay there even after making it?

bump.

As someone already alluded to, your hood mansion would be broken into on a weekly basis.

buying houses in general doesnt make sense

its a scam

If you're rich you do whatever you want

VampireCoyote posted...

buying houses in general doesnt make sense

its a scam

As opposed to what, renting forever?
Of course, you're still paying an annual rent (property tax), but at least you can cut your losses and get your equity in a house back. Renting a place essentially means setting that money on fire.

Yeah I just have a condo, not even a real house but it's easily one of the smartest things I've ever done (even though my parents pressured me into doing it). 8 miles from my old apartment and the mortgage and PMI together still is $600 cheaper per month than my old rent pre-covid. Had to pay utilities at both except water for the apartment, but on the flip side there was also a $100+ monthly parking fee for the apartment. Lender says I have like 80k in equity after 3 years and with the current market.

When something shits the bed here (like my heater last winter where I had to pay $700) I'm still golden because I'm saving roughly that much per month.

Questionmarktarius posted...

still paying an annual rent (property tax)

it's cheaper in the long run.

kingdrake2 posted...

it's cheaper in the long run.

Of course, renters pay the property taxes too, just not directly.

kingdrake2 posted...

it's cheaper in the long run.

Depends on how long you plan to stay in the house.

Jeremy517 posted...

Depends on how long you plan to stay in the house.

Once it's paid off, all you really have to worry about is taxes and repairs.

Does it really make sense for people to buy houses in rich neighborhoods?

i could be wrong, but it seems like more of a new money thing.

Renting is obviously not better than ownership. Those that think it is are thinking from a point of view of "how many dollars come out of my account each month". Which gets into that whole "rich vs poor mentality" wrt money.

They're fundamentally different, one is an asset and the other is an expense.

You scoff at your customers and I scoff at delivery drivers afraid to get out of their vehicles in a residential neighborhood where approx 1/3 homes have families with children and/or elders.

Naysaspace posted...

Those that think it is are thinking from a point of view of "how many dollars come out of my account each month". Which gets into that whole "rich vs poor mentality" wrt money.

There's also the "property is theft!" crowd.

Questionmarktarius posted...

Once it's paid off, all you really have to worry about is taxes and repairs.

That isn't the only thing time-related. Rent increases while mortgage payments don't (assuming a fixed interest rate). The house next to mine is renting for about 2.5x my mortgage payment.

The general thought is that you need to remain in a house for at least five years to make buying better than renting.

Questionmarktarius posted...

There's also the "property is theft!" crowd.

Thats always gonna exist due to people buying up places just to rent it out

VampireCoyote posted...

buying houses in general doesnt make sense

its a scam

As opposed to...?

i wanted a nicer neighborhood so i would have nicer neighbors. folks who care about maintaining their homes, folks who care about respecting neighbors, etc. don't wanna live in an area where people leave their property a mess, or people who drive down the street at 2am with super loud music, or people who throw loud parties late into the night. im not saying that all poor people behave like that, nor am i saying that all rich people are respectful of themselves and others. but, in general, nicer neighborhoods are maintained better and are occupied by people with standards of living closer aligned with my own.

also for staying away from a high crime area, or being close to one.

This is how gentrification starts