My wife and I have rented one apartment since 1978. Crazy, you think? Yes, for sure, almost everywhere but where we live, which is in Greenwich Village in New York City. We moved to NYC in 1978, took this nice 2 bedroom apartment at the edge of what we could afford then, and since then, thanks to NYC's rent control rules, it has done nothing but get relatively, and progressively, cheaper than any other option. Purchase prices anywhere we wanted to live have always far outstripped our means, and we have never been willing to leave an area we love just to own. Our rent, in 43 years, is now 3.5 times it was then, but is around 1/3 of market rent for a similar apartment in one of America's most desirable locations and is far cheaper than purchasing or paying property taxes directly. This situation has enabled both of us to have long careers in the nonprofit arenas and to put two daughters through private colleges without financial aid or loans, and for us to have our assets managed professionally with a lot greater flexibility than being tied up in real property. And, with the girls long gone but now living within a half hour subway ride in Queens, their childhood bedroom is now my shop!
Happy new year, everyone, be well!
Tim