Home-ownership, race, and household type in the United States

[memphis]

It is supremely farcical to call somebody with an enormous mortgage to home value a home owner. The percent is people who own their own homes in all races is miniscule.

[memphis]

My anecdotal experience of living in a respectable but working class neighborhood has been quite the opposite. The landlords of the rental houses do a pretty good job maintaining their properties because renters come and go quickly and properties need to be ready to show on a minute's notice. A vacant rental house is a financial black hole. Landlords are also a lot more savvy regarding what sort of maintenance is needed on a house and how frequently. On the other hand, the homeowners often are not as well versed in what is required to maintain property and have in any case stretched themselves thin financially to buy their little houses. They don't have the money for things like new roofs and landscaping. And most home renovations are money losers. You sink 20k into a completely remodeled kitchen, and it's not going to increase the value of your home 20k because for that much money, one could buy a bigger house or one in a more desirable area. It's not an "investment." Much like buying a new car, it's a treat that you give yourself to make life more pleasant.
And, of course, people in multifamily housing, most of whom are renters, are far more likely to know their neighbors than those who have a big yard and fence between the next family. Proximity encourages familiarity. My dad downsized into a one bedroom apartment after he retired and he can tell you everybody in his building and all their personal business to boot. I can't tell you a thing about my neighbors except that the house next door was recently rented to a Mexican family and they are constantly working on the yard, putting in flowers and such. It makes my home look rather shabby in comparison. Though I'll readily concede finding renters who are so enthusiastic about yard work is extremely rare. I've seen quite a few people come and go through that house. I very much hope the Mexican family sticks around.

[memphis]

I wish you the best of luck Mr. M. Financing a property based on the projected rent of a tenant is a ballsy way to live. Especially in an expensive place like Boston. I'm also curious how you and Torie and opie's families find good tenants. Hardly needs to be said that it makes all the difference in the world. So many people are destructive or unwilling/unable to pay rent on time. People with higher incomes overextend themselves and fall into financial traps just like everybody else. I don't anticipate having the funds to become a landlord. Just nosey.