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Original poster

Why do people prefer to rent rather than buying a house?

285 replies

Cocktailglass · 25/04/2026 21:14

Genuine question, AIBU to not get that in the long run you pay off mortgage, own your home to pass on to your DC and rent, especially with the high rates now, is dead money?

I do of course understand getting a mortgage is harder now and house prices, I'm talking about people who have been renting all their lives.

Unless having rent paid for on benefits, I don't get why anyone working hasn't got on the property ladder, less to pay every month with a long term mortgage, eventually nothing to pay unlike rent.

As I said, not talking about now, but decades ago. You showed your earnings, were offered the best deal of what you could borrow, bought your first home within these means, a starter home with the intention of paying far less for payments than rent, property goes up in value, you buy your next home without too much of an increase, still less than renting. So the upgrading continues and initially you just get what you can afford to get on the ladder.

Renting does give you the benefit of any problems being the responsibility of the landlord but all depends on how good they are! With council properties in a much better position as houses are upgraded and issues dealt with (hopefully) more quickly.

Plainly speaking, you work, give a significant part of your income to someone else just to live in their house, pay bills and CT. What's the benefit of this rather than knowing you're paying straight into a loan for your own property, a financial asset, it's yours? Xxx

OP posts:
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FairKoala · 25/07/2026 17:29

MrsSlocombesCat · 17/05/2026 13:03

The cost of a basic two bed terrace in my area is around £310,000. That means only someone earning above, say £80,000 could afford it. It doesn't matter that the rent on the house might be as much as the monthly mortgage repayment, because you need to earn enough money to GET the mortgage in the first place.

Then as a FTB you don’t move to your area and buy a 2 bed terrace. You buy a studio or 1bed flat In a cheaper area
We have Rightmove and Zoopla something we didn’t have years ago

FairKoala · 25/07/2026 17:23

I think now people don’t start in the studio flat that needs redecorating, new kitchen and shower room so don’t take advantage of any price rises. We would then move to a 1 bedder or even a 2 bedder and get a lodger. We would also have 2nd and 3rd jobs.
Even the solicitors and accountants we knew would be working in bars as well as their day job.

Living in rented was something you did for as short a time as possible. As landlords couldn’t get you out, they spent as little as possible on the places they owned. The rentals available were horrible
I was brought up in a council house. Even that didn’t have plaster on any walls an outside toilet and we had a tin bath. 8 adults and 2 children lived there

FairKoala · 25/07/2026 17:06

Even years ago it wasn’t as simple as it sounds.

Remember years ago we didn’t have a minimum wage.
Even with multiples you might not reach the amount needed to by the cheapest place on the market

I was on around £1250 per year. Dh was on £2500. We managed to find a mortgage company who would give us 2 x dh’s salary and 1 x mine= £6250
Cheapest place was £7,500

We bought the following year only because I changed jobs.

Oneanddonemum2025 · 18/05/2026 06:33

MrsSlocombesCat · 17/05/2026 13:03

The cost of a basic two bed terrace in my area is around £310,000. That means only someone earning above, say £80,000 could afford it. It doesn't matter that the rent on the house might be as much as the monthly mortgage repayment, because you need to earn enough money to GET the mortgage in the first place.

Income multiples are between 4.5 times to 6 times maximum these days! There are more 35 and 40 year mortgages these days.

Thats how i bought at 26 with dh (2 years older), 40 year mortgage 334k from 75k combined. We had a 58k deposit (London 2 bed flat). We overpaid 30k in total for first 5 year as incomes increased/pre baby so it went down to £269k. Not overpaying anymore as on mat leave/dh is on sick leave (70% of his single salary of 75k). Will overpay once incomes are more normal and baby starts primary school (dh had vasectomy so not having anymore). Mortgage is still £1250 (at 4.19% fixed till 2031) which is a room rental in our area of z3 London.

A lot of people in my age group (30s) are skipping the starter home and renting until they can afford the house but in my experience, the starter home is what enabled us to stay in london through lower incomes in our 20s and disruptions to our incomes. The overpayments were made during our good income years which were 2022 to 2024( before that it was barely above 75k combined before jumping to 110k and then 120k, but then sick leave and maternity leave happened). However 2019 to 2024, we had 1k mortgage which helped us in the lower income years. I fixed for 5 years this year because rates are likely to be volatile. You dont get that level of stability in rental and who knows what may happen incomes wise just before you are due to buy that forever home.

As for future proofing, we did that through vasectomy and buying in a good school catchment area.

MrsSlocombesCat · 17/05/2026 13:03

The cost of a basic two bed terrace in my area is around £310,000. That means only someone earning above, say £80,000 could afford it. It doesn't matter that the rent on the house might be as much as the monthly mortgage repayment, because you need to earn enough money to GET the mortgage in the first place.

WhistPie · 17/05/2026 12:40

It's a local plumber in outer London. It was a like for like replacement on an outer wall and didn't take him long at all. Probably 2k now. Like I said, it doesn't need doing every year. I do find the need for continuous kitchen and bathroom replacement as fashions change to be utterly wasteful

Somersetbaker · 16/05/2026 22:24

WhistPie · 28/04/2026 00:53

<sigh>

Roofs do not need replacing every few years. A roof should last about 80 or so years.

A boiler should last a minimum of 10 years and a replacement would be about 1.5 to 2k which is about a couple of months mortgage payments.

You are making it out as if people will need to spend thousands and thousands annually on property maintenance - this really isn't the case.

Show quote history

Let me know who your plumber is who'll supply and fit a boiler for for £1500. You may not spend much on maintenance every year, but eventually that will catch up, new kitchen, new bathroom, rewire, gutters, soffits,replacement windows, blown double glazed units, chimney repointing etc, so you do need to budget accordingly, Allowing (but possibly not spending) 1% pa doesn't seem that outrageous to me. My experience is that, for a new build,the first 10 years very little maintenance is needed, hence canny BTL landlords sell about that time, 20 years plus the bills start mounting up..

Original poster
Cocktailglass · 29/04/2026 21:29

TheyGrewUp · 25/04/2026 22:16

Oh FFS @Cocktailglass. I bought my first flat in London in 1981. I was working for an investment bank, my salary was £9,200 (incredibly lucky), I'd saved £3k because I'm a canny git and my dad gave me £6k, which was actually guilt money (2nd wife and living overseas). I was able to do it because I was privileged. Most of my friends couldn't do it without help from parents, at least not in London. And that was 45 years ago.

I didn't get any help from anyone so am like one of your friends. Was just lucky to finally earning a decent salary, frugal, saved and bank loan.

OP posts:
Original poster
Cocktailglass · 29/04/2026 21:24

TemperanceWest · 25/04/2026 22:15

First post nails it! The "Xxx" are the icing on the goady cake.

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Please read later post to clarify this as in no way intended to be goady at all. I hate goadines, if this a word. I hated paying so much for rent to a LL who did nothing for the flat issues, wouldn't let me paint in anything other than white etc. Absolutely took the piss with deposit used for a deep clean. When I moved in it was filthy, I washed all the curtains and yes netting in those days and the water came out black! Did the same before I moved out, scrubbed every inch and had replaced things like minging toilet seat. I had to do a deep clean when I moved in, did same when I moved out and he had the audacity to charge me! I knew i had made the right decision to get out of rental for greedy, overcharging, lazy and didn't give a f**k about tenants owners.

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Original poster
Cocktailglass · 29/04/2026 21:13

PLEASE look at post...
My question was mainly about decades ago, when deposits were minimal and mortgage rates low, why prefer to rent?

I'm fully aware of the difference in situation now and know DC won't be able to what I did.

I also stated that of course it's the only and best option available when on benefits; medical reasons, having to flee home young, abusive relationships were all meant by this. In no way did I mean to imply this was a choice when in these circumstances, not at all, the more help the better to have a safe roof overhead.

As for the replies that I must be a CEO, have had a privileged life, absolutely not! I've worked since the age of 16, paper rounds before that, was fortunate to have the choice to study because I worked hard at school and got good grades, college while working as well, university while continuing to work, got a decent job in education.

Rented for many years, flat I couldn't make my own with painting restrictions on colour, problems the landlord ignored or fixed with cowboys.

So, yes, I thought and was always encouraged, to buy cheapest affordable property. I did, a small house in same area, saved and borrowed for deposit, got a mortgage because I had evidence of earnings which could cover the payments, which were low rate and over a long period. Fortunate I know, at the time this was the case. X3 salary to get a mortgage.

This was my question, why the preference to pay rent at twice the price then when deposits and rates were so low. Meaning at that time, as an average worker, and investment in future, to pay off mortgage so rent free.

OP posts:
Oneanddonemum2025 · 29/04/2026 20:51

Cocktailglass · 29/04/2026 20:38

This debt will be paid off though, renting will go on forever. When you're retired and having to pay rent out of pension? Once mortgage is completed no more 'rent'.

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Most millennials wouldnt be able to afford to retire..there wouldnt be a state pension and private pension age will keep going up (10 years below state pension age)..

They may want to purchase a smaller home in a cheaper location when the kids fly the nest or in preparation for reducing hours at work. But if working till 80, you can do that at 50. And perhaps can do that with minimal mortgage.

I speak as someone who bought in London at 26. It only really worked out for me as i bought at 2% interest rates and am fine to live in a 2 bed flat for the foreseeable future. That doesnt work for a lot of people.

pitchblackromance · 29/04/2026 20:47

I do prefer rent - but I also tend to move areas every 2-3 years, so owning just wouldn't really work unfortunately.

Oneanddonemum2025 · 29/04/2026 20:45

WhistPie · 28/04/2026 00:53

<sigh>

Roofs do not need replacing every few years. A roof should last about 80 or so years.

A boiler should last a minimum of 10 years and a replacement would be about 1.5 to 2k which is about a couple of months mortgage payments.

You are making it out as if people will need to spend thousands and thousands annually on property maintenance - this really isn't the case.

Show quote history

I just paid for my boiler from boxt. Just over 3k as i also had to pay for.scaffolding (live on the second floor)..boiler and installation cost £2500. Prices have gone up a lot since brexit.

Original poster
Cocktailglass · 29/04/2026 20:41

Zov · 25/04/2026 22:12

Some who CHOOSE to rent for life, do it because they have a social housing tenancy, with a very affordable rent, (3 times cheaper than private rent in some areas,) a lifetime tenancy, all their repairs done, and maintenance on their property for life, (expensive roof repairs, new windows, new doors, new kitchen, new bathroom, new central heating system, new electrics, the works!)

And if they can't work/don't work for some reason they get their rent paid. Even when they retire. Other people who bought their property and brag about it being paid for, still have to shell out 1000s and 1000s of pounds for house repairs and maintenance, forever whilst their social housing friends, acquaintances, and family etc, are getting everything done as it's included in the rent.

Hope that answers your question @Cocktailglass Smile

NO-ONE should feel 'looked down on' as a renter. Many people who look down on people who rent (especially social housing) are jealous.

As i mentioned, unless having rent paid for and on benefits for medical/other reasons, it's a lot of money to pay.

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NamelessNancy · 29/04/2026 20:40

Not RTFT but I knew a crazily rich (and equally disconnected from reality) person years back who couldn't understand why people got mortgages instead of buying out right. Why choose to pay interest?

Original poster
Cocktailglass · 29/04/2026 20:38

Zov · 25/04/2026 22:10

Rubbish. Not everyone wants to be tied to an astronomical debt mortgage for life! (And forking out 10s of 1000s of pounds for repairs and maintenance!)

.

Edited
Show quote history

This debt will be paid off though, renting will go on forever. When you're retired and having to pay rent out of pension? Once mortgage is completed no more 'rent'.

OP posts:
Original poster
Cocktailglass · 29/04/2026 20:36

RoseField1 · 25/04/2026 22:07

You know it's 2026 now, right?

Yes and post was asking about decades ago...

OP posts:
Original poster
Cocktailglass · 29/04/2026 20:36

Valid8me · 25/04/2026 22:06

I would like to see what kind of property you could buy these days with a £5k deposit 🤣

Show quote history

Please see original post, asking about decades ago about the preference, not now! It's a whole different world today I know. Xx

OP posts:
Original poster
Cocktailglass · 29/04/2026 20:34

OPthefirst · 25/04/2026 22:01

Tell you’ve lived a life free of strife without telling me…

If you read my replies you will see I haven't had a life free of strife. Hard graft, borrowed money with a vision for the future.

OP posts:
Original poster
Cocktailglass · 29/04/2026 20:32

Happyjoe · 25/04/2026 22:01

Very very hard to save for a deposit when spending such a huge proportion of a wage on rent and bills. Not everyone can be a CEO of some company or whatever, some of us do normal jobs with normal average pay. To get out of the renting circle is almost impossible now imo, esp in the SE.

It's exactly this, paying a huge proportion on rent. I've worked since age 16, studied, got a decent average job. CEO?? A million miles away from my job in education.

Was given advice to try to get the cheapest property well within budget, which I did. Same area I was renting a flat, small house half the price for a mortgage. So, with rent money saved this was used for maintenance, which landlord may or may not have done for flat, usually not done. Borrowed the money for deposit, was accepted for a mortgage because I had evidence of working and getting enough income to pay the fees from past few years. As I stated, this was years ago, my question for people from that time preferring to rent at twice the cost of a mortgage, which was low deposit and cheap rates.

OP posts:
WhistPie · 28/04/2026 00:53

GasPanic · 27/04/2026 16:06

We don't need to base the cost of these things on the anecdote of one lucky or unlucky individual.

It's widely accepted that house maintenance is estimated to cost 1% of the value of a house per year, somewhat more in older houses.

For a long time renting has been at a disadvantage to home ownership via mortgage because of value appreciation of the house.

It's no longer clear that significant value appreciation in the housing market is going to take place, at least in the near future.

Show quote history

<sigh>

Roofs do not need replacing every few years. A roof should last about 80 or so years.

A boiler should last a minimum of 10 years and a replacement would be about 1.5 to 2k which is about a couple of months mortgage payments.

You are making it out as if people will need to spend thousands and thousands annually on property maintenance - this really isn't the case.

cestlavielife · 27/04/2026 16:33

Yes. Those elderly who own their own home (great! In one way...no rent...)
But they do not or can not or will not maintain them on a small pension (or have ££ but cannot manage to)
It is not so simple imagining that your own home in old age is not a cost and will be all lovely
Paying out hb is not the answer either

GasPanic · 27/04/2026 16:09

Zov · 26/04/2026 20:24

This. The 'every home I have owned has never had hardly any repairs and maintenance money spent on it' type of comments are baffling me. There's no way that people are going through all their lives owning house after house without spending significant sums of money at some point. If they stay in the same house 30 years or more, it WILL require multiple 1000s, probably 10s of 1000s spending on it over the years.

And if they keep moving house every few (say 5 to 7 years ) are they trying to tell me that these houses never need any money spending on them? EVER...? No new boiler, ever? No damp issues, no new electrics, no leaks, no problems with the roof? Nothing, ever apart from what you chose to spend money on..........? Nah, not buying it. And this unexpected shit that EVERYone has is in addition to needing to replace the bathroom and kitchen and windows and doors etc because they get old and dated and wear out.

Some people are kidding themselves methinks. Can't kid me though! Grin I'm not daft, I've owned houses, and know many many people who have too! No way are people getting away without spending 1000s and 1000s on repairs and maintenance on property(s.) At some point in their lives.

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Have a look at a few probate houses.

A significant proportion are in a ruinous state because they have no money spent on them and the owners don't really care.

GasPanic · 27/04/2026 16:06

WhistPie · 26/04/2026 21:30

I've owned houses for 40 years. The only major outlays I've had have been when we did a loft conversion, so at the same time we added a new boiler (approx 2k) and replaced the tiles on the roof (had to as we were changing to a dormer, it added 2k to the conversion cost) and I replaced the boiler in house no 4 after 15 years as the parts were becoming difficult to source - that cost 1.5k which isn't a massive amount of money in the grand scheme of things.

The boiler in house no 3 would have needed replacing but it was still going when I sold the house.

Show quote history

We don't need to base the cost of these things on the anecdote of one lucky or unlucky individual.

It's widely accepted that house maintenance is estimated to cost 1% of the value of a house per year, somewhat more in older houses.

For a long time renting has been at a disadvantage to home ownership via mortgage because of value appreciation of the house.

It's no longer clear that significant value appreciation in the housing market is going to take place, at least in the near future.

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