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

And decades ago, there were also people who couldn't afford to buy, just like there are now. It's only a mystery to people who cannot fathom that some people have less money than they do. I suppose you will now wonder why these people don't just get a better job.

The OP said:

As I said, not talking about now, but decades ago.

Well decades ago, I got a 100% mortgage and didn't need a deposit, just a £250 reservation fee. Every time I moved, I got a bigger house & used my buyers deposit as my deposit. I now live in a house worth 5 times what my original house is worth, and haven't had a mortgage for a decade or so.

Different times.

mortgage for cheapest property I could afford, repossession with light fitments ripped out, mouldy carpets, back garden a jungle. It was mine, worked hard to make it better

Well well done you!
But that might not work for many reasons....

And maybe you got unexpectedly preganant with twins or a child with disabilities or expected to work away three nights a week meaning a jungle reposession is not realistic vs a walk in ready rental.

Maybe a rental you dont have to clear mouldy carpets and jungle is better option right now for 2 or 3 or 12 or 20 years...

I think this is a very different situation to most people who are renters and can't afford to buy and don't have a choice. But maybe the OP was thinking about people like your DB and not people who don't have the means to buy.

Really? You honestly don’t know? Ignorant.

Did you rent for 6 years? Why did you not buy earlier?

This really is the basis for my question, my own experience, decades ago, which I made a point of saying because it's different and harder now.

But this basis has little relevance now, because it is MUCH harder now to buy.

A lot of people who rent will have children who think that renting is a perfectly normal way to live. It offers flexibility. There's still quite a lot of social housing around and that means a secure tenancy and (usually) less problems getting repairs done. There's no unexpected costs.

Well yeah. And what is a 5k deposit gonna get you today?
Except shared ownership etc. Which not be right for various reasons.
Some people have to rent for multiple reasons
Some choose to rent because the buying compromise eg location etc does not work for them. For a short or long time.
Do not diss other people for renting.
It is not dead money ...you paying for a roof and maintaining that roof.
Now, availability and cost is another story..
Bring back more social housing/ more affordable secure rentals

Renting allows me to live exactly where I want to live.

My apartment to buy would be about $2m. I can’t afford to buy in this neighbourhood, but it’s where I want to live, so I rent. It’s as simple as that. 😊

What I’m paying in rent would be more than what I would pay in a mortgage for the same value house but I can’t get a mortgage because of my income, single person and number of dependants. As a couple we did have mortgage approval but rubbish timing in the housing market meant we kept just missing out on houses by being outbid. So for me and many like me while in theory I could afford mortgage repayments, no institution will lend to me due to the aforementioned issues so I will be renting forever, not by choice.

I literally don’t know anyone who ‘prefers’ to rent. I’m sure those people exist and have good reasons for their preference. Most people would much prefer to be able to buy. It’s not as straightforward nowadays, much larger deposits for even basic starter homes are required in many areas of the country and if you have children that affects your affordability. If you’re buying on your own, you’re in an even more difficult position.

In the end it’s non of your business really but I think you know that.

I said some of them are in shit holes. People live in them, so what? You haven't pointed out anything groundbreaking.

1. I'm childless so no one to inherit my property anyway
2. I'm single
3. You need a deposit to buy a place. And it's harder to get one together if you're single and not a high earner. I'm surprised this isn't something you've ever considered before.
4. The size of my rented flat and the city centre location is out of my reach in terms of a mortgage, but not if I rent. I could get a mortgage and buy but would have to live somewhere smaller and on the outskirts of the city, away from work and public transport. (I am aware that is not the set up in every city but it is how it works in mine.)

Not true. The majority of renter's are in private rentals.

How jolly lovely for you that you live in an area that is 'nice' and you can get a 'nice property' in a 'decent area' for £50K to 100K. 🙄

However, many people in most parts of the UK CANNOT get a property so cheap, and certainly not in a nice area. The cheapest property within 10 miles of me is £195K, and that is a 1 bed flat. Houses, (even small, terraced 2 beds) start at £250 to £270K! Why the hell should someone have to move MILES away from family and friends to be able to buy a property?

Ridiculous attitude. Bet you're a fan of Norman Tebbit eh? Got no jobs in your town? Get on your bike and ride to another town for one! Can't afford to buy in your town or village? Move 100 miles away to the North East! Or to Jaywick! Plenty of cheap 'properties' in Jaywick. Roll up, roll up!

Good grief!

.

Such a ridiculous post. I've just bought my first house at 45. Ive always rented because I didn't have the money for a deposit and it took me a long time to save for one.

Equity can go up and down as well. My friend never had any equity the whole time she owned her house.

I rented for 20 years whilst saving up a deposit and I was lucky to have good private landlords. The pro's of renting for me were:

• having oven, fridge, shower fixed or replaced if they broke
• having the garden cleared if I asked
• boiler servicing every year, new boiler when it was needed
• any repairs to roof, walls, pipes fixed
• no responsibility for any building repairs or major maintenance
• freedom to move whenever and wherever I wanted

It's more long term security now that I've bought - but there was no way I could have afforded all that white goods, boiler and building maintenance when I was starting out.

Whilst a mortgage is often (but not always) cheaper than rent, you also need a sinking fund for emergencies - boiler goes, roof leaks, a window is smashed. And for minor repairs, dodgy electrics, a sink leaks etc. A survey won't pick up most of that stuff, even a new boiler can fail.

Owning a house is a lot of responsibility and not everyone feels up to it. Renting is stressful and so is owning. Different stresses and people pick the stress they feel comfortable with.

He invented some disability and left work and said to the job centre he cannot find work anymore and they are homeless

Yes, the job center are known for logging someone's made up disability and asking the council to hand them a house...

I like the lack of responsibility. I can spend weekends having fun, not doing maintenance, gardening etc.

What's back in your day got to do with people who can't afford a deposit now? Of course this is a a goady post - unless you are exceptional thick??

I didn't know people prefer to rent.

It's not secure that you can stay, that the rent will stay the same. My friend rents and her rent goes up disproportionatly every time the initial period is over.

Even if you don't pay the mortgage off, you always have your equity.

I do have acquaintances, former colleagues that said to me “why are you buying?” As they went off on yet another mini break on the new budget airlines then moaned 10/15 years later they couldn’t afford to buy so for some their lifestyle choice impacted there position later but for anyone under 30 it hard in some areas that said my dsd has bought a house with her dp, but had to trade off where it is, 45 minutes from work