To think it is weird this person doesn’t own a property?

[greytday]

This person is 55 years old from America, born in a upper class family, good education, good career from the start of their working life, never married, no kids.

They never had problems with addiction, the law or anything else that makes life more difficult than usual and has a very supportive family.

They have been in the UK for about 13 years, same jobs but with promotions, earning 80-100K a year - but they say that if they were in America they would be earning more and paying less tax so they would be financially better off.

This person don’t own a property either here or in America.

I always heard people saying that buying a home in America is a lot easier, even young people do it at the beggining of their careers.

AIBU to think this is weird?
Or am I to delusional about the American dream?

Depends where from the US he is from. Prices vary massively

But they are over 50 from a financially stable background and good job throughout their life

Maybe they’ve just never thought they’d settle anywhere.

Maybe they’re not being open with you about their financial situation.

Maybe they have struggled to raise a deposit having only earned larger sums later in life / being single.

Why does it matter?

Why would they need to own property in America if they live in the UK? He earns enough to buy so must be a personal choice not to. Considering he has no dependents to leave property to maybe he likes not having the burdens of upkeep etc that come with property ownership.

Given that no one knows their specific circumstances how
can anybody have an opinion on it?

Not everyone aspires to owning a home. Some people don’t want the responsibility of maintaining it or to be tied down to a particular area. Maybe they are expecting to inherit a property at some point. NAL but there could potentially be tax concerns as well as US citizens continue to be taxed abroad. And how easy it is depends on the area. Major cities are expensive, rural Midwest is cheap.

Lots of wealthy people prefer to rent Of he doesn’t have dependents he doesn’t need to worry about owning

Maybe they do and you aren’t privy to that info?

Why is that weird? I know plenty of expats who don’t own property here or in their home country. Most have plenty of assets not related to real estate.

Maybe they’ve never wanted to commit to buying in one location, particularly if they’ve travelled quite extensively.

I imagine they also need to file taxes in the US as well, potentially with some liability on that salary.

I'd find this unusual because I don't really know any people who don't have their own flat/house even if it's heavily mortgaged at that age in the UK.

Some people don't get married or have kids or 'settle down' in the traditional sense. Not just commitment phobes.

It's great they don't mind renting - maybe they have been that rare person who is paying under market rates in a long-term secure rent?

Or maybe that they never planned on staying in the UK?

Or secret gambler?

Waiting for a massive inheritance?

Most people buy a house for security in their old age when they can no longer work. This guy doesn't need security in the form of a house - he can rent to his hearts content forever!

It's not everyone's dream to own property. Some people like the freedom to move locations easily. I know you can do that with property but if you end up traveling or.loving a lot then you might then have to rent the property out and not everyone wants to be a landlord.
I don't think it's strange at all.

Property ownership is a particularly British obsession. Americans in his situation would probably own a property, but are not obsessed by it, and it is less of a cultural norm.
He probably likes not having the hassle of property maintainence and prefers to have landlords sort it.
Maybe just drop your British reticence & ask him!

With rents going up in the UK and the competition to secure even overpriced rentals I think it is weird.

Rent is no guarantee of a forever home

If they had a property they could rent it out and save/invest the rent money - if they dont want to commit living there?

If they had a property they could rent it out and save/invest the rent money - if they dont want to commit living there?

Being a landlord is a hassle for many. He could easily have the money in other investments. I could buy a BTL but I don’t want too.

OP

Sorry to be blunt!

You do not know what goes on behind the scenes. He could have ten kids to support or a drug addiction, sex addiction paying for sex, gambling, etc etc you just don't know. Therefore, there are many reasons why he has not.
Being paid 80 to 100k is nice but dont forget the tax, NI and rent - rent in central london can easily exceed 3k per month in a small, one-bed apartment in a not-so-nice area

you just don't know what is going on

I don't think it's strange at all. Partner and I are mid 40s, high earners from outside UK but living in London and have no desire to buy. My brother, married to an American and living in a major US city, earns crazy money and rents. Friends I was with on Saturday night have two high incomes and rent. Common thread is we're all child free. Maybe we're less concerned about security as we've no kids?

I'd find this unusual because I don't really know any people who don't have their own flat/house even if it's heavily mortgaged at that age in the UK.

I do but they aren’t English. There isn’t the same obsession re property in many other countries.

I like blunt

I’m sure there are no dramatic problems behind the curtains

I know life in the UK and London is crazy expensive but most if their adult life was not here

OP if they're really 'upper class' they probably have investments, trust funds etc that are enough to buy several houses outright. Why would they bother buying their 'own' property?

As PP said property needs managament, if you know you can pay rent forever why bother. If they're not particularly into decorating, making a 'home' etc and are quite nomadic it makes sense to keep renting.

Unlike us povvos who need a roof over our heads.

The 'family' could also own several properties in trust for family use so while he doesn't have one in his own name doesn't mean he's homeless.

How do you know this person? Is it a new relationship?

Do you know anything otherwise about their financial setup/investments?

Thank you

Please do not mind as I have to be a bit more blunt

FGS, which part of "you don't know what goes on behind the scenes" do you not comprehend"?? This applies to uk/usa

Sorry about that.

American property taxes can be very high (in some states income taxes are low however) so if you aren't living there and don't want to be a landlord you wouldn't necessarily own. He may be maxing out other investments until he wants to buy, he may prefer not to deal with all the shit that goes with home ownership, he may be in line to inherit property, or he may just like moving a lot. There can be plenty of reasons not to own, especially if you are not worried about the long term.

They might own property and not want to say

I recently realised that someone I know who is completely unbothered about money, the future etc, while always being broke, is likely living off a trust fund.

(I didn't sit around thinking about it, just had a sudden "aha" moment.
I completely understand why people want to keep their finances private but she's asked some odd questions about money recently, hence why a light bulb went off in my head).

So yes, quite possibly they own more than one and don't want to say! Which is fair enough.