I find it very strange you think it's all so simple.
For us to buy it would cost us more than our rent just for a place that would need alot of work - that costs money. Then you have council rates, maintenance etc. Not to mention a healthy deposit
With rentals all you have to cover is the rent. For us to buy the place we are renting i would be back at work full time just so we could make ends meet. By renting we can happily live off one wage which allows me to stay at home rather than have our kids in full time care - which is something neither myself nor my dh wants.
It really seems as tho you have no idea, sorry.
As an agent for the last 24 years I disagree that everyone can buy, in Sydney you have no hope unless you are earning a good regular income, there is no first home buyers grant here any more ( unless you buy new) the banks are incredibly tough
Now on who and how much they will lend to
my sister is now a single parent and is renting for the first time in 15 years as no bank will lend her money ( even with $100,000 deposit) and yes she could move to a cheaper area but her work and family are here and her daughter is her top priority
I have some tenants paying $1000 a week in rent for beautiful homes they could never afford to buy and in an area they want to raise their family in
Not everyone can afford to save a deposit...
And even so... Being abke to pay rent doesnt mean you can afford to pay a mortgage
Then the other fact of getting approved for a home loan....
Single not working parents can afford to pay rent obviously so why doesnt everyone own a home? because apparently its that easy.
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