Smug Renters Replace Proud Homeowners in Los Angeles
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Off to a hockey tournament but an article at the Los Angeles Times caught my eye this morning. Back in 2005 the pressure to buy a home was intense on the 20 somethings. Now the tables have turned and those that did not buy have a name, the smug renter. Instead of worrying about when their ARM will be adjusting or other homeowner issues they are enjoying their lower rents and flexibility.
An interesting navel gazing article, perfect for a Saturday morning read over a cup of coffee to see how the snarky elite are thinking.
A new elite is emerging: the “smug renters.” Whereas real estate gloating was once dominated by those who picked up properties back in the early 1990s — when apparently you could buy a mansion for the price of a Saab — plenty of non-owners are now getting in on the self-righteous act. Some are former owners who cashed out when prices peaked. Others, presumably, are among the people I saw at open houses back when I was shopping around in 2003 and 2004; unlike me, they didn’t buy anything.
Just thinking back to that time makes me feel uneasy. Even though it seemed open houses were a bigger draw on Sundays than church and golf combined, there was always a question as to who was going to jump on the high-speed train and who was going to stand back and wait for the inevitable derailment. As a result, many of us who bought property did so with the nagging shame known to customers who pay full price because they’re too impatient to wait for a sale. Meanwhile, the smug renters have been living it up in far-nicer homes than they could ever afford to buy. via the Los Angeles Times.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by Rlea on 26 January 2008:
I’m one of those smug renters. People kept trying to convince me to buy but I knew I couldn’t afford it. Just because someone is willing to give you a loan doesn’t mean you should do it. People need to learn to be a little more responsible with their finances. Unfortunately we live in a society that encourages living on credit. Hope you enjoyed the hockey games.
Comment by Robert Coté on 27 January 2008:
Leave it to the old media to not only plagarize a four year old story but give it a spin not in the original. Patrick Killelea at patrick.net invented JBR (Jealous Bitter Renter) and its corollary the smug renter in 2005 or so. Before the old media decides to do any more “original” content stories like this a visit to http://patrick.net/wp/?p=63 is highly recommended.