In 2015, like in 2020 and again in 2021, where one chooses to live matters. The author behind “New York City is Dead Forever – Heres Why,” James Altucher, has relocated. James got married. Mazel Tov! And, Yes – Again! Why it and his point of view matter.
James is internationally recognized for his factual articles, publications, and his success – and failures – as an investment guru (stocks, real estate, and alternative investments). James hosts a highly regarded podcast, the James Altucher Show, amongst many other successful ventures in which he has been involved.
When cities boom and bust it usually depends on the life stages of residents and the policies of those residents’ governments. During the 2020 global pandemic, New York City became America’s battleground for how severe Covid-19 was. The country shut down and James argued that New York City was dead. He was immediately rebutted by proud Americans, Jerry Seinfeld, and others who made New York the epicenter and beacon for America culturally, intellectually, and financially. Health and safety drove people to find “higher” ground to call home. In the short-term James was right. Even today, aspects of New York City are not at pre-pandemic levels. Building occupancy – commercial real estate specifically remains in flux. The remote work lifestyle, present before Covid, has accelerated the work from home live-work balance.
Atlucher’s various articles on homeownership were written from merely an investor point of view – and one where he was recently divorced. It is easy to understand how relationships impact individual feelings and choices. Families, married couples, individuals seeking stability and certainty, have priorities that often differ from the unmarried James. While James lived in AirBnB’s for ease and work from anywhere flexibility, he ultimately found that having a place called home, made his life more complete. His argument that renting vs. buying a single-family home ultimately has changed and flipped to owning where you live. The reasons:
- Lifestyle Preferences
- Time Value of Money
Owning the apartment building vs the individual single-family home has been James’ real estate play. That was until his 2-year lease ended and the property owner gave James the ultimate reason to own: rent increases faster than inflation.
As he states in his podcast (minute 48-59), rent for where he wanted to live jumped faster than he ever expected. He has now selected a home in Atlanta. Whether renting or owning, taxes and maintenance are reflected in monthly payments. Ownership puts you in the driver’s seat. Ownership gives you personal choice. Ownership gives you flexibility by removing one of the hurdles to personal wealth and finance: stabilizing your cost of living. When married, you make collective family choices that ultimately do become easier when the roof over your head is shared and the same.
@jamesaltucher : Now that you have settled, again, and your sofa is selected, are you ready to be inspired in your home by truly motivational investment grade fine art? It’s OK, you can flip your point of view on fine art too. Just do it after we speak in December during Art Basel Miami Beach. #rentvsbuy, #renttown #buysellinvest, #denvsatl #5280