You are now entering your spicy years. πΆοΈ
My office has quite a few fresh grads who own their own places.
Their parents bought it for them for a graduation present.
this post was submitted on 14 May 2024
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I mean these days when I look at a university kid I just assume "wealthy parents" with what university costs.
Then you'd be wrong. Vast majority of people have financial aid/loans. 85%, in fact.
Nah I'm just in hella debt
No no no see you pay a mortgage, but you wonβt own anything.
Mortgage payments are cheaper than rent
My wife and I were able to buy a ridiculously priced starter home only because we had the privilege of her parents being able to help with the down payment. We had to move farther away from work than where we were renting just to be able to even consider homes.
Our mortgage is twice what our rent was, and we only gained about ~100 sq ft of interior space. Plus a whole host of problems because the previous owners were jackasses who DIYed everything and did it all wrong.
You get 0% back when you move out of an apartment. It is much more expensive to rent than own considering this, even if you sell at a loss. Only a portion of your mortgage payment (interest) wonβt be able to be recouped, whereas all of the rent is gone forever.
You incur interest and fees with a home that you pay in addition to your principle. It can be seven years or more before you begin actually storing any value in that purchase because itβs eaten by the cost of borrowing.
It depends on your time horizon and relative costs of overhead and rent. NYT has a great new rent vs own calculator that really opened my eyes to how long it takes to build home equity.
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That fucking sucks, but don't apply your anecdotes as general truths. I have the opposite experience.
Wife and I built a new home with family help on the downpayment. Doubled sq ft, 1.5x previous rent, house increased value significantly between contract and move in. Farther from work but closer to highway so commute times unaffected. Saved up enough to pay back the downpayment help over the course of a year.
I'm a massive outlier, and most people have experiences closer to yours, but it's not an across the board thing. So fucking much of the housing market depends on location.
So you got a zero percent loan requiring no collateral for a piece of land? I'm happy for you, but you do realize how few people that's available to right?
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if it's so terrible, why even do it?
Edit: no answer, just downvotes.
The answer is qualifying for a mortgage is not as simple as you might think. Even if you do, good luck squaring that with prices that will almost certainly leave you "holding the bag" because none of it is sustainable ore makes sense. Wrap that into the best choice when you might get laid off at any second is not always a mortgage...
That last point seems like it's a great point for what rentals but I'll save you some time: for the vast majority of jobs thats strictly because of people enforcing office mandates unnecessarily because something like 1/3rd of assets in the USA are in commercial realestate.
My point being: the deck is stacked. There is not an actual housing shortage, there's just a housing shortage for human beings. An entire generation has gotten boxed out of the most classic way to build wealth.
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Iβm not sure why youβre being downvoted. This isnβt true everywhere or for every home, but yeah, I pay less on my mortgage than some friends did for a two-bedroom apartment in more or less the same area.
Itβs seriously unfair.
Oh, it's more disgusting than that. You can re-finance which brings your monthly payment lower than what you could possibly afford when buying the same house anew. Yeah, the 30-year horizon for paying off gets reset, but there are ways to work around that.
Back when I was renting the landlord offered a 3-year instead of a 1-year lease. I immediately asked "does that mean I get a discount on rent or lock-in a rate?" When they told me "no", I asked "why would I do that?" Renters really have no such luxuries.
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Affording a mortgage is the easy part.
Then you have to somehow get your mortgage-contingent offer accepted by the seller when youβre up against cash offers, $50k over asking, with no inspection, no appraisal, unlimited possession, and a free hit of adrenochrome.
You pay a mortgage, just not your own.
Wow that's true. Renting is someone letting you borrow their debt because you can't afford your own debt.
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You thought college radicalized people? Renting and student loans will have them on the verge of revolution.
I'm just waiting for people to start filling the streets
Sorry, streets are full. No vacancy here
Also: no loitering. Keep moving.
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don't know where you live, but where i live people love whining about how they can't afford rent while they go on $5000 international vacations every year.
one of my ex-friends who is a trans anarchist, just did this. they work part time in a bike shop, and yet they can afford a two week long tour of Taiwan. But they will talk your ear off about how landlords are evil and the revolution is coming because they can't afford their rent in one of the nicest areas in my city. irony.
Sure.
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This meme is inaccurate. The college grad wouldn't be in the office with them because they already promised the CEOs son the job.
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Cries in middle aged, highly specialized, poverty class worker...
I never understood the obsession with homeownership.
I've owned. It kinda sucked. The things most people think of as "pros" (like being able to renovate) were not that great for me. I'd spend a lot of time thinking about things I could change/improve, and then doing them.
My brain operates differently renting. I don't really care about things like that since its not an option in the first place. It saves me time/money/stress and I spend more time living my life instead of maintaining a property.
Of course there are drawbacks with renting, specifically shitty landlords, but to me there are more pros than cons.
Property ownership is the clearest path for generational wealth. It may suck to own, but you are building an asset and you can hand it off to future generations to have a head start with.
It's a broken system, I am not advocating for it as a good system, but it's the primary reason to own a home.
the thing is - there's a lot of variables that shift the balance towards renting when looking within a time frame, even from a financial perspective.
- how long you can stay in one place and whether that fits your needs both today and in a few decades
- % of down payment and missed earnings if this money went towards another investment
- interest rates
- property taxes
- HOA fees, if any
- likely higher insurance rates over renting
- maintenance costs
In the end of the day, since many variables have a large uncertainty, that's a bit of a gamble. Home ownership tends to win over time, but the longer one looks into the future, the higher this uncertainty also is.
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The only hobbies I actually enjoy require space: gardening and lapidary "arts" (gem/stone cutting). I can't buy equipment because I don't have the space to store them and having to move every 2-3 years is not only very difficult when you have more stuff but also really damn expensive.
So there's that, and there's retirement. Having set expenses (aside from taxes) is super important and you'll never have that with renting when you're retired.
Then again who am I kidding, I'm 38 and working in a factory. My retirement will be whenever I decide to buy a gun lol
I'm currently renting a home for space for gardening. Tomato seedlings went out last weekend :)
So thereβs that, and thereβs retirement. Having set expenses (aside from taxes) is super important and youβll never have that with renting when youβre retired.
I don't consider my home a retirement vehicle. I save separately for that. But I do understand that for some people, it is, and that's understandable.
Its a retirement vehicle in that it prevents future rent raises from threatening your retirement, not in that you can/should live off of your home's equity. Nobody wants to go back to work at 85 because their rent doubled.
Especially if you aren't financially that well off or on a good career track, I think it's really appealing just for the stability it affords. My current landlord has been a pretty good guy for us, but if I owned my apartment rather than renting, I wouldn't have to worry that I'll suddenly need to pay a ton more money if he dies and his kids decide to jack up the rent, or worse, having to uproot my life entirely and move out because of someone else's whims.
I feel the same way. I currently own a home, but I honestly want to sell. For me, it's mostly about the flexibility. I hate not having the flexibility to up and move if a new job opportunity presents itself or I just want to try a new place.
There's also a crap ton of expenses associated with owning beyond just the mortgage, insurance, and taxes.
Homeownership is still cheaper. Every cent that goes towards rent youβll never see again. At least at the end of your mortgage you have something you can sell to recoup most of what you spent. Or rent it out.
While although taxes can go up your mortgage never will. Your rent will.
My mortgage is $1700. If I were renting this place it would easily be going for $2400 if not more.
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And may whatever God you believe in help you if you're poor, because the government sure won't.
FSM blesses me with low cost noodles every night. May he bless you my brother or sister. R'amen π
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God I love that show.
Seriously so good all the way through
Just date someone rich. I know a lot of attractive women who are doing something like that.
Step 1: Be attractive. Step 2: If not attractive, rent Face/Off and take notes. Stalk attractive person and swap faces with them when they aren't looking. Step 3: Free rent.
Anyone can be attractive by putting in some effort. And even if you're not attractive, just use your personality to attract someone rich. Looks don't matter as much as incels say it does. Personality matters more.
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And you have to commute an hour because you won't be able to afford rent where the jobs are.
I love that dude's expression. It's like game theory editing.