this post was submitted on 09 Jul 2024
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No Stupid Questions

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I am trying to make a decision. curious about your thoughts on my personal situation, and what you think in general. or your own stories if you have anything relevant...

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[โ€“] whoreticulture@lemmy.world 2 points 4 months ago* (last edited 4 months ago) (1 children)

The luxury apartments are all well out of my price range, anyway ... those tend to be $2k.

Housing is way too expensive in my area for it to be a good investment. Another commenter explained below, but housing is so expensive here that it is potentially better to invest money rather than buy a house. To even be able to afford $2500 a month... that's like $100k salary?? If I did that at my salary, I would stop being able to afford basic necessities ... any emergency health/repair funds would be financially catastrophic, and it would not be worth the hit to my quality of life. Not to mention you need like 100k just for a down payment. You see my income... if I took the cheap rental and invested my savings it would still take 10 years to make that, at which point I would be 40 years old and the houses would probably cost even more. I'd have to work until I was 70 with the typical 30 year loan. You must realize that this financial advice is very entitled.

But yes, I agree that investing the money I save through cheaper housing would be a good move.

The millenials I know who own a home all have support from their families, anyone else I know who is even close to being able to afford a house has VA benefits. Although I and my friends are all younger millennials. The cohort encompassing people in their late twenties as well as people in their early forties means it's kind of useless for a lot of generalizations. Younger millennials/Gen Z are increasingly unlikely to afford a home.

[โ€“] Bytemeister@lemmy.world 3 points 4 months ago

2x ~50k salaries. ~13k in down payment+closing costs, and some creative accounting.

But yeah, no amount of sugarcoating is going to sweeten the deal.

Younger millennials/Gen Z are increasingly unlikely to afford a home.

This is exactly why a home is going to be the defining line of the Haves and the Have-nots.