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.
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.
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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.
You're not even really borrowing their debt, you're paying it off in exchange for the basic human need of shelter.
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.
You are the people.
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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...
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
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.
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.
Finally sane people! Holy shit you're like a unicorn.
There are DEFINITELY cases where many people are CHOOSING to rent because they simply DON'T want to own. That's perfectly okay. Both options have pros and cons.
Shitty landlords do exist... But homeownership has a boatload of issues that come with it too that you simply cannot shop around for.
I've owned my own house for the past 5 years. I'm in a position where it makes sense. Before that? Well over a decade of renting. And it wouldn't have made sense any other way.
The lack of nuance in opinion otherwise is maddening.
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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.
You don't have to go all the way to renovating before you see the advantages of homeownership. It shows up even in much smaller home improvements.
A small example: a few years ago my refrigerator broke, and the technician said it's behind repair. My landlord had to buy a new one, and of course he picked a cheap model.
If I was an homeowning instead of renting, I would have bought a much better refrigerator at trice the cost. But I won't pay that much for an appliance I'm not going to own, and my landlord won't pay it for one he wouldn't use, so I'm stuck with a cheap and noisy refrigerator.
And this is the situation with everything that's considered a part of the house. Even if I have the money to buy nice things - I can't have them.
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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.
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