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Posted on 7/8/17 at 2:26 pm to Ramblin Wreck
That number seems to high.
Posted on 7/8/17 at 2:30 pm to Ramblin Wreck
quote:I didn't buy my first house until I was in my thirties... always rented. Even though I put a large percentage down, and pay more each month than the note, my home equity is probably only 10% of my net worth. I feel like the home equity path to wealth is an old fashioned ideal.
If you are over 30 and either living with your parents or renting, the likelihood of having a net worth of a million dollars in the next 15 to 20 years is pretty slim.
This post was edited on 7/8/17 at 2:31 pm
Posted on 7/8/17 at 3:05 pm to Ramblin Wreck
Total net worth? Possible considering value of home and retirement plans, especially if two people are working. My wife and I would be included in that number. However, things are tight for us considering where we live.
This post was edited on 7/8/17 at 3:07 pm
Posted on 7/8/17 at 3:14 pm to 632627
of those 10 million households curious what percentage are white, married, baby boomers with no children at home.
Posted on 7/8/17 at 3:18 pm to MSTiger33
quote:
Total net worth? Possible considering value of home and retirement plans, especially if two people are working. My wife and I would be included in that number. However, things are tight for us considering where we live.
People who live in places like SF and NYC getting really screwed with the one size fits all tax policy, etc.
This post was edited on 7/8/17 at 3:19 pm
Posted on 7/8/17 at 3:56 pm to Spirit of Dunson
quote:
I feel like the home equity path to wealth is an old fashioned ideal.
It certainly helps. I bought our house 13 years ago and paid less than $300K. Other houses like it in our neighborhood sell for about $500K. Based on that value, equity from my home is about $350K. It may be an old fashioned way to add to wealth, but it works. Beats having nothing to add to the equation due to renting.
Posted on 7/8/17 at 4:00 pm to Ramblin Wreck
I tend to think of mere asset worth as a flawed measurement for wealth. What's more important is how much income those assets are generating (or saving by virtue of not having to rent). I.e. I could own a million dollar house and a million dollar farm. Are these assets equal? Absolutely not. The same goes for vehicles, stocks, bonds, etc.
This post was edited on 7/8/17 at 4:02 pm
Posted on 7/8/17 at 4:06 pm to Decisions
quote:
I could own a million dollar house and a million dollar farm. Are these assets equal? Absolutely not. The same goes for vehicles, stocks, bonds, etc.
Very good point. I would assume a loan officer would consider that if one were borrowing money. I will say that I used a HELOC to buy my very first rental property.
Posted on 7/8/17 at 5:47 pm to Ramblin Wreck
quote:
One of the big hinderances with a lot of people today is that they rent instead of buying. Pretty much everything you can buy with the exception of a house depreciates in value. My first house I bought was very cheap and in a rural area when I was 26. I sold it 5 years later and used the net as a down payment on a house worth twice as much, and so on and so on. If you are over 30 and either living with your parents or renting, the likelihood of having a net worth of a million dollars in the next 15 to 20 years is pretty slim. If you buy a home in your 20's, I'd say the chances are much higher.
This is an idiotic statement.
Posted on 7/8/17 at 5:49 pm to lynxcat
No reason to point the accusatory finger at any one post. There are a lot of silly things being said in this thread.
Posted on 7/8/17 at 5:51 pm to Doc Fenton
My response was to the OP who continues touting home ownership vs. renting as though it is some universal truth.
Posted on 7/8/17 at 5:56 pm to lynxcat
Yeah, I know. This board would have torn him to pieces for saying that about 8-10 years ago.
Posted on 7/8/17 at 6:02 pm to lynxcat
quote:
My response was to the OP who continues touting home ownership vs. renting as though it is some universal truth.
Okay, whatever. Most people I know that rent are paying more per month than what a house payment would be.
Posted on 7/8/17 at 6:06 pm to Ramblin Wreck
Tax insurance and repairs & maintenance will usually even that out
Posted on 7/8/17 at 6:10 pm to Doc Fenton
quote:
eah, I know. This board would have torn him to pieces for saying that about 8-10 years ago.
Board has lost a lot of really smart, talented people.
Kfizzle, THF (RIP), RedfishBR, LSURussian (does he still post?)
Posted on 7/8/17 at 6:13 pm to lynxcat
I am not to the level of kicking myself for buying a house, but I have definitely learned that renting can be advantageous to buying in many situations.
Posted on 7/8/17 at 6:17 pm to Ramblin Wreck
Not surprising at all. There are tons of "millionaire next door" type of folks living a very modest lifestyle as if they were average Joes. We fit in this category and like to go to Costco to get samples for lunch.
Posted on 7/8/17 at 6:24 pm to Ramblin Wreck
quote:
Okay, whatever. Most people I know that rent are paying more per month than what a house payment would be.
Then they are probably living somewhere nicer than they otherwise would if they purchased something.
But let's pretend for a second that it would be identical. How much do you think I save by not paying property taxes, homeowner's insurance, lawn service/equipment, pool upkeep, major appliance repair/replacement, roof repair/replacement, etc, etc, etc?
If you took every dollar you would spend on those things and put it in an Ally account making 1.15%, what do you think that account would look like in 15 years when you were ready to "sell"?
Look, there's nothing wrong with home ownership. It's a great thing for a lot of people. However, you're only going to come out ahead if the market value of the house goes up or you stay in that house forever. If it were as simple as people pretend it is, the foreclosure rate would be far lower than it is. The reality is that, for most people, home ownership is like overpaying your taxes during the year: it's a forced savings account for those who don't otherwise have the discipline to save.
Posted on 7/8/17 at 6:40 pm to Ramblin Wreck
quote:
paid less than $300K. Other houses like it in our neighborhood sell for about $500K. Based on that value, equity from my home is about $350K
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