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Started By
Message
3
Posted on 5/3/17 at 3:32 pm to tigerbutt
It honestly makes more sense financially to rent than buy right now.
You are losing money paying a mortgage.
I have a mortgage...everyone does. Doesn't mean it is right.
You are losing money paying a mortgage.
I have a mortgage...everyone does. Doesn't mean it is right.
Posted on 5/3/17 at 3:32 pm to OysterPoBoy
quote:
$1350
you mean TREETEEN FIDDY
Posted on 5/3/17 at 3:32 pm to tigerbutt
quote:
Why rent?
flexibility
lowering your risk assumption
Posted on 5/3/17 at 3:33 pm to Slippy
quote:prayers sent
60k in combined income?
Posted on 5/3/17 at 3:33 pm to Dale Murphy
quote:
How you know about Bawcomville?
Who doesn't know about Bawcomville?
<------ from Funroe
Posted on 5/3/17 at 3:34 pm to fightin tigers
quote:
It honestly makes more sense financially to rent than buy right now.
You are losing money paying a mortgage.
That doesn't make very much sense. The only way that makes sense is if your house loses value.
It takes a substantial upfront cost to buy, but usually you can buy more house for the same monthly note than you'll rent.
ETA: I'll assume the couple in the OP don't have the upfront funds to buy right now though.
This post was edited on 5/3/17 at 3:36 pm
Posted on 5/3/17 at 3:34 pm to Slippy
quote:
How much rent can a young person afford on 60k income?
Well, provided he or she budgets well, a single person could live pretty...
quote:
young couple with 60k in combined income
quote:
Both schoolteachers.
Ouch.
Posted on 5/3/17 at 3:34 pm to tigerbutt
quote:
Why rent?
Not being anchored to a shitty starter home in a bad 'hood.
Posted on 5/3/17 at 3:35 pm to Clint Torres
quote:
Not anywhere safe in NOLA for $900
A decade ago you could get bywater for $800
Posted on 5/3/17 at 3:36 pm to Slippy
Depends. If they have too much other debt or car notes, they may stretch thin.
Posted on 5/3/17 at 3:36 pm to LNCHBOX
quote:
That doesn't make very much sense. The only way that makes sense is if your house loses value.
It takes a substantial upfront cost to buy, but usually you can buy more house for the same monthly note than you'll rent.
You also have to maintain and assume the money you laid down upfront isn't going to increase in value.
Posted on 5/3/17 at 3:36 pm to Slippy
I had a $1300 mortgage back when I made $65k. Things were tight for a while but we survived.
Posted on 5/3/17 at 3:37 pm to Clint Torres
They found a nice shotgun double in Old Gretna for about a grand. 850 sf. Toying with pulling the trigger. It's right by coffee shops and restaurants. Looks and feels like NO, but (best part) is it's in Jefferson Parish and pretty safe. I think they are gonna go for it.
Posted on 5/3/17 at 3:39 pm to fightin tigers
quote:
You also have to maintain and assume the money you laid down upfront isn't going to increase in value.
None of that means you're "losing" money on a mortgage compared to renting.
With the mortgage you at least have the possibility of getting what you put in back out. With renting, you have zero chance of getting any of that money back.
Posted on 5/3/17 at 3:40 pm to bmy
quote:Is the roommate male or female?
My gf and I combine for 75k ish and live comfortably at $1350/month. We also have a roommate though.
Posted on 5/3/17 at 3:40 pm to Slippy
quote:
for about a grand.
If their other debt is manageable this would be a great place for them to start. It would also allow them to either start putting back for a home, or give them more flexibility in travel and enjoying the city.
Posted on 5/3/17 at 3:40 pm to Slippy
Theyes can find places on the East bank that are a lot more convenient for about 100 more.
They will probably need to drive around and not just look on websites.
About 4 doors down there was a 1200 sqft half shotgun for 1250 about 6 months ago.
They will probably need to drive around and not just look on websites.
About 4 doors down there was a 1200 sqft half shotgun for 1250 about 6 months ago.
This post was edited on 5/3/17 at 3:41 pm
Posted on 5/3/17 at 3:41 pm to Slippy
quote:
or in this specific case, a young couple with 60k in combined income? My son is getting married soon and they are looking for a place. Both schoolteachers. They don't want some apt complex out in the burbs. Would be happier in a shotgun double. I'm thinking anything decent will be at least $900 and up. Sorry.... NOLA area.
So... do you see how it could be different if they have 2 car loans, as opposed to 1 car loan, as opposed to no car loans, as opposed to 14 car loans.
Do you think whether they are still paying student loans would need to be factored in?
Posted on 5/3/17 at 3:42 pm to Slippy
This is why you don't go to 4 years of college to be a school teacher, 2 salaries and making 60K a year.
Plus they will get murdered in NOLA
Tell them to move to Texas
Plus they will get murdered in NOLA
Tell them to move to Texas
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