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re: How much rent can a young person afford on 60k income?
Posted on 5/3/17 at 8:01 pm to noonan
Posted on 5/3/17 at 8:01 pm to noonan
quote:
quote: 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.
Not true.......
POOR PEOPLE HEAR THIS
if you mortgage a house you will pay virtually all interest in the front end of the loan!!!!! It's like rent except you are responsible for all your own upkeep/property taxes/ etc.......
If you can do like me and find a cheap apartment your first few years out of school... "mine was $425/month" It is a much better deal than buying a home for $1,2000 a month.
2
Posted on 5/3/17 at 8:21 pm to melovecookie
quote:
if you mortgage a house you will pay virtually all interest in the front end of the loan!!!!! It's like rent except you are responsible for all your own upkeep/property taxes/ etc.......
Well yeah, that's why you don't buy when you are only going to be there for a couple years.
quote:
If you can do like me and find a cheap apartment your first few years out of school... "mine was $425/month" It is a much better deal than buying a home for $1,2000 a month.
Difference is, my $1400 rent would be buying a much better house.
Posted on 5/3/17 at 8:22 pm to melovecookie
Even once you pay the house off, you'll still have taxes, upkeep, capital expenses, etc. You still have to "buy right" to be better off financially
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