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Started By
Message
Home purchase vs renting as a young single man?
Posted on 11/18/19 at 9:08 am
Posted on 11/18/19 at 9:08 am
Graduated college in 2018 and moved back in with my parents, rent free. Game plan was to work for a year and to get a home. More than a year later and I feel stuck. I've been looking for a home but I feel like I'm priced out in areas where I would actually want to live. Price aside, I don't feel right about pulling the trigger on a home when I'm so unsure about myself. Yet when I think of renting a place I feel like I'm wasting money. I make $70k/yr and am a single man.
I think I'm leaning on getting a room mate and finding a cheap apartment, something like $500 a month if possible. Starting to get sick of the parent's place.
I think I'm leaning on getting a room mate and finding a cheap apartment, something like $500 a month if possible. Starting to get sick of the parent's place.
12
Posted on 11/18/19 at 9:13 am to Ssubba
quote:
I think I'm leaning on getting a room mate and finding a cheap apartment
Do this. x1000
Posted on 11/18/19 at 9:16 am to Ssubba
Agree that cheap apartment and roommate(s) are the ticket here. Keep saving money. You're young and don't know what the next 5-8 years will hold. Don't saddle yourself with a mortgage and geographic inflexibility so early in life.
Posted on 11/18/19 at 9:29 am to lynxcat
Agreed with other two posters above. Rent with a roommate. Most definitely the best option as you figure things out. Smart and great you were able to live at home for a year to build up an account. Most people either don't have the ability to do that for a few reasons or are too stubborn. Get into your career a little more before making a big decision like this.
Posted on 11/18/19 at 9:37 am to MrJimBeam
I'm waiting for the guys who downvoted the above posts to come in with the opposing view. 
Posted on 11/18/19 at 9:41 am to Ssubba
I say find something reasonable that could turn into rental property in the next 5 to 10 years, get the roommate to cover most of the mortgage.
This puts you in a place of your own, at a low cost.
This is what I would do if I was in your shoes
This puts you in a place of your own, at a low cost.
This is what I would do if I was in your shoes
Posted on 11/18/19 at 9:44 am to Contender01
Normally I'd agree, but considering how unsure he is in his current position or state, he may need to figure that part out first before making a larger financial commitment. Being a landlord isn't the route everyone wants to take, either.
Posted on 11/18/19 at 10:14 am to Ssubba
quote:
I make $70k/yr and am a single man.
quote:
I think I'm leaning on getting a room mate and finding a cheap apartment, something like $500 a month if possible.
does not compute
Posted on 11/18/19 at 10:25 am to Ssubba
I would stay with my parents for two more years and save at least 40k of that 70k assuming you don’t have any outstanding loans.
Posted on 11/18/19 at 11:07 am to Ssubba
I was you exactly right out of school. Lived at home. Made $52k/year. Spent like $300 of my paychecks on booze and partying and that was about it. I was dead set on moving away from my hometown and stayed with my parents for 18 months and then rented a house.
Ended up getting married, having kids, and taking a great job in my same town. My biggest regret? Not buying a starter house 5 years ago when the market was starting to trend up, getting 1 or 2 of my college buddies to chip in, and then keeping that as a rental or selling it and using the equity to buy a family home.
Lots of factors here, but really look at if the area you work in is an area you want to be in. Even if you switch jobs, will you relocate or stay in your metropolitan area? I'd suggest finding a modest house even if it's not exactly the area you want to be in and getting a buddy or two to chip in.
Ended up getting married, having kids, and taking a great job in my same town. My biggest regret? Not buying a starter house 5 years ago when the market was starting to trend up, getting 1 or 2 of my college buddies to chip in, and then keeping that as a rental or selling it and using the equity to buy a family home.
Lots of factors here, but really look at if the area you work in is an area you want to be in. Even if you switch jobs, will you relocate or stay in your metropolitan area? I'd suggest finding a modest house even if it's not exactly the area you want to be in and getting a buddy or two to chip in.
Posted on 11/18/19 at 11:34 am to Ssubba
Why not buy a house and have a roommate? His rent will help support your mortgage.
Posted on 11/18/19 at 12:14 pm to Philzilla2k
quote:
does not compute
And why does that not compute? You think a 23-24 year old making $70k is too good for a roommate, and should be blowing $1k/month to live alone? You not a fan of building wealth?
If I were OP, no matter if I bought a house or rented an apartment, I would find a roommate to lower costs.
Personally, I rented from 23-25, with roommates. Bought a house at 25, had 2 roommates for 2 years which more than covered my mortgage. Then 1 roommate on and off until I was 30.
Posted on 11/18/19 at 12:20 pm to Ssubba
do not buy homes in 2019 op.
big changes coming to the market.
big changes coming to the market.
Posted on 11/18/19 at 12:21 pm to Ssubba
Financially speaking, owning comes with a TON of costs: property taxes, insurance, regular maintenance, repairs, ongoing useful life replacement of systems (hvac, roof, etc). Before you think you are "throwing your money away" by renting, think about how much money you throw away on the above costs, in addition to interest on a loan. Also, most of your mortgage payment isn't going to equity by paying the principal on the note, it is going to interest.
There are benefits to owning a home when you plan to be there for at least 7-10 years, have a family, etc. But as a young, single guy just starting out I can think of very few benefits to owning your own home right now, especially if you can't even afford the live in the location you want.
There are benefits to owning a home when you plan to be there for at least 7-10 years, have a family, etc. But as a young, single guy just starting out I can think of very few benefits to owning your own home right now, especially if you can't even afford the live in the location you want.
Posted on 11/18/19 at 12:23 pm to Ssubba
Rent
Posted on 11/18/19 at 12:29 pm to Ssubba
quote:
m waiting for the guys who downvoted the above posts to come in with the opposing view.
Plot twist: it was the OP
Posted on 11/18/19 at 10:07 pm to rotrain
Rent is generally the maximum you will pay.
Mortgage is the bare minimum you will pay.
Mortgage is the bare minimum you will pay.
Posted on 11/18/19 at 11:40 pm to Ssubba
Although it is a great time to purchase since interest rates are low and it seems like the seller's market has slowed down a little bit my suggestion would be to rent for a little while. Get that bachelor pad and figure out what you want to do without anything holding you back. Who knows you may find an opportunity in another state or city.
Posted on 11/19/19 at 5:18 am to Bigeasy9
quote:
Although it is a great time to purchase since it seems like the seller's market has slowed down
stop the lies dude
This post was edited on 11/19/19 at 5:19 am
Posted on 11/19/19 at 6:32 am to Ssubba
You don't mention where you live, but give "house hacking" consideration. It was my first "investment" and I am so glad I did it.
However, depending on real estate costs, it may not work for you.
My first purchase was a 3-bedroom townhouse in a lower middle class part of town. I paid $40,000 for the townhouse (keep in mind this was like 2004 or so).
I rented both rooms for $400 a month and we split the utilities.
I was not only living free with this arrangement, I was pocketing a few hundred a month cash which was desperately needed because I made $17,000 my first year out of college.
I still own that rental to this day and it's still putting cash in my pocket.
However, depending on real estate costs, it may not work for you.
My first purchase was a 3-bedroom townhouse in a lower middle class part of town. I paid $40,000 for the townhouse (keep in mind this was like 2004 or so).
I rented both rooms for $400 a month and we split the utilities.
I was not only living free with this arrangement, I was pocketing a few hundred a month cash which was desperately needed because I made $17,000 my first year out of college.
I still own that rental to this day and it's still putting cash in my pocket.
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