re: Best area of Houston/DFW starter home

Unless they are way out working in the Energy Corridor, a single 24 year old would want to rent an apartment for 1-2 years in Montrose/Midtown/Upper Kirby/Museum District to get a feel for the area and save some cash.

I don't know what to do for the Energy Corridor people, maybe Memorial City area? Or that area in the West of the city that is zoned to really good public schools that is still 50 minutes from downtown?

Find a job first, then a house later. If not you could be stuck commuting an hour plus getting to work b/c you cant find a job nearby.

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If he’s single he should just rent and save.

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Just throwing away money

I wish I knew then, what I know now. You want to to do a bunch of stupid shite you will not remember later in life, rent and hang out with fellow 20 somethings.

You want to build wealth, get the cheapest house in the best school district. Suck it up and know you have bettered your chance at earlier retirement and enjoyment of life.

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Buying a home to create wealth is so overstated these days. It's certainly a tool, but it's not a prerequisite

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I'd want to own my own place before I retired simply because you are able to live much more cheaply than renting.

you could afford a pretty nice home a little further out for the amount of rent you would pay / throw away in those areas you suggested renting...

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I'd want to own my own place before I retired simply because you are able to live much more cheaply than renting

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I everually want to own my own home as well, but especially in urban areas rushing into homeownership could cost you substantial money.

This guy is 24, say he buys and in 3 years the market has slowed and his home is worth the same as it is when he purchased. He's offered a job 4 hours away for a 20% raise. His options are sell the home and incur the buying and selling fees on both the purchase and sell. He's done maintenance and some small improvement.

He's going to either lose money on the home or miss out on making 20% more per year.

As a general rule, I don't see why you would want to own before 30. You take out a ton of the risk while not missing out on much of the reward.

You can’t get in the heights with that budget

Best you would do inside the Loop is Eado

5 years? More like 4 months

If only I could drive 50 minutes each way, every day in traffic to live in a bedroom community with no one my age except three recovering oxy addicts who live with their parents after rehab, where there is a bar 20 minutes away and a few chain restaurants about 10 minutes away, just so I can put down a 30K down payment and pay a mortgage for 3 years in an area where where the price of homes appreciates 2 percent a year.

Anything in Houston that is 150-200K is going to be covered in bullet holes or in a far away suburb that has nothing near the property appreciation of the Heights, West U, or Montrose.

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1 hour, you save yourself 1.5 hours every day or 7.5 hours a week. That's an entire work day.

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this. There’s more to life than gaining 2% a year on a house

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There’s more to life than gaining 2% a year on a house

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I've averaged 7.5%/year over 20 years plus tax benefits.


Then I bought a rental property duplex 6 years ago and have averaged a 6%/year gain in value plus rental income that covers the mortgage including prop taxes and insurance.