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re: Interesting question: Is home ownership becoming the new "college degree"?
Posted on 8/16/25 at 12:47 pm to SlowFlowPro
Posted on 8/16/25 at 12:47 pm to SlowFlowPro
quote:
Buying for the long-term (where the mortgage ends) is clearly a less risky strategy, but who does this, these days? Who buys one home and stays there for 30 years?
You don't have to stay in the same home for 30 years to pay off a house.
Let's say you move three times in 30 years. Each time you move you recover your mortgage payments plus the appreciation of the house. Then you just roll that into the next house.
Depending on the market differences between the on you are buying in vs selling in, unless you're selling in Montgomery, Alabama and buying in Los Angeles, CA, the degree you're ahead or behind on your schedule is probably negligible.
Remember, just because you take out a 30 year mortgage doesn't mean you have to take 30 years to pay it off. We had a 30 year mortgage on our house and we paid it off in 16.
1
Posted on 8/16/25 at 12:50 pm to HailHailtoMichigan!
quote:
It is stale 1950s style thinking to view home ownership as a necessary component of becoming wealthy
How dumb would you have to be to believe this
Posted on 8/16/25 at 12:58 pm to SlowFlowPro
Real estate is the most overrated “investment” in the country. You should only buy a house if you are very sure you are going to stay in it a long time but owning a home has become such an ego thing in this country that everyone feels like they are a failure if they don’t.
Posted on 8/16/25 at 12:59 pm to T1gerNate
quote:
How dumb would you have to be to believe this
How dumb did we think space travel was in the 50s? Not directly comparing, but a decent thought exercise on forward thinking.
Posted on 8/16/25 at 1:00 pm to SlowFlowPro
Yes, and cars are quickly following.
Posted on 8/16/25 at 1:10 pm to wackatimesthree
quote:
Remember, just because you take out a 30 year mortgage doesn't mean you have to take 30 years to pay it off. We had a 30 year mortgage on our house and we paid it off in 16.
Again, go back to the OP. We are talking generally. The vast majority of people do not pay it off early.
The vast majority of people roll up any profits into a home upgrade. They're getting cheaper payments with the upgrade, but re-starting the clock on the mortgage.
Posted on 8/16/25 at 1:12 pm to blueboy
Well, to be fair, cars aren't typically seen as a way to build wealth or get an ROI...although exotic cars were during the hype period and they're crashing now.
However, I get anxiety thinking of how many people who bought cars 22-24 who are absolutely fricked, value-wise...and those are the "straight up" buyers. The ones who rolled tons of negative equity into the new note, who may not get out of it until 2029 or 20230?
However, I get anxiety thinking of how many people who bought cars 22-24 who are absolutely fricked, value-wise...and those are the "straight up" buyers. The ones who rolled tons of negative equity into the new note, who may not get out of it until 2029 or 20230?
Posted on 8/16/25 at 1:12 pm to Adam Banks
quote:
….where do you think the landlord gets the funds that pays for maintenance?
This guys gets its. That’s why rent or lease on a house in a given neighborhood is generally higher than what a mortgage note would be on similar home in same neighborhood.
My house will be paid off in about 4 years. I will have $350,000 in equity. Had I rented/leased a house I would have spent the about the same amount of money with nothing to show for it.
I have always felt that if you are going to be somewhere 2 years or less then rent otherwise it’s better move to purchase.
The big problem now is young people think their first home has to be a palace. My first home was a dump but it was a dump I could afford. As my pay increased and my family size increase we upgraded but always stayed below our means and at same time we were building equity along the way.
Posted on 8/16/25 at 1:15 pm to Adam Banks
quote:
….where do you think the landlord gets the funds that pays for maintenance?
Also either you will continue to have increases year to year in rent OR be moving at some point as the complex/house deteriorates….
Pay for moving a few times and it adds up. A lot.
Also at some point a mortgage ends.
Renting does not.
Exactly.
And business mortgages are a bad analogy because even a business owner won't expect to have the same needs and stay in the same location for 30 years. So they have to weigh that against taking the interest and depreciation write-offs on the building and recovering the equity via sale.
Posted on 8/16/25 at 1:24 pm to SlowFlowPro
Almost zero people pay off their mortgage in general. We've owned ours for almost 15 years and due to refi we technically have like 25 years left. Now the rate is absolutely baller, but still. I'm also disinterested in the best case scenario, hypothetical discussion. What's actually going on is what we need to base our movements on.
Posted on 8/16/25 at 1:29 pm to SlowFlowPro
Feels like there are a lot more overpriced worthless degrees out there than overpriced worthless houses.
Of course some people will make themselves house poor, but that's an easier mistake to correct than dropping $200k on a poetry degree from a private college.
Of course some people will make themselves house poor, but that's an easier mistake to correct than dropping $200k on a poetry degree from a private college.
Posted on 8/16/25 at 1:31 pm to GRTiger
quote:
Almost zero people pay off their mortgage in general.
Wut??
Posted on 8/16/25 at 1:39 pm to Kingshakabooboo
quote:
The big problem now is young people think their first home has to be a palace. My first home was a dump but it was a dump I could afford. As my pay increased and my family size increase we upgraded but always stayed below our means and at same time we were building equity along the way.
Overused drivel from a generation that could literally get a job out of high-school with no education, and be paid enough to at least afford a starter home.
To think that everything is the exact same as 30 years ago and that tens of millions of the younger generations are just having too high of expectations is willful ignorance.
First coffee was the reason, then avocado toast, then not wanting to eat beans and rice for every meal. Now it's wanting too much of a house.
The goal posts are ever changing. I wonder what the next reason will be.
Posted on 8/16/25 at 1:41 pm to SlowFlowPro
quote:
This raises an interesting variable. Buying for the long-term (where the mortgage ends) is clearly a less risky strategy, but who does this, these days? Who buys one home and stays there for 30 years?
You also ignored the point about the maintenance costs.
As someone who states any and all tariffs are passed on to the consumer you seem to think landlords are going to eat the cost of maintenance….
Posted on 8/16/25 at 1:44 pm to DownshiftAndFloorIt
quote:
The fed has nothing to do with this?
If you ask the FOMC they’d tell you they have that kind of power. But if they really did and homeownership was a crisis then why isn’t everybody with a degree in a home?
Posted on 8/16/25 at 1:44 pm to The Pickwick
quote:
Wut??
Excluding home sale payoff, are you really confused? Do you imagine most people stick around in a house for 30 years? Or are you setting the stage to brag about being an exception?
Posted on 8/16/25 at 1:44 pm to LSUBoo
quote:
but that's an easier mistake to correct than dropping $200k on a poetry degree from a private college
How often is this really the case? I'd bet way less often than people think when they make statements like these.
I'm not saying this hasnt happened, but this kind of statement is thrown around to avoid having an actual discussion about people who have legitimate degrees and still struggle.
Posted on 8/16/25 at 1:51 pm to dcrews
I think that’s a fair comment but are you willing to have the discussion that most people struggle because of bad decision making on top of that?
Posted on 8/16/25 at 1:58 pm to GRTiger
quote:
Excluding home sale payoff, are you really confused? Do you imagine most people stick around in a house for 30 years? Or are you setting the stage to brag about being an exception?
Yes, I bet about 50% people pay off their mortgage.
ETA : my home is not paid off yet but I have three years left.
This post was edited on 8/16/25 at 2:00 pm
Posted on 8/16/25 at 1:59 pm to The Pickwick
quote:
Yes, I bet about 50% people pay off their mortgage.
I bet it's less with the qualifiers I added. I imagine this is something we can look up and don't have to rely on our gut for. Maybe you already have. I haven't.
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