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Message
re: Millennials being squeezed out of middle class, says OECD
Posted on 4/12/19 at 12:39 pm to Janky
Posted on 4/12/19 at 12:39 pm to Janky
quote:
The price for a decent apartment around here is about what I pay in P&I and escrow for my 3bed/2bath home
My dad rents a 3BR/2BA 1700 sq ft house for several hundred more per month than my mortgage on a 4BR/2.5BA 2500 sq ft house in a much nicer neighborhood.
This post was edited on 4/12/19 at 12:40 pm
0
Posted on 4/12/19 at 12:39 pm to Centinel
quote:
seriously doubt what you're saving in renting is going to be more than the equity you're building through your principal.
ever heard of upside down mortgage dude
Posted on 4/12/19 at 12:41 pm to Mr Perfect
quote:
ever heard of upside down mortgage dude
. C'mon dude. At least try to have a real conversation.
Posted on 4/12/19 at 12:41 pm to fallguy_1978
quote:
You are assuming that renting is cheaper than buying here which isn't always the case.
I just checked a calculator for reference, and my rent is the equivalent of the mortgage on a $200k home. In the area of town I live in, that would buy me a shack, if they existed, which they don't. If I pealed out all of the X I listed for home ownership in my last post, I might be left with enough principle to buy the shed behind the hypothetical shack.
I'm not willing to live in said shed behind said shack.
I do save heavily and invest the shite of the Y I keep in my pocket, though.
Posted on 4/12/19 at 12:42 pm to Janky
huh?
I'm only one being real dude
I'm only one being real dude
Posted on 4/12/19 at 12:42 pm to Mr Perfect
quote:
ever heard of upside down mortgage dude
Heard of? Sure. Experienced? No. I'm not fricking stupid.
I mean do you rent a house/apartment knowing you can't possibly afford to pay the rent?
We're talking normal scenarios here Captain Outlier.
Posted on 4/12/19 at 12:44 pm to Centinel
Oh so why would I risk home ownership in 2019 considering I personally believe that ish priced way too high and due for a correction?
think dude
think dude
This post was edited on 4/12/19 at 12:45 pm
Posted on 4/12/19 at 12:45 pm to Centinel
quote:
My mortgage is building equity minus interest. Rent is completely flushed. I seriously doubt what you're saving in renting is going to be more than the equity you're building through your principal. Well unless you have some outrageous interest rate and property taxes.
I would agree with you if that's all you were paying.
I don't own any lawn equipment. How much did yours cost? How much does it cost to maintain your hypothetical pool? How much does that roof replacement cost averaged out over the years? The water heater? The air conditioner? Etc, etc, etc.
And again, I'm not saying home ownership is always the loser. All I'm saying is that it's vastly more complicated a calculation than the average person believes it is.
This post was edited on 4/12/19 at 12:46 pm
Posted on 4/12/19 at 12:46 pm to Mr Perfect
quote:
Oh so why would I risk home ownership in 2019 considering I personally believe that ish priced way too high and due for a correction?
Maybe in you're specific location. I'm not worried about the housing market here one bit. And it would be the same for any place I moved.
I don't need to live in an "it" city.
You seem to have this inability to consider situations or lifestyles outside of your own.
Posted on 4/12/19 at 12:48 pm to Mr Perfect
quote:
Oh so why would I risk home ownership in 2019 considering I personally believe that ish priced way too high and due for a correction?
Ok, so the housing market is high in your opinion. Therefore, you rent and invest the difference while the stock market is in the longest bull market in a very long time and near all time highs? Makes sense.
Posted on 4/12/19 at 12:50 pm to Mr Perfect
quote:
Oh so why would I risk home ownership in 2019 considering I personally believe that ish priced way too high and due for a correction?
You think it will be so significant to be most costly than just lighting money on fire bc that’s what renting is
Posted on 4/12/19 at 12:50 pm to SlowFlowPro
quote:disagree with them all you want, but this board is a lot more fun with the Rockets, GoldenNuggets, and BlueVelvets
no way perfect has the chiseled features and redpill research to pull it off
Posted on 4/12/19 at 12:50 pm to Janky
Gold. Silver. Stocks. Dividends
all safer to me right now dude
and I like the flexibility of moving them into cash quicker than a mortgage if needed. ya dig?
all safer to me right now dude
and I like the flexibility of moving them into cash quicker than a mortgage if needed. ya dig?
Posted on 4/12/19 at 12:53 pm to Mr Perfect
quote:
Gold. Silver. Stocks. Dividends
all safer to me right now dude
and I like the flexibility of moving them into cash quicker than a mortgage if needed. ya dig?
Oh, I dig. I am fully aware of how investing works. I am also fully aware that the price you pay for an investment today makes little difference over 30 years.
Posted on 4/12/19 at 12:53 pm to Joshjrn
quote:
I don't own any lawn equipment. How much did yours cost?
$299 for the mower. Got my chainsaw and weedeater/brushcutter from my father in law.
quote:
How much does it cost to maintain your hypothetical pool?
I don't have a pool. frick that noise.
quote:
How much does that roof replacement cost averaged out over the years?
House came with a brand new roof. And appliances. And heat/cool. And water heater. Gut job down to the studs and floor joists.
And rent in my area is around $800 more a month over mortgage.
Everything comes with an opportunity cost. You and others live in an area where you're trading the ability to build equity in a home with living in a desired location. I'm trading the ability to live in a desired location like you for one in which I can afford to build equity. Now granted I'm not counting in those who would rather rent because they don't want to deal with the headache of owning a home. I get that. Trust me. It's why I waited so long to actually buy a house.
But I really have no desire to live anywhere near a big city. So it's an opportunity cost I don't have to eat. That puts me ahead financially. I'm perfectly happy with a ten minute drive to downtown and work in my little city here in South Carolina. And if I move, it will be to a similar sized city.
This post was edited on 4/12/19 at 12:56 pm
Posted on 4/12/19 at 12:56 pm to Centinel
I would also throw out there that those renting in the city probably spend $300/month or so more on entertainment. This is just a guess.
Posted on 4/12/19 at 12:59 pm to GreatLakesTiger24
quote:
disagree with them all you want, but this board is a lot more fun with the Rockets, GoldenNuggets, and BlueVelvets
i love those guys
knockoff versions are meh, though
Posted on 4/12/19 at 12:59 pm to Centinel
Frankly, I think we are on the same page.
I have a pool, I live in a desirable area, etc, etc, etc. I like those things. I'm currently unwilling to trade them so that I can start building equity in a home I don't want in an area in which I don't want to live. My tiff isn't with you; it's with the "rent is setting money on fire" crowd, like above, who somehow don't realize that home ownership comes with quite a bit of fire lighting on its own that should be accounted for.
I have a pool, I live in a desirable area, etc, etc, etc. I like those things. I'm currently unwilling to trade them so that I can start building equity in a home I don't want in an area in which I don't want to live. My tiff isn't with you; it's with the "rent is setting money on fire" crowd, like above, who somehow don't realize that home ownership comes with quite a bit of fire lighting on its own that should be accounted for.
Posted on 4/12/19 at 1:00 pm to Janky
quote:
I would also throw out there that those renting in the city probably spend $300/month or so more on entertainment. This is just a guess.
So do the wife and I. Having a permanent parking spot downtown is nice.
Posted on 4/12/19 at 1:01 pm to Janky
quote:I wish I spent just 2x that much
I would also throw out there that those renting in the city probably spend $300/month or so more on entertainment.
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