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My PITI is $1,140 per month with $640 going to the bank, $450 going to the town and $50 going to the insurance company. I bought in 2012 so I consider those numbers pretty good.
My PITI is $1,140 per month with $640 going to the bank, $450 going to the town and $50 going to the insurance company. I bought in 2012 so I consider those numbers pretty good.
That's stellar for a boujee town like Hopkinton.
I think my parents mortgage in Canton was like $800, +$300 for escrowing insurance and property tax before annual exemptions. Our Randolph home was a little more.
My cousin from the Bridgewater NJ area pays like 900 a month in property taxes and I'm assuming a $1,500 mortgage based on what he put down. Now his home is underwater (may not be as of Now Now). In a way I'm glad MA has lower property taxes and higher home values since you aren't just throwing money away with no return.
Big reason I would be hesitant to buy in CT and NJ over MA, I'd pay 20% more in MA then the former
My PITI is $1,140 per month with $640 going to the bank, $450 going to the town and $50 going to the insurance company. I bought in 2012 so I consider those numbers pretty good.
For generations young people who wanted to be on their own rented an apartment until they could afford a house. It didn't stop them from getting married and having kids. It took many people more than 10 years to save up a down payment. Why do you think it should be different for you? Why put your life on hold for years because you don't want to pay rent? My father bought his first house in his early 40's. I bought ours at 37 after being married for 10 years and having 3 kids. I didn't see financial daylight until my mid 50's. I retired at 62 and have been retired for 12 years. Life is a long term endeavor. Money is just a tool, not the goal.
Quote:
Originally Posted by Boston Shudra
I've been living at home for about a year and a half now. At first it was to save money while I looked for a job. Then soon after finding one, the pandemic hit, and I figured it'd be good to hunker down where I was. Now, I'm starting to look around again and seeing the options available to me feels like hearing the punchline of a sick and twisted joke.
I really don't want to rent for a few reasons. For one, I feel like I'm going to be in the area for the foreseeable future. So why not buy a place that I can sell back later on? For another, paying rent feels like throwing money into the wind. The last thing I want to do is pay some unemployed shmuk tens of thousands of dollars a year for a single room in the working-class housing that his grandparents built a century ago before the Fair Labor Standards Act for peanuts and pocket change.
So, I'm looking around at condos for sale on Zillow (I like the idea of a condo over a house because I don't need the space and they seem to require less upkeep), and all I'm seeing are places like this:
Like, are you KIDDING ME?! Not only does it seem to lack any modern amenities (in-unit laundry, central air, etc.), it's assessed value is 146k compared to the asking price of 280k and it sold for 135k in 2017! It's in Lynn, and the nearest schools are all ranked abysmally. It's MILES from downtown, and not even a very comfortable walk to the Swampscott commuter rail station.
Or take this one in Somerville. Remember that "working class housing built for peanuts and pocket change" I mentioned earlier?
At least this one has central air, but OVER HALF A MILLION!? For 875 SQUARE FEET!? It sold for just 285k in 2011!
And these last 2 examples aren't the exception to the rule. I practically just picked two listings at random!
Best option I can see for myself at this point is to continue living with my parents for 3-5 years and pray I can find a job somewhere else in the country where I won't be spending my entire income to be able to live in a shack. Doing so means that I'll have to put off any thoughts of getting married or having kids for that duration. I can't believe that people find the state of affairs in the area acceptable. It's a disgrace!
This is actually part of what spurred this thread in the first place. A friend of mine asked if I wanted to split a 2 bedroom apartment in Boston near 93. At first I was tempted because rental prices in Boston were/are down compared to this time last year. Places that were $2700/mo were now $2000 in some cases.
Then I thought about it more. Am I really willing to spend 14 or 15 thousand dollars per year to live in a cramped unit with little to no insulation, a gross bathroom, and no parking? I’d probably be contributing to the ongoing gentrification of the neighborhood by doing so, and I would never get that $14k back. Worse, that money will go right into the pocket of someone who didn’t earn it.
I brought it up with my boss and he said something along the lines of “$1200 a month!? That’s a mortgage!”. And now we’re here.
Is there no way you could get a job somewhere other than the Boston area? Hell even here in Seattle there are decent-sized units for less than $1200, in walkable neighborhoods that also have street parking. I actually recommend people move at least once in their young adulthood anyway, for the new, maturity-building experiences and fun adventures it brings, but especially if it gets you into a less insane housing market. Employers aren't gonna throw out your resume just because you haven't been at your current job for a decade, especially at your age.
You mentioned that it's gonna be impossible to get married while you're living with your parents. That's true, but also if you want to get married you're gonna be spending some time dating. Probably a few relationships before you find the right person. All of that's getting postponed 3-5 years too.
What do you need to save up 3-5 years' worth of money for anyway? A car's a good investment if you don't have one, you could probably justify a couple flights to take some exotic OkCupid photos and up your "worldly" factor. What else? Do you have a degree you need to finish that isn't something you could learn online? I'm genuinely asking, not trying to be antagonistic.
For generations young people who wanted to be on their own rented an apartment until they could afford a house. It didn't stop them from getting married and having kids. It took many people more than 10 years to save up a down payment. Why do you think it should be different for you?
I did the math out when my friend asked to rent in Boston, and I really wouldn't have been able to save much if I was paying Boston rents even with an gross annual salary that's slightly higher than the MA average and even with the bare minimum 401k contributions to max out my company match. Generations of young people didn't have to pay Boston in 2021 prices to rent while they saved for a down payment.
In any case, apologies if "it's been awful for years, so why shouldn't it continue to be at least as bad!" isn't a really compelling argument regardless of the debate..
Quote:
Originally Posted by TheTimidBlueBars
Is there no way you could get a job somewhere other than the Boston area? Hell even here in Seattle there are decent-sized units for less than $1200, in walkable neighborhoods that also have street parking. I actually recommend people move at least once in their young adulthood anyway, for the new, maturity-building experiences and fun adventures it brings, but especially if it gets you into a less insane housing market. Employers aren't gonna throw out your resume just because you haven't been at your current job for a decade, especially at your age.
You mentioned that it's gonna be impossible to get married while you're living with your parents. That's true, but also if you want to get married you're gonna be spending some time dating. Probably a few relationships before you find the right person. All of that's getting postponed 3-5 years too.
What do you need to save up 3-5 years' worth of money for anyway? A car's a good investment if you don't have one, you could probably justify a couple flights to take some exotic OkCupid photos and up your "worldly" factor. What else? Do you have a degree you need to finish that isn't something you could learn online? I'm genuinely asking, not trying to be antagonistic.
I do like my job now, I like the people I work with, and it's partially paying for a masters program that's only partially online. I also only just started the program. It'll be awhile before I finish it. :\
I'm currently in a relationship. My partner is living at home too. Neither of us love the situation, but it's fine.
And nothing about your post was antagonistic at all! Conversations on this thread have generally been helpful and constructive, but they all just kind of circle the figurative drain. There won't be much new and affordable housing in MA any time soon unless the state changes its culture and policies drastically or the economy crashes. I could leave my job and move somewhere cheaper, but I don't want to. Staying with my parents and saving is probably the best move in the short term.
Last edited by Boston Shudra; 03-22-2021 at 04:13 PM..
In short I think many of us think you’re just too wed to the Boston area the most sound thing to do is too continue what your doing here, and just be seriously looking elsewhere.
Other places with strong economies that have more affordable options...but ultimately it’s your call.
I did the math out when my friend asked to rent in Boston, and I really wouldn't have been able to save much if I was paying Boston rents even with an gross annual salary that's slightly higher than the MA average and even with the bare minimum 401k contributions to max out my company match. Generations of young people didn't have to pay Boston in 2021 prices to rent while they saved for a down payment.
In any case, apologies if "it's been awful for years, so why shouldn't it continue to be at least as bad!" isn't a really compelling argument regardless of the debate..
I do like my job now, I like the people I work with, and it's partially paying for a masters program that's only partially online. I also only just started the program. It'll be awhile before I finish it. :\
I'm currently in a relationship. My partner is living at home too. Neither of us love the situation, but it's fine.
And nothing about your post was antagonistic at all! Conversations on this thread have generally been helpful and constructive, but they all just kind of circle the figurative drain. There won't be much new and affordable housing in MA any time soon unless the state changes its culture and policies drastically or the economy crashes. I could leave my job and move somewhere cheaper, but I don't want to. Staying with my parents and saving is probably the best move in the short term.
Yeah, it's true that conversations here go in circles. We all have our preferences, but the reality is that what's been going in the past will likely continue into the future. Boston is an expensive place, and a high income and savings makes living here much more enjoyable. Money isn't everything, but it buys a lot of convenience and quality of life improvements. It's especially tough for our cohort of young professionals because asset prices are already so high.
Upgrading skills, learning about investing, saving money. All of these are life long skills that pay dividends. Some people start with a big advantage, but that's life.
FYI that $1,200 / month is now on the low end to rent an apartment (a whole one) in not entirely desirable western MA towns. Somewhere is my earlier peanut gallery comment about the remote-working city folk invasion of Vermont and Vermont Lite (aka Pioneer Valley) and lack of inventory driving increases. These are apartments that in some towns went for $750-$1,000 a few years ago now for like $1,500 and up without the local economic engines for people to even afford such “low” prices to Boston eyes. $1,200/month is a steal for any Boston area rental housing arrangement these days but more than a third of my net monthly pay at a nonprofit, so no thanks I’ll keep chilling out here with my low IQ (doing work I’m passionate about and chose) that just can’t keep up with the godlike prowess of the STEM class, the only hardworking people who deserve nice things or basic stability.
The rental market is now garbage just about everywhere and your boss (boomer, right?) is correct that it seems pretty high since they had a mortgage way less than that due to buying an average house in the 70s/80s/90s (now paid off right?) that they can sell for a million.
Low end? I was in downtown springfield and it was $1275, now it's $1350. Apartments vary on what you get.
I did the math out when my friend asked to rent in Boston, and I really wouldn't have been able to save much if I was paying Boston rents even with an gross annual salary that's slightly higher than the MA average and even with the bare minimum 401k contributions to max out my company match. Generations of young people didn't have to pay Boston in 2021 prices to rent while they saved for a down payment.
In any case, apologies if "it's been awful for years, so why shouldn't it continue to be at least as bad!" isn't a really compelling argument regardless of the debate.. ...
Well it all depends on what you want. You want to put money in a 401K and save for a down payment. It's your choice, and your mind is made up. Things haven't been terrible for years, that's just reality. At 26 I wanted to get married and start a family. It worked out fine for me. I could have cared less about a 401K or buying a house. By my mid 30's I was making decent money and due to working around the clock during a strike for 6 weeks I had enough for a down payment. I went from paying $260 a month rent for a two bedroom apartment to a $1300 mortgage, most of which went to pay interest for years, for a small 3 bedroom house in the suburbs. I paid that house off at 62 when I retired. I started my 401K in my 40's. Because I had a job with a pension, I never even touched my 401K when I retired. It's just a piece of paper to me. Do what you think is best for you, but in the scheme of things, money or owning a home is no magic wand.
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