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I hate apartment living for the most part. I hate having shared walls, ceilings and shared outdoor space.
So, step up to renting a nicer place.
Rent a townhouse and you don't share ceilings/floors with anyone.
Rent an end-unit townhouse and you only share 1 wall.
Rent a single-family house.
Do not buy because of any kind of peer pressure.
Buy because you want/need the benefits of ownership (even though you share that with the bank).
Benefits such as: paint any color you want, replace the crappy appliances, landscape to your desires, etc.
let's see here...many people take 30 years to pay of their home...you probably want to retire before 65...so nope...not too early.
IMO...I think you are about 5 years too late. A purchase in 2009-10 would have a been a great entry point.
This is true, but only if you lack the discipline to save and invest while renting cheaply so that you can own a residence outright by age 65, regardless of whether you buy at 35 with a 30-year loan, at 50 with a gi-normous down payment and a 15-year loan, or even all cash just before your 65th birthday. If you can afford a mortgage, you can afford to rent cheaply and save/invest enough each month to pull this off. But you do have to be disciplined enough not to blow the money! (Also, in this rate environment, you need to invest rather than just banking it, otherwise you lose ground to inflation...)
Yeah, living in So Cal the only people who are under 30 who have houses either had help or really, really decent jobs.
We have other friends, like one in Detroit who owns like 3 houses; 1 on a lake. He purchased them in his mid-20's.
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My wife and I probably won't buy a house until were a bit older 35-36, but that's because we'll be financially ready.
And that's the key: financially ready. However, there also isn't a saying that you HAVE to buy a house. If you like to move, or think you'll be mobile, or would rather invest; there's nothing wrong with renting.
mid's point was that the OP missed the bottom of the market prices by 5 years.
You missed the bottom of the market in 1929, 2000 or 2008 so should you avoid investing either? No that's silly because those assets along with real estate should gain in value over time provided you can stick with it long enough.
Also his point had to be twofold since he mentions age, retirement and standard 30 year pay off
Buying is in a lot of ways overrated. I'd only look at buying if I could save money over renting in the short run but then I've been in two states and two foreign countries since graduating in 2009. I'm not particularly tied to California. A house ties you down.
Correct if you purchase one that is exactly what you are doing
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