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Old 09-04-2013, 02:20 PM
 
Location: Philadelphia, Pennsylvania
4,370 posts, read 5,139,483 times
Reputation: 3896

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I ask this, because I'm a single male at 33 years old, and I have no children. I've never been concerned with owning a home, because for me it seems impractical. I know people saying you should "own", but I feel ownership is a huge obligation and a major financial burden. Plus I have been traveling out of states for jobs, which is one of the reasons if I do find myself unemployed, I'm usually not unemployed for long. But let me get to the point.

To me, the value of a home over an apartment is that it's usually bigger and more roomy. In that respect it seems like a better investment for families than single people. I think the value of being single is being flexible. I always felt home ownership kind of handcuffs you to a particular location, and make you less mobile overall. Plus there are things like upkeep. I don't think any one person would need a house honestly. Houses, to me are for more than one person. At least that is the way I see it.


I have my opinion on it, but I wanted to know others. Do you think home ownership for single people is rather risky? Considering you are sustaining a home on one income, if you lose your job, you do not have a spouse to pick up the slack. A lot of possible debt can occur as the result of this. Any other views and opinions?
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Old 09-04-2013, 02:29 PM
 
Location: South Park, San Diego
4,934 posts, read 7,589,851 times
Reputation: 9255
This really should be moved to the Real Estate Forum where this question has certainly been discussed to the point of ad nauseum. To which the answer always is: It Depends.

For your situation it certainly seems like you've come to the right conclusion, especially with your travel to other states for jobs and the need to do so to remain or become employed. For this reason alone home ownership would likely be burden to you to not have the flexibility of moving fairly easily to obtain those jobs.
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Old 09-04-2013, 02:36 PM
 
Location: southwestern PA
20,419 posts, read 37,622,069 times
Reputation: 39049
OP.. you don't want to own a house - so don't.
It does not matter what anyone else thinks, as YOU are the one paying your bills.

That said, I personally would hate renting.

As far as one income goes... some married couples only have one income and manage home ownership just fine. And all single parent families have only one income and manage just fine.
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Old 09-04-2013, 02:48 PM
 
Location: Philadelphia, Pennsylvania
4,370 posts, read 5,139,483 times
Reputation: 3896
Quote:
Originally Posted by Pitt Chick View Post
OP.. you don't want to own a house - so don't.
It does not matter what anyone else thinks, as YOU are the one paying your bills.

That said, I personally would hate renting.

As far as one income goes... some married couples only have one income and manage home ownership just fine. And all single parent families have only one income and manage just fine.

I honestly don't think a single parent should be owning a home, especially if she doesn't make a substantial income. Getting into major debt is as simple as losing your job. And anyone can lose their job. I personally do think you need two incomes for a home, unless you're just rolling in the dough. Again, job loss is a serious problem. And when you own a home, you are likely to limit yourself to one market, which may not be doing as well as the next one. At least with a spouse they can pick up the slack for awhile until you get settled into a home.
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Old 09-04-2013, 04:29 PM
 
Location: Houston, TX
2,052 posts, read 4,583,255 times
Reputation: 1283
It all depends on what you want. For me, even if I was single and no kids, I would still own a home, or at least rent one, but probably own it. I lived in an apartment for 1 yr, and a townhouse with a carport for almost 2 yrs, but other than that I've lived in a house my parents or myself owned. I just don't like to live around a bunch of other people, hearing them walking around, talking, making noise at night, etc. Plus I like to work on my car whenever I want to, and you need a garage for that. I do my own yardwork, maintenance, etc. and that is part of what I like to do. I would go crazy in a rental!

But I can see the point about being flexible for a job. I've been at the same place for 27 yrs, so no problem for me to stay put. That is why there are so many options, so everyone can have their own choice.
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Old 09-04-2013, 05:00 PM
 
Location: Florida
416 posts, read 552,546 times
Reputation: 372
I've been living in the same city for 20+ yrs. moving from apartment complex to apartment complex every couple of years as the rent goes up every year. Did the math and monthly payments on a 60k home were a bit less than what we were paying on a one bedroom apartment. Got a fixed loan on a three bedroom house with single garage. No more noisy neighbors and we're even living in a better area. Of course we got pretty lucky with our find, but we took our time looking.
If I were living alone I would be tempted to buy a plot of land and convert a few truck trailers into a house.
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Old 09-04-2013, 05:16 PM
 
Location: In the Pearl of the Purchase, Ky
7,402 posts, read 12,937,864 times
Reputation: 30933
If you like renting better, got for it. Buying a home, single or married, is a type of savings account. When you pay rent and decide to move, you have nothing to show for all the rent you paid. If you buy a house and have to move, you'll have money from the sale of your home to help out.
I just read what kitsunegames said about buying a plot of ground. Don't know if you remember the TV show Trapper John, M.D. One of the doctors, Gonzo Gates, lived in a motor home on the hospital's parking lot. Maybe not in a hospital parking lot, but you could find a place to set up your "residence" then you'll be ready to unplug and go if you end up having to go to a different state.
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Old 09-04-2013, 05:24 PM
 
Location: southwestern PA
20,419 posts, read 37,622,069 times
Reputation: 39049
Quote:
Originally Posted by branh0913 View Post
I honestly don't think a single parent should be owning a home, especially if she doesn't make a substantial income.

She?
Single parents can be guys too, you know!
And some make darn good money.

I know many, many singles - male and female - parents and non-parents - who own homes.
It is their choice, just as it is yours to rent for the rest of your life....
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Old 09-04-2013, 06:17 PM
 
26,589 posts, read 52,257,058 times
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I think a lot of it is a lifestyle choice...

I restore antique cars which would be hard to do if I was renting...
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Old 09-04-2013, 07:12 PM
 
Location: Philadelphia, Pennsylvania
4,370 posts, read 5,139,483 times
Reputation: 3896
I guess the basis of my question is this...

Is it worth it to have a home if you're single? If you're single it serves no practical purpose. And it's fine to invest into things that have no practical purpose, but I think a home is a huge risk.


So I guess my mindset is the "reward" worth the "risk". I know people who make far less than me and buy a home. To me it seems excessive and unnecessary. For example, in Seattle, I lived in Bellevue (I rented) and there was a lady at the local pub who was single like I am. She only made 60k a year, but she had a home in Bellevue, one of the most expensive suburbs in that area. I make a lot more than she does, but I wouldn't think to buy a home on my salary.

I just don't believe the possible financial burden is worth it as a single person. Now if you have millions in the bank, then obvious all of this is null.
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