Are you okay with renting or do you get sad about it sometimes? (rental, credit)
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This is so funny. I grew up in NYC, renting was pretty much all people did. I rent now and have all my life. Feel sad? Too funny.
It's not funny, I would prefer to not be homeless in my old age. But yeah, I guess living in NYC, it would be tough to buy. Personally, everyone I know has a SFH, but it is not nearly as pricey here as NYC. Wages are low here, but COL is slightly above average.
No, they bought a house they couldn't afford and don't have an emergency fund. Everyone needs an emergency fund, and it needs to be even bigger when you own a home. Way too people scrape together a little, put 3% down because that's all they save up, and then are house poor. That isn't a problem with home ownership, that's a problem with horrible personal finances.
Isn’t it the same thing, since these people are the ones buying a home?
Saving tons and tons of money is great in theory, and a week paycheck to cover all bills like another poster suggested is a great idea, how realistic is that? To your average middle class earner?
How many people make enough to afford all housing and utility costs on one weekly check? My guess is almost none.
Again, great advice if you make 300k a year, most people don’t and never will
I have no debt and my credit is excellent. But I simply don't make enough money. Isn't that the biggest thing they will look at? I have used mortgage calculators and I know what I can afford, but I would still need financing.
Have you checked out Habitat for Humanity? Also, some states offer home loan programs for lower income people.
Whatever you do, stay away from sub-prime loans. That market may be heading for another crash.
Have you checked out Habitat for Humanity? Also, some states offer home loan programs for lower income people.
Whatever you do, stay away from sub-prime loans. That market may be heading for another crash.
I never thought to check HH. I just went on their website for my county and I actually qualify. Of course, there is probably a huge wait list. But it definitely is something I need to research further!
I am "older" and I don't make much money; most likely will never be able to purchase a home. I don't like renting only because I am hypersensitive to noise and like many of you, have a tough time with neighbors noise and general lack of privacy (workers coming in, etc.).
Are you okay with renting? Are there any other "long term renters" here? How do you make peace with it? Plus, these days (with the exception of a few major cities), a mortage is cheaper than rent (assuming you make enough money to get one). So I am not even saving money by renting.
Personally, I HATE being a renter. I hate the unknown of “will we be able to sign another year lease and if so, how much will my rent go up?” Or, “if I can’t renew my lease, i guess it’s moving time once again “. Then there’s the overwhelming chance of renting from a slumlord or property management company that do just as worse as a slumlord would. Currently saving money for a nice down payment for a house, maybe in a year or two. Until then, renting is what I’ll be doing unfortunately.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I rented in college and until the first 4 years after getting married, and always hated it. I wouldn’t have a condo or townhome for the same reason, sharing walls with neighbors, and lack of yard to use as I want. Just like back then the down payment is the difficulty, you save enough and find the prices have gone way up. Once you do buy the equity allows moving up as life changes. Currently our house would rent for about double our Motgage/taxes/insurance, but that’s because we have stayed here 25 years. Our oldest kid bought about 8 years ago and the value has doubled. Our youngest is trying to save to buy now, and almost there but still fighting the increases going faster than the savings and raises.
I am "older" and I don't make much money; most likely will never be able to purchase a home. I don't like renting only because I am hypersensitive to noise and like many of you, have a tough time with neighbors noise and general lack of privacy (workers coming in, etc.).
Are you okay with renting? Are there any other "long term renters" here? How do you make peace with it? Plus, these days (with the exception of a few major cities), a mortage is cheaper than rent (assuming you make enough money to get one). So I am not even saving money by renting.
I'm not okay with renting and apartment living in general. I am not a homeowner either but I have made an arrangement that I am quite happy with. I rent my daughters garage which I have turned into a studio. I pay the rent to my daughter, not some corporation. I can live with that and I feel quite lucky.
I rented in college and until the first 4 years after getting married, and always hated it. I wouldn’t have a condo or townhome for the same reason, sharing walls with neighbors, and lack of yard to use as I want. Just like back then the down payment is the difficulty, you save enough and find the prices have gone way up. Once you do buy the equity allows moving up as life changes. Currently our house would rent for about double our Motgage/taxes/insurance, but that’s because we have stayed here 25 years. Our oldest kid bought about 8 years ago and the value has doubled. Our youngest is trying to save to buy now, and almost there but still fighting the increases going faster than the savings and raises.
Exactly. I could probably get financing for a condo in a so-so neighborhood, but it's that sharing walls that I find intolerable.
Housing is so costly, I don't know how single income people can do it. I have a college degree and still barely make it. I am in an average metro area, it's not like I'm in San Francisco or NYC.
I am "older" and I don't make much money; most likely will never be able to purchase a home. I don't like renting only because I am hypersensitive to noise and like many of you, have a tough time with neighbors noise and general lack of privacy (workers coming in, etc.).
Are you okay with renting? Are there any other "long term renters" here? How do you make peace with it? Plus, these days (with the exception of a few major cities), a mortage is cheaper than rent (assuming you make enough money to get one). So I am not even saving money by renting.
That means you need to downgrade because if you are unable to save money after paying rent then you don't make enough to live in that apartment
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