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Facts have no discernible effect on some people. They have their pet excuses (the dog ate my homework) and, through thick and thin, they are simply sticking to them.
I think there's another concept, one could just rent forever. I'm fortunate having my own rent stabilized place, and doing the math on averaged rent increases and that my rent in the bottom 10% bracket of my neighborhood (and lord knows, Manhattan), I'd have to buy at roughly $300k or less with low maintenance to break even in under 30 years (not 5 years mind you!). Property tax is also so low here that it makes no sense to itemize as the standard deduction is higher than most places I could buy (seriously, it's $1kish in property taxes a year for a tiny house in Howard Beach I was looking at). Even worse, I'd be trading a 15 min commute to each business center in NYC to have the benefit of a house over an hour away, even though still in the city. There's a price on mental health I have to attribute to low commute after having a 2 hour commute for 2 years.
Unless I find an SO, I'm better off just maxing my retirement accounts like I'm doing now, especially given that I actually like and enjoy where I live (that's a first!) and my lifetime investments are averaging +14% or +35% so far (depending on the account you're looking at).
Though it's a thought that I could buy that house with expectation to retire there in the future. Those property taxes are always going to be low relative to a lot of things. Could mean an early retirement. I can afford both. Who knows.
That’s my point, despite my “wealth” im in relative poverty because I will never be a homeowner
Who cares? Save / invest your money. At the rate you're going, you could become financially independent in many locations around the world in 5 years or less. Then you'll have the flexibility to live in many different places throughout the world.
There's more to life than being a homeowner in the Bay Area. So. Much. More.
Who cares? Save / invest your money. At the rate you're going, you could become financially independent in many locations around the world in 5 years or less. Then you'll have the flexibility to live in many different places throughout the world.
There's more to life than being a homeowner in the Bay Area. So. Much. More.
Hobos are “financially independent” under that sort of definition.as well as people on ssi.
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