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This is probably a dumb, pointless thread, but I have to ask if anyone has ever been in this situation. I'm also going to post this in the personal finance subforum as well.
I've recently turned 26, and I'm starting to notice that ever since, my circle of friends and family members have started putting a lot of pressure on me to purchase a home.
I would like to think that I'm pretty accomplished in my career, so far anyway. I am fortunate enough to make a good living for my age and in this economic climate. I guess other people see that and think that I need to make the "next step" in my life and purchase a home. I am really not ready to for a myriad of reason, but the so called advice I'm getting from others has reached such a fevered pitch lately that I'm really starting to question my own maturity level.
Currently, I am renting what is IMO a fantastic apartment. Its $925/month, which is actually pretty steep for my part of the world. But its a great place. Completely renovated historic building, top of the line appliances, wood floors, great city view, semi private rooftop balcony, elevator access, basically what any bachelor in his mid 20's can want. Yet even when I tell friends and even some family members this, I get this "does not compute" look. They always say, "yeah it may be nice, but for $925/month you can go to [insert random suburb in my area] and get a really nice house. Plus you're building equity and get a fat tax write off!"
I've done my research on my possible tax benefits. At the price level I'm comfortable buying at without giving up my lifestyle (and I'll admit I've got some expensive habits) it is simply not going to give me much of a tax break. In fact, I probably won't even clear the standard deduction limit after being in the house after 2 or 3 years.
I would love to buy a version of what I'm renting, but condos in my part of town are going form a minimum of 250K, which is about 75K more than I'm comfortable with. I've looked at some houses near me but they are so not my style and more than I want to pay as well. I could always go to the burbs for something cheaper but I'm a city guy at heart and would die of boredom living out there.
I guess to make a long story short, I am very content in my living situation and lifestyle, but all this pressure I'm getting from others is getting to me. Usually I would say I could care less what you think about me, but I'm starting to think I'm falling behind and not doing what's appropriate for my age. I live in a part of the country where people tend to settle down young, and everyone my age is buying houses. And indeed where I live homes are very reasonable. Yet here I am just chugging along being a lowly renter. Am I being immature about this, putting present lifestyle satisfaction over future financial benefits? Should I shove my expensive habits, man up, and buy a home? Or am I just being my usual neurotic self and should just plug my ears?
I could always go to the burbs for something cheaper but I'm a city guy at heart and would die of boredom living out there.
I guess to make a long story short, I am very content in my living situation and lifestyle, but all this pressure I'm getting from others is getting to me. Usually I would say I could care less what you think about me, but I'm starting to think I'm falling behind and not doing what's appropriate for my age. I live in a part of the country where people tend to settle down young, and everyone my age is buying houses. And indeed where I live homes are very reasonable. Yet here I am just chugging along being a lowly renter. Am I being immature about this, putting present lifestyle satisfaction over future financial benefits? Should I shove my expensive habits, man up, and buy a home? Or am I just being my usual neurotic self and should just plug my ears?
You should just ignore it.
Out here in Seattle it is not unheard of for men in their mid 30s still have room mates and live with others while renting a room. Many have to because it is really freaking expensive here for buying a house.
Meanwhile all your friends are dumping all their money into raising rabbits. And a single guy buying a house in the suburbs ... unless you want the space for a man-cave, or like gardening, or whatever, I wouldn't do it.
Wait until you have the capital to buy. And then wait until you're ready emotionally.
Everyone has different stages that they go through. I see it all the time out here with guys in their late 40s / early 50s with 5 year old kids at the oldest. They wait to have kids because they're too busy or having too much fun or both and want to live it up before having to pass on the genes.
For women it's a little different ... but it works out well for them because older guys make more money and (typically) are more mature. Just being dead honest.
Tell them you are not convinced the real estate market has finished falling. You can google and find studies that show renting is better in some situations. Do what makes YOU happy!
You need new friends. You are pretty much stuck with your family.
Tell them all you are passing the hat among your friends and family and when you have 30 years worth of $925/month, you will let them talk to you about how to use it.
Your apartment sounds pretty cool to me. Why mess with a good thing until YOU want to mess with it?
Don't do it...I was like you and ended up buying a house, now I'm trying to get rid of it! Being a homeowner comes with a lot more responsibility than most people realize. Renting allows you to change your mind and make a clean break. When you own, you are stuck unless you can sell it (I'm not having much luck with that at the moment) or rent it out. If you don't feel inclined to buy right now, then don't!
I would not listen to them.. They seem like the same type of people when during the bubble i was constantly getting hit with "well my house has gone up 10-15% every year since i bought it."
In reality it's your life, your finances and don't let others tell you what to do with them.
Deep down, a lot of people are probably fairly jealous of you. They probably want you to be just like them, so you can deal with the same problems and issues they deal with as homeowners.
It's like how people with expensive leased cars think all their friends driving paid for older models should "upgrade."
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