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I love that song! And the whole band! Other than getting fat, they've aged pretty well. But I always thought it said "Baby" not "Maybe", LOL.
I guess its all relative. Back in the 70's when we bought our first house, at 22 it was a real stretch for me to make those $650 payments on a $72,000 starter house.
Loans are so weird. Later when we were better off, we bought a $22,000 new Corvette and the payments were the same: $650.
Single "millenial" here. I own a modest condo. I chose to purchase a home because I figured I'll be around this area for a while and even if I were to move away; I could rent this place out very earsily for much more than my mortgage is. That's a unique set of circumstances. Everyone has their own unique set of circumstances.
I am in the minority of single millenials in owning a home; but the majority of people my age who I know who are married and/or have kids....own a home.
I still can't fathom why boomers are so obsessive about what millenials do. The actions and trends of Boomers have been and continue to effect the future of millenials far more than the other way around
I'm a Gen Xer and I couldn't care less about y'all.
And with the proliferation of HOAs, you may also be paying an additional $200/month or more in addition to your PITI. And like property taxes, a HOA fee will usually increase over time. Unfortunately, it's getting harder and harder to find non-HOA homes and that extra couple of hundred or more added to the PITI can push a potential buyer out of the home ownership market.
We managed to find a non HOA property in a nice area and I will stay there until I die or leave the country, its like the last neighborhood without an HOA without going way out in the sticks to live (with the awful commute).
Interesting related article. We are at a peak in the population for 20-29 year olds(prime renters). As they age out into the 30-39 year old group in 2021, there's an expected big uptake in demand for purchasing. Calculated Risk: "Is 2015 Peak Renter?" @TheStalwart @adsteel
Short version, buy now before all the "millennials" grow up.
they can afford rent at a lower cost so they can spend "savings" on vacations/cars/iphones/etc
for whatever reason, they aren't even investing the difference from renting vs home buying
and it isn't "student loans", that's easy enough to pay off within 5 or so years.
You're loony. Where in this country is renting cheaper than owning a house?
Rent for a 2br/1ba apartment in central Maryland is about $1,300 a month in decent suburbs. My 3ba/2.5ba house costs me $1,250 for the mortgage. If I were to rent this place out I could easily get $1,900 within the week of advertising it, and could likely get $2,100-2,200 if I didn't mind waiting a month.
I will say this though: most of my generation would be wise to shun the cities unless they have stellar job prospects and room for future growth. But if you're going to be working at Home Depot or Starbucks (cliche, but similar jobs as well) anyway you might as well do it in a small or medium sized town in the Midwest or the South where the cost of living is reasonable. You will still struggle, but my generation has to learn the value of that.
Not even close. These guys are loony-tunes. Renting has it's positives. I'd recommend it if you're young (early-mid twenties), if you're hyper-mobile, if you're a job hopper, in the military, or if you just simply know that you'll only be in a town for a year or two....then renting makes sense. It has it's place.
But there is otherwise no economic advantage to renting. Property taxes? Yep, the renter ultimately pays. It's built into the price. Maintenance? Again landlords know what to expect with yearly costs and it's built into the cost structure. You think landlords are going to lose out on that stuff? Just because it's not direct doesn't mean you aren't paying for something.
For me as a grown man it simply does not make sense to pay off another man's mortgage. Why send his kids off to college by paying equity into his property, his taxes (and he gets a write-off), his maintenance, with a little cash cushion on top?
But if you're young and all you can afford is a studio, then that's what you'll get. It isn't cheap when considering space or your quality of life. I lucked out with good neighbors in the suburban community I now live in. I have never had such luck in apartments and I imagine few people do (insert: "but this one time/currently, I/someone I know XYZ blah blah).
So if you're stationary and can afford a middle class neighborhood (or better) there's no other way to go in my opinion. Being able to sleep at night and not have to deal with apartment drama is icing on the cake.
Not even close. These guys are loony-tunes. Renting has it's positives. I'd recommend it if you're young (early-mid twenties), if you're hyper-mobile, if you're a job hopper, in the military, or if you just simply know that you'll only be in a town for a year or two....then renting makes sense. It has it's place.
But there is otherwise no economic advantage to renting. Property taxes? Yep, the renter ultimately pays. It's built into the price. Maintenance? Again landlords know what to expect with yearly costs and it's built into the cost structure. You think landlords are going to lose out on that stuff? Just because it's not direct doesn't mean you aren't paying for something.
For me as a grown man it simply does not make sense to pay off another man's mortgage. Why send his kids off to college by paying equity into his property, his taxes (and he gets a write-off), his maintenance, with a little cash cushion on top?
But if you're young and all you can afford is a studio, then that's what you'll get. It isn't cheap when considering space or your quality of life. I lucked out with good neighbors in the suburban community I now live in. I have never had such luck in apartments and I imagine few people do (insert: "but this one time/currently, I/someone I know XYZ blah blah).
So if you're stationary and can afford a middle class neighborhood (or better) there's no other way to go in my opinion. Being able to sleep at night and not have to deal with apartment drama is icing on the cake.
And what is the point anyways unless you are building degrees and certifications because the rent will chew up most earnings even if your transient. Unless your renting because you had to travel for some training college trade school I don't see the point. Trading time and energy for rent money to exist somewhere and not advance your life, its a mistake.
Not even close. These guys are loony-tunes. Renting has it's positives. I'd recommend it if you're young (early-mid twenties), if you're hyper-mobile, if you're a job hopper, in the military, or if you just simply know that you'll only be in a town for a year or two....then renting makes sense. It has it's place.
Even in the military, it may be worth it for a lifer to buy. There are fewer CONUS locations these days, and it's not that hard in most cases to get back to the same base time after time.
I should have been able to guess that my first duty station would be my final duty station (and, really, I always knew I had a 95% chance of making it so). I wish I'd bought a house there in the early 80s (the second time I was assigned there)...it would have been close to paid for by the time I retired at that location in 2000.
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