why buy when you can rent?
I love that the love affair with “home ownership” has come crashing down in the past few years.
Especially among 20-somethings. I’m obviously sympathetic to those that have lost their homes, but nonetheless glad “homeowner” isn’t such a golden term anymore.
Graduating from school in the heyday of the housing boom, there was a quiet and sometimes not so quiet “race to be the first homeowner” among my peers.
Why were we all chasing this American dream?
We got caught up in the hype. Caught up in the lie that owning a home is always a good investment.
I strongly believe now that owning a home in your 20’s is a bad idea for the majority of us
Why?
Most 20’s college grads live/work in urban, high priced areas. Rents may be high, but they are still much cheaper than the mortgage on comparable places for sale.
You pay a crapload of interest the first few years of even a traditional 30 year fixed mortgage.
Property Taxes.
Homeowners Fees.
If money buys freedom, why would I use it to tie myself down?
I understand the advantages of homeowners (tax deductions, pride, etc), but I just think for most urban 20-year olds, you’re much better off to rent than stretch to afford a condo that’s small and ties you down just so you can “buy a home”
I have a friend who’s girlfriend is upset because he can’t afford a house here in Seattle. He is 26 and in grad school. Are you kidding me? A decent single family house, in the city limits is going to start at 300K not falling apart.
By this time next year, I’m pretty sure I could be in a position to buy a nice place if I wanted….and I’m gonna pass.
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