" I own a home"

[BaldingSoHard]

Its always been a debate.... a valid one too

Only if you're broke. If you had half a million dollars in the bank, there's no chance you'd be talking about "lemme find a nice 2-bedroom apt".
Not you-you, but you in general, I mean.

 

[BezO]

Many factors.

I'm in a major city. Rents are crazy. In DC, rents are more than I pay in mortgage for half the space in similar neighborhoods. Even ignorin' the investment aspect, smart money says to buy somethin'.

But add the investment factor, I wouldn't consider another way. My home has increased in value by 68%. I could sell as is and walk away with mad paper. But I'll be puttin' some money in then sellin'. I'm into my house for much less than investors are payin' right now.

Folks say buy down south, but the profit is in line with the initial investment. If you're buyin' a forever home, cool. Enjoy the lower cost of livin'. But if you'll be sellin' in 5-10 years, it's just a smaller initial investment & smaller profit. And if you're in the burbs in the south, those are the areas that get hit the hardest when the market is down. Versus say, NYC where your value was at worst stagnent, in say 2008. We got a crib in Charlotte now that makes more sense to hold & rent than sell because the value is just gettin' back to purchase price. Who knows when we'll be able to unload.

And home ownership is the biggest wealth builder for lower & middle class folks. Major reason Black folks are hurtin'. But also the biggest investment for Blacks as we're less likely to invest in riskier assets like stocks.

Sure, money is bein' made over your head by the bank. But there's no reason not to invest just because the bank is also makin' money. Most every business has expenses where someone else is also gettin' paid. Banks pay the feds interest. Doesn't seem to hurt them. Just have to be smart & out pace the expenses.

 

[BeeCityRoller]

After my dad retired and parents separated he moved into an apartment that was lease with the option to buy. Found out hes still renting after 10 years in the same place

 

[The Coochie Assassin]

I'll leave this here

http://www.washingtonpost.com/sf/in...ican-dream-shatters-in-prince-georges-county/

 

[The Coochie Assassin]

For yall doing well in home ownership, how many of you live in black communities?

 

[OfTheCross]

I'll leave this here

http://www.washingtonpost.com/sf/in...ican-dream-shatters-in-prince-georges-county/

Lack of financial literacy. Not and indictment on homeownership.

 

[OfTheCross]

For yall doing well in home ownership, how many of you live in black communities?

Rule 1 of real estate:

Location, location, location.

 

[mson]

You will ALWAYS pay taxes. Might as well put your money into something you can flip for a profit. I bought a house 3 years. Today the house is worth $60k more. After banking fees I get a check cut in my name for $50k. But spend your money how you want. There's no worse blind man than one who chooses not to see.

Where do you live?

 

[BezO]

I'll leave this here

http://www.washingtonpost.com/sf/in...ican-dream-shatters-in-prince-georges-county/

fukkin' with the burbs.

And on average, prodominantly Black neighborhoods are not as valuable.

For yall doing well in home ownership, how many of you live in black communities?

*raises hand*

But it went from, I'd say 99% Black to 85-90% Black in 5 years. My neighborhood is one of the hottest in DC. We're slowly but surely catchin' up to the prices in the next neighborhood over, which I'd guess is 80% white.

The former Chocolate City is down to 50% Black. Own or rent, folks gettin' priced out.

 

[Raw Lyrics]

My boy just paid bought a house, when I asked how much of a down payment he put down for it,

he was like

I bought it Cash..... $680,000





I was like

 

[EndDomination]

Hear brags like that bullshyt too often yo unless your mortgage is paid off you're essentially paying to the bank. Then once it's paid off you still pay taxes and they'll take that shyt and throw you in jail if you don't pay up. The ownership scam brehs pay into it until you're to old and end up dying in that shyt making it an over priced coffin

That's why you make enough to afford the home, I know a lot of people who only make like $30k a year, and they take mortgagaes out on $200k homes.
That's not the way to do it.
Save up enough to pay most of the house off immediately, and get the lowest interest rates possible, maybe go for a cheaper, smaller home, so you can eventually buy a second one and rent out the first.
If (and when) I rent, it will be a cheap apartment while I save my money up, pay off the remainder of my student loans (if I have any), and eventually get enough to buy a house immediately. I don't like the idea of mortgage, I really don't like the idea f debt at all.
Don't live about your means.

 

[mortuus est]

WTF is a council estate?!?!

puny American

 

[Field Marshall Bradley]

Only if you're broke. If you had half a million dollars in the bank, there's no chance you'd be talking about "lemme find a nice 2-bedroom apt".
Not you-you, but you in general, I mean.

There's truth in that...

 

[Field Marshall Bradley]

For yall doing well in home ownership, how many of you live in black communities?

 

[CouldntBeMeTho]

the taxes on property where I live, are close to paying a year of rent anyways

stop paying those taxes and see how much you really "own" your property... I agree with op, none of us are really allowed to own property. this is neofeudalism, feudalism is classified as slavery btw (google it)