Is buying a house in your 20s really a smart idea?

[Hijo de luna]

I bought my house in 2003 when I was in my early 20's. Small 1200 sq ft $65k house. Value took a beating during the bust but I don't concern myself with that since I have no plans to sell it. My mortgage is $375 a month which was a struggle back when I was in college but now it feels like I don't even have a mortgage. This allows me to max out my IRA contribution for myself and my wife to meet our $4million retirement goal.

Buying a house in a decent neighborhood well below your means really sets you up for a stress free lifestyle.

I could not imagine paying $800-$900 for rent

 

[Hijo de luna]

The real question is "Is buying a home with debt in a Capitalist society with little to no regulation on the lender a smart idea?"

And the answer would be HELL fukkING NO.

You are making a 25 year bet that you wont miss 3 consecutive house payments at at least half your working wage in a society where you are not protected from employers firing you and a long history of companies doing shady stuff to your retirement, pensions, and benefits.

America is the wild west of capitalism.

That's why it is important to have an emergency fund in place. Even if you own your own business regulations/technology/competition can wipe you out over night. There are no safe bets in capitalism. If worse comes to worse a home owner can file bankruptcy to buy a few months to keep his family off the streets, whereas a renter would have to prove he has the means to pay the rent or be evicted immediately.

 

[Mowgli]

I bought my house in 2003 when I was in my early 20's. Small 1200 sq ft $65k house. Value took a beating during the bust but I don't concern myself with that since I have no plans to sell it. My mortgage is $375 a month which was a struggle back when I was in college but now it feels like I don't even have a mortgage. This allows me to max out my IRA contribution for myself and my wife to meet our $4million retirement goal.

Buying a house in a decent neighborhood well below your means really sets you up for a stress free lifestyle.

I could not imagine paying $800-$900 for rent

I pay 1600 just to not live around trash.

 

[iFightSeagullsForBread]

Condo's are nice too, easy to rent out and if your a bachelor very low maintenance.

That's my plan.

 

[BlackBall]

Give your money to jews brehs

 

[R.E.N. Spells Ren]

All these arguments AGAINST ownership are just

Generally, it's better to buy. One of few reasons to rent is if you don't plan to stay put for decent amount of time.

 

[RiffRaff]

Obviously it's a better than idea than renting on average, but how feasible is this for the average 20-29 year old in today's world? Most of those who don't have a college education can't afford a down payment let alone a mortgage anytime soon. Those with a college education in 2016 are a lot of times in the same situation as those without EXCEPT on top of that you are adding $30,000+ in loans. Especially in our community where student loans aren't alleviated and underemployment is a real issue for those with a degree. You get past all of that and you still have to deal with at any moment (unless you work for the federal government) you're main stream of income could go belly up and as a young 20 year old you probably don't have a lot of money behind you. Shyt's not realistic for the majority of us in our twenties.

 

[Hijo de luna]

I pay 1600 just to not live around trash.

Blacks and Mexicans?

 

[Detroit Wave]

yall getting ripped off. copped my first crib for 20k and been renting it out for 2.5 yrs. second rental property on deck by end of summer

 

[That Good 510]

Condo's are nice too, easy to rent out and if your a bachelor very low maintenance.

Co-sign. Got me my condo when I was 22, when prices were way down out here in the Bay. Now my place is worth at least 100k more than my loan and my mortgage payment is under a g, way cheaper than rent

 

[Solano707]

Blacks and Mexicans?

Negged

 

[IAmGettingAMailOrderBride]

I bought my house in 2003 when I was in my early 20's. Small 1200 sq ft $65k house. Value took a beating during the bust but I don't concern myself with that since I have no plans to sell it. My mortgage is $375 a month which was a struggle back when I was in college but now it feels like I don't even have a mortgage. This allows me to max out my IRA contribution for myself and my wife to meet our $4million retirement goal.

Buying a house in a decent neighborhood well below your means really sets you up for a stress free lifestyle.

I could not imagine paying $800-$900 for rent

Where they sell houses at for $65k





- blackierobinson

 

[Solano707]

Where they sell houses at for $65k





- blackierobinson

Augusta, GA have them for around 75 to 100k depending. You just gotta keep looking. I subsrcibed to realtor.com and zillow.com for homes in that range. But, it's not really hard getting a house, just save up 10 to 15%. A 80k at 10% is $8,000.... that's not hard to do at all if your motivated and having yoru mortgage at 30 years will put you around 600 to 700 dollars a month. So it's not far feteched to say a 20 year odl can't do it. Your biggest obstacle is credit, but even a FHA loan can help you there, but you'll pay like an extra $100 on your mortgage as PMI (which is the life of the loan, which was changed two years ago when the PMI went away when you reached paying 20% of your loan off).

 

[Hijo de luna]

Negged

Why not neg the fakkit that implied it

 

[mortuus est]

cant see myself buying a house, this thread scares me