Money Expert: "Don't buy a house"

[Sonic Boom of the South]

People ran the numbers and realized where we are now in many places you can rent cheaper than you can buy. If you are disciplined and invest that savings you can get ahead.

Also from an investment standpoint the stock market returns while more volatile in the short term outperform real estate long term. Owning a rental property is a whole different argument.

People don't need to run #s to know the can't afford to buy a home.


If it makes you feel better about it by making up rationale that's your coping mechanism.


If owning a home was such a bad investment, then no one would complain about the housing market and unaffordable home buying market.

 

[winb83]

People don't need to run #s to know the can't afford to buy a home.


If it makes you feel better about it by making up rationale that's your coping mechanism.


If owning a home was such a bad investment, then no one would complain about the housing market and unaffordable home buying market.

You can get a normal middle class home out here where I live for $220K or so. I am not wealthy and I have a very modest income of about $102K a year. You tell me I'm coping and can't afford a home. The only property I own is a $28K car with $6K in debt on it that technically I don't have to have the loan.

I just choose not to buy a home because I can lower my living expenses to a crazy degree not owning a home. My combined fixed monthly cost add up to less than a single mortgage payment with a 20% down loan would be for me.

 

[Sonic Boom of the South]

You can get a normal middle class home out here where I live for $220K or so. I am not wealthy and I have a very modest income of about $102K a year. You tell me I'm coping and can't afford a home. The only property I own is a $28K car with $6K in debt on it that technically I don't have to have the loan.

I just choose not to buy a home because I can lower my living expenses to a crazy degree not owning a home. My combined fixed monthly cost add up to less than a single mortgage payment with a 20% down loan would be for me.

You choose to have a car note and throw money away on interest.

Gtfoh financial guru.
Using your logic then you an idiot for getting a car when you could have lowered your transportation expenses walking, biking or public transportation.
Matta fact, using your logic you are wasting money paying to live anywhere, when you could lower your living expenses being homeless.
18 accounts under credit cards...

Matta fact, kill yaself and take lowering living expenses to the apex.

 

[Mike Nasty]

I just choose not to buy a home because I can lower my living expenses to a crazy degree not owning a home.

You win at the low living expenses game, congratulations.

 

[winb83]

You win at the low living expenses game, congratulations.

I mean you see all these people complaining about the cost of living and home / car / life unaffordability.

This paradigm of don't buy a house if about taking a look at your life and figuring out how you can control core cost. Buying a home should be a strategic purchase made from a financial position of strength knowing that it comes with additional high and rapidly growing cost you are in a position to bare. To the average person the thought they give it is if my rent cost X and I plan to stay a while I should buy a home because I could be building equity. They go out and buy the nicest home they can get with someone else's money and borrow a lot of it.

Even here just presenting the idea of not buying a house is meet with pushback. Instead of meeting it with "you know what that could work" people are clearly upset with the idea that home ownership isn't always the best way forward. People have been conditioned to think buying a home is consistently a smart decision when it's often an emotional one.

 

[KillerPups]

buying a house been the fastest money I ever made. literally buying houses in the hood got me out the hood but everybody got a different path