Comment on Ok, boomer
HexesofVexes@lemmy.world 3 weeks agoManaged this as a millennial - had absolutely nothing to do with my parents helping pay half my deposit. Nope, absolutely nothing to do with that whatsoever.
Comment on Ok, boomer
HexesofVexes@lemmy.world 3 weeks agoManaged this as a millennial - had absolutely nothing to do with my parents helping pay half my deposit. Nope, absolutely nothing to do with that whatsoever.
misteloct@lemmy.dbzer0.com 2 weeks ago
I have an offer for a family member to pay the entire deposit and I’m still not buying a house. I’m in top percentile income too but I’d rather retire early and meagerly rent than be stuck holding the bag.
ngdev@lemmy.zip 2 weeks ago
how is owning a home a barrier to early retirement more than paying rent with money you will never see again?
SparroHawc@lemmy.zip 2 weeks ago
The housing market is in a bubble right now. Buying a house and gaining equity is no guarantee of retirement money.
roscoe@lemmy.dbzer0.com 2 weeks ago
The value of a paid off home is not the equity, that’s just numbers on a paper until you die and your heirs sell. The value is in living for peanuts for the rest of your life.
My house is paid off. My monthly housing costs are $735 for property tax that can’t increase more than 2% year due to California law. My neighbor two doors down with the same floor plan rents for $6500/month. That difference will only increase for the next 40 (I hope) years until I die.
baltakatei@sopuli.xyz 2 weeks ago
Buying a house increases the switching cost of moving to seek new job opportunities. Since we’re no longer in the days of pensions renting makes sense. Imagine buying a home in Detroit before inscrutable politics and macroeconomics caused it to decline; buying a home means you risk holding the bag, especially if you don’t know how to manage risk from climate change in the coming decades.
howrar@lemmy.ca 2 weeks ago
Rent often isn’t too far off from the cost of buying. The main financial advantage of buying comes from appreciation, which I would say is a pretty big gamble.
Jyek@sh.itjust.works 2 weeks ago
Historically housing as an investment is one of the least risky gambles one can take. They even have a saying, “safe as houses.” People will always need a place to live. Tbh, buying a house is probably safer than government bonds right now.
misteloct@lemmy.dbzer0.com 2 weeks ago
Renting is usually cheaper than buying when you factor in all the costs, importantly: assuming you invest the difference in a mutual fund and assuming average market conditions.
Hard to retire early when you’re sagged down by a 30 year mortgage, versus the flexibility of moving to a lower cost rent situation.
Most most importantly: I say this because we are well off and privileged. I don’t expect most people to have the insane luxury to have this choice.
ngdev@lemmy.zip 2 weeks ago
i have no idea what youre talking about depreciation for on a home, its not equipment youre writing off for tax purposes. if you mean rent went up 8% then thats even more of a reason to buy. and it sounds like you mean to say appreciation (which is basically free equity if you did own it} instead of additional money lost
sagged down by a 30 year mortgage? you say things that just dont make sense. you can sell the house at any point. or refinance. or take out a HELOC to access some equity if you get a sub 7% rate and toss that into an index fund. file bankruptcy if you truly cant afford it and cant sell it or rent it. you have more options that will enable you an early retirement more than just pissing it away on renting.
you need to do some honest research about it bc everything you say is pretty uninformed sounding. and i dont really know a whole lot myself.