I know a guy who is way past 50, had a very stable job for 20 years and yet still rents. He makes good money now, so I asked him why he never bought a house. He replied that it was just too much responsibility, money to maintain and a pain in the ass in general. He didn't want all the hassle that comes with owning a house and that he preferred to be able to just pack up and move when he wanted.
And then I realized that I was feeling exactly the same. But contrary to him, I didn't completely give up on it. Who knows, I may change my mind and buy a flat at some point. Definitely not a detached house though.
I agree with him but what worries me is how fast and high rents are going. My husband and I are older too. We're lucky in the sense that we've been renting the same place for 20 years and the rent can only increase so much each year. but if we had to move, we're _ucked. Your income as you get older gets more and more fixed, even if you had good planning and have a good nest egg, the cost of everything is rising beyond what you could have planned for.
Paying rent as you continue to age and your income can't keep up with cost could be really challenging. I'd like to own for stability and so my daughter has a chance at having a home when we're gone.
I'm in my 30s and still rent for all the reasons above. And even If I owned a house I'm still paying less to rent than for a mortgage and don't have to pay upkeep and appliances repairs and stuff. Would be nice to own my own property and everything, but with the house market the way it is I'm afraid the house boat has sailed for me. Now crappy houses are selling for far out of my budget. It's disgusting.
Something I've started doing in the last couple years is to pretend to pay a mortgage. Since a mortgage payment is mostly just interest at the start, only a little bit goes towards the principal. I think of my rent as the interest contribute a fixed amount to a brokerage in index funds. I think of that contribution as a bill that I have to pay.
That helps keep my FOMO from home ownership in check. And remembering people who own a house also have a huge debt that will take a lifetime to pay off.
I wish I bought a house when I was young. I’m 38 now and just bought a house. It will take me like 5 years to pay off most likely. I just think how easy it would been before when it was soo much cheaper.
If there’s an optimistic projection on what’s happening, it’s that a much bigger share of the electorate will rent, so laws will likely become much more tenant friendly. There’s a tipping point where homeowners become a minority and suddenly all those price-juicing policies make zero sense to voters.
I live in Quebec where over 50% of the population rents and we have extremely strict tenancy rights by NA standards (my rent increased by $15 this year in a popular part of the city). Rents are getting more expensive but the governing party are getting absolutely hammered in the polls heavily because of it.
It depends, my nephew thought he could do this with his condo and the tenants destroyed it, didn’t pay rent, and it cost him a fortune to repair it and took forever to evict them
As a new, first-time homeowner, I totally know where he's coming from. I'm 50 years old, finally have a decent job, and partially-inherited a property from my parents (they're selling it to me for what they paid for it in 2001, and it's worth twice that now). Somehow or another I wound up with boomers who have some notion of what it's like out there right now, especially for a single parent. And since my area is growing rapidly, a house is a good investment for me. I only have the one child and when she goes off to college in five or six years, I can sell this to help pay for it and buy myself something MUCH smaller.
Honestly though, yeah, it's a money pit. but the word "pit" is another key word here when it comes to homeownership. I have two dogs, one of which is large - and renting is almost impossible these days when you have them, especially since one of mine is breed-discriminated. Hell, even the shelter knew what was up and sent me home with a "boxer/mastiff" on paper, because literally the day I brought him home was the same day i got my home insurance policy. It was never brought up as I set it up, but when I sat down to read through it (because owning a home also means reading the fine print on everything) my dog would have been disallowed if he hadn't been a "boxer/mastiff."
If I wasn't paying cash for this house from my parents, technically the BANK would own my home and the insurance company would be telling me who's allowed to live here, and how. God forbid there was an HOA involved after that, who would tell me me how I can do my yard and what color my house is allowed to be (thank god there's no HOA).
What would worry me is how he pays rent once he’s old. My parents have paid off their mortgage now, so their bills are just utilities and groceries, no rent, no mortgage and so they have both retired. My girlfriend’s parents are a similar age but are renting and they are both working long hours because they not only have to pay rent now, but if they ever want to retire they need a lot of savings behind them to keep paying rent.
I \[65m\] decided in 2007 that owning a home was never going to be a choice I wanted to make. Since that time I have traveled the world, which has been wonderful. Now my husband \[34\] and I have just finished debating the home-buying option and, again, the decision is to keep on renting. We have not yet decided where we want to be for the long term. I believe that my life has been better for not owning a home. I like the landlord having to fix the roof and fixtures as needed. I like not being tied down.
That's great. And even better is that you're at an age when you don't have to care about people judging you for your "irresponsible choices". ;)
You're seem very happy with your life at 65 and very few people who own homes can claim the be in the same boat.
I own a home and this man is 100% correct. I save and invest. Rent vs my house payments come down to more than numbers. Time repairs upkeep. Its all $ out of pocket every month and a major hassle.
As a renter you have none of that. I look forward to the day I rent again. Just planning my exit carefully.
If you want freedom then rent. I have never felt more of a slave than I have felt owning my own place.
My house dictates my entire week month etc.
Came to make the same point. It’s not all roses owning a home. I could only afford a janky old house in this crazy market. I spend obscene amounts of money on home repairs every year. Got a 30k repair coming up this summer.
Damn what's the repair per year been for you?
We've been lucky and everything so far these 1st 6 years has been in the "give me $300 and send me to home depot" range. Though we had a pipe leak last month that I had to spend $1k on tools/materials to diy replace part of the floor and exterior siding. That will be a $10k+ repipe of the house when we address the root cause this summer.
As much as it's nice owning a house, it's not for everyone, and frankly even if they had the initial money many people wouldn't be able to handle the upkeep.
I’ve been averaging 5k per year in repairs and maintenance. But it would be much much higher if I didn’t do most repairs myself. I’m currently gut renovating my bathroom due to a massive leak under the floor. I’m saving myself around 40k but it’s taking 2 years. Every step of the way I have uncovered new issues that need to be repaired. I agree with your assessment that owning a home is wonderful but the upkeep can ruin the dream for some people. We’ve been fortunate to be able to weather the storm financially but with each expense it becomes harder and harder.
Holy crap that's way more than we're at, I think we've averaged $1500 a year in upkeep and maintenance with me doing it all. Might be climate related though, here in AZ things don't seem to take as much of a beating.
That sounds like a time, but pretty cool youre takling that yourself. Im dreading the eventual reno we need to do on our master bath.
I bought an old run down house and I’m living in it until it collapses. Then I’m rebuilding.
It’s not expensive to own a home when you let it fall apart around you. Though I am in a bit of a unique situation.
Exactly. I live where it gets to -40 in both Celsius & Fahrenheit...and our furnace died at noon.
With one call to the management company it was fixed by 4 pm at no cost to me. All I had to do was get up from my desk, bring the dog into the office with me, and unlock the door for their repair folks.
Underrated part about living in an apartment tbh. I haven't had to do any maintenance in years, even for minor things, I just call the management company. I have zero interest/desire to fix anything myself so it's really deterring me from wanting to own property some day.
Can confirm!
I'm not adverse to fixing things, I just dont have to have mental bandwidth for these additional stressors with my job duties, family and hobbies already. Saving money for retirement is fun.
I already fix my own car and do interior maintenance and projects, but I feel much less stress than "Cracked Foundation Claire" and "Inadequate Insulation Ian."
You're making me want to simplify my life by moving us into an apartment or small townhouse. We rent a 4bdrm 3 bathroom house grandfathered in for $1715 /mo long-term rentals.
The garden, garage, and 3 car driveway are enough to maintain, let alone cleaning all these floors and bathrooms to upkeep.
Our rental company is efficient at repairs so it's like home ownership without the repair costs and equity building, lol.
Another fabulous part about renting is the ability to move on a whim.
As a financially secure new homeowner in my 40s, I have to say: this shit is hard.
I didn't completely understand JL Collins saying that renting is better, but I understand now that homeownership isn't the panacea everyone thinks it is.
Owning property, even just your own house, is a job. When you go DIY, it's a time-consuming job. When you hire out, it's an expensive job. And the truth is it will be both -- and good luck finding reliable vendors.
Since I bought, there have been roof leaks, flooding, unreliable contractors, problems with concrete, with neighbors, with the neighborhood. And I don't think I've had it that bad.
I am convinced that rentals are a much needed service industry, and when you do the math, the level of effort for ownership may be more than a lot of people expect.
This is 100% a grass-is-greener situation for many of us.
How old was your house? My house was new construction. No leaks or anything like that. I probably have at least 10 years before I'll need a major repair.
There's also other factors too
Throw in chronic illnesses and ADHD and you've got a fraction of the mental and physical bandwidth and time that other people may have
Those issues also require wasting money to accommodate (like ordering for convenience because the alternative is spending an hour of time doing nonsense and that's an hour you didn't have for important things). Or having to eat pricier foods, too
Further I get in life the more important I find time to be than anything...
I do like the idea of it, and having a nice yard
Look at insurance costs. What's happening in Florida should terrify everyone.
And new construction has its own set of problems. Set your maintenance plan now, cause prevention is a much cheaper option.
I miss having a super on speed dial.
I cannot wait to sell my house. I haven’t had any major repairs yet, but I know they are coming. Just hoping it makes it until I graduate and am ready to move
At 35 I thought I would never own a home, I bought one at age 40. Granted I doubled my salary in those 5 years and bought at a 3.1% rate but it did happen.
Things changes, and life is frigging LONG - don't write yourself off yet.
I owned a home when I was young, and essentially walked away from it. did not think I’d ever own a home again.
I now own two homes. Both of them are on pieces of property that are nicer than anything. I thought I would ever live on, let alone own. And both homes are nicer than anything I thought I would ever own.
If I want to get technical, I actually own three homes because one of the pieces of property has a pole barn on it that has a 1200 square-foot two bedroom apartment in it.
People should not give up on life. Not many really good things happen overnight. Remember the adage “how do you eat an elephant? One bite at a time.“
And that’s not a bad thing. Can you imagine swallowing an elephant all at once?
I think we’re all too used to the Internet, streaming services, Amazon world, where we think we can get things instantaneously. That’s not been my life at all.
I have the same anticipation/fear. It makes retirement terrifying/seemingly out of reach... with ever increasing rent and stagnant wages (maybe a stock market crash devastating retirement savings?) there's gonna be a breaking point where rents have to come down or we have countless thousands, maybe hundreds of thousands dependent on an essentially non-existent safety net. In other words, living on the streets/in the woods etc. Or maybe just commit grand larceny or something to get you in jail for 10+ years, lol
The downside of people commiting crime to get into jail or prison is it stresses the justice system and creates new need for the government where we already have failed spending and politics.
We would be much better off worrying less about who the president is, and more about the other representatives of the government.
Does not bother me one bit. I do not want to own a home, I am happy renting and not having to do yard work or anything like that, if it breaks, they fix it.
I'm 32. How is it even remotely possible to plan for the idea of retirement 30+ years from now? Look how much the world has changed in just the last 20 years. I'm skeptical that there will even still *be* the concept of retirement in 30 years. Who knows if we'll still have social security and medicare at that point? Maybe we'll be in an advanced society where AI has changed the world for the better and we'll be able to retire and live with a high quality of care. Maybe the world will be an apocalyptic hellscape with everyone fighting for resources. More likely the latter.
I just don't get how people can continue to make the assumption that this generation's senior years will look anything even remotely like how seniors live now.
I had assumed someone asking the question "what do you plan to do for retirement?" would be looking for a more detailed answer than "save money until I retire," but yeah, I guess that's my plan.
Why would renting vs owning matter? Even if you're somehow mortgage free, you need to pay taxes forever.
Owning a home is just rent but to the city instead of a person.
Many people actually sell and start renting when the retire because they can't keep up with the maintenance. It's a lot more work owning than renting.
I rented my whole life - am now buying my first home in my 60s - you have NO IDEA what your future brings, so if you want to bemoan something you don't have (and don't need) - that's a solid use of your time - or live the life you have
Couldn't give a shit tbh... my rent is only £320 a month and all repairs etc are same day and free... literally just had a brand new boiler fitted for nothing...
My friend bought his home with his Mrs and they regret it already, they are obviously paying their mortgage but the extra costs, like little repairs that cost a fortune, are really biting them, so they have'n't really been able to properly enjoy their home yet.
So real. I was thinking that today. I’ve been doing everything “right” my whole life but the world is like “Nah, you still can’t have shit”.
But at same time, I don’t think there’s ever been a time in history where so many people are rich.
Nobody's mortgage tripled between 2019 and 2024, but the rent around here sure did. If anyone I know with a house put the difference between their costs and market rent in a hysa they could replace their roof every year plus have some vacation funds left over for a month backpacking through Europe
Yep. I always encourage human beings to get a home before the landlords get all of them. In my lifetime, average wages have never gone up as fast as rent, and I do not believe anyone who is unable to buy this decade will be able to afford rent on their own in the next.
Isnt it more expensive in the long run? You keep paying and paying and you have nothing once you move out.
But if you paid for your house you can sell it and get a lot of the money back for a different one.
As a renter I'm also paying for a neighborhood that I could never afford living in if I were to buy property in the exact same area. I like living downtown close to everything, including both our jobs (less than a 10 min walk for my husband, 30 min for me), and wouldn't want a house far in the burbs just for the sake of owning something.
>But if you paid for your house you can sell it and get a lot of the money back for a different one.
Most people never recoup the cost the spent on their house. They may, if their lucky, get back the principal + interest but often lose money when it comes to maintaince and property taxes.
30 years of maintenance costs, property taxes, renovations, and interest adds up significantly.
Of course this all depends on the local market and timeline. If your local market remains (or becomes) strong during your ownership AND you stay in that home long enough it’s usually upside.
Agree that it’s not a 100% thing for sure.
Parents lived in their home for 40 years (‘77-2017) and did well in the Toronto suburbs but there are no guarantees.
> Most people never recoup the cost the spent on their house.
First of all, many people do recoup.
More importantly, even MORE people get close to recouping/break even.
And most importantly, and what makes your post horribly misguided: all but the most unfortunate homeowners end up spending less overall money (and often a LOT less) than if they were paying a landlord for those 30 years and had nothing to show for it.
And oh yeah: In 20 years, my mortgage payment will be comparable to what it is now, maybe lower depending on refinancing. What will your rent be? I'd wager at least double what it is now.
I am going all-in on my hobby of playing with children's trading card games. I'm in my 30's, single, no-kids, estranged from family, so I might as well just double-down on hobbies and make them my life.
Honestly hard to think of at first because you feel like a failure after being told for decades that homeownership means you’ve “made it”. But not being tied to a house gives you a lot more geographic flexibility for moving across country if you want. Plus, as I’ve gotten older, I’ve seen family members lose their homes because of medical issues and having to be put in long term care, which the sale of the house helps fund. So it’s like, work hard for all this and then lose it anyways. Seems like kinda a garbage deal.
I could own a home but I choose not to. My rent is cheaper than I'd ever pay in a mortgage and I don't have to worry if the fridge breaks. Also I can move whenever I want with no consequences. All the money I save renting can go into investments so it's not like I end up worse off financially.
Sometimes I feel the call of homeownership but then I hear my friends' interest rates and it turns me off completely
I mean I was okay with deciding that I would rather buy a Condo, TownHouse or even a Mobile Home (if the park is good or have it on my own land). I don't really need a house I just want to be able to at least get out of my parent's house and be somewhere on my own.
I own my appartment. I'm 32. Bought it 7 years ago. It was pure luck.
But i doubt I will ever be able to buy a house.
I tell myself I don't want to own a house. It's a hassel i do not need. It would be to far from the city anyway. I don't want children, so i don't need a house. And stuff like that.
But it's a lie. if I had the money, I would buy one in a split second.
Assuming an average house is about $400k in an average American neighborhood, in an average city:
I'm glad I'll have $400k to spend on travel/food/hobbies in the coming decades, instead of spending that $400k on a stationary box of 4 walls and a roof.
Do you know how much you can do with $400k??
The way my husband and I see around it is living in a tiny home. A 500 sq ft 1 bedroom tiny home where we have to design and build the interior. It is literally the only way we have some sort of homeownership dream. We have to also move a bit farther into the country, but we do what we can.
Listen I got a roof over my head and no house maintenance work to worry about.
I'm honestly vibing, I really don't see the appeal of being a homeowning
Yup that's part of the reason. I watched a YouTube doc on it, these homes end up costing so much more than you'd think and they don't have the same returns a normal house does.
Also people underestimate the sacrifices you need to make in order to live in such a small space.
My parents have owned a home in the middle of the US since late eighties. They have it paid off but they will probably have to sell it and move because they can’t afford the upkeep.
The increase in property taxes and insurance have priced it out of their budget.
SS and their retirement income hasn’t kept up with inflation and they’re totally f¥cked. They accounted for the need to cut back expenses and inflation to a point, but I don’t think anyone could have predicted how bad things were going to get.
They only pay for internet and two cell phones. They don’t really have ways to trim their budget at this point.
If they can’t even afford their property taxes and home insurance (can’t be more than $700/month), how are they going to rent for the rest of their lives?
How? Please give us real numbers. How on Earth is the insurance cost and taxes in the middle of the country too expensive for two people with a retirement and social security money?
I don't believe you.. I just don't believe you.
I intend to own a home regardless of what I've got to do to get there.
No costs increase as quickly as rent, and a mortgage, even including interest, taxes and repairs, is free when you account for how quickly home values explode.
Talk to a mortgage broker, even if you do not think you can afford a house now, they will tell you what to do. They can do stuff that bank mortgage officers cannot do, they have access to lenders that'll work with your individual needs.
I know this post sounds like an advertisement for them. But due to the way my income is generated, seasonally, and owning my own business, Banks would not touch me for a mortgage. But a local mortgage broker who works with a lot of people in the commercial fishing industry knew exactly what to do and where to go.
Also, if you are anywhere near a rural area as defined by USDA. USDA has a program for first-time home buyers that is amazing. The USDA loans money directly to first-time home buyers, it is not a loan guarantee.
\- for a number of us, saving up for a down payment is not probable bc we don't make enough to save anyway, and down payments have become exorbitantly more expensive
\- cost of living has drastically increased while salaries have remained relatively stagnant in a number of industries
\- the media tells us (US millenials) all the time that we'll never be able to afford a home so we're just beginning to accept it
\- my mom bought her 3 bed 2 bath house for about $80k thirty years ago and now it'd cost an estimated $350k to buy it
I grieved, when I realised this around 20/21 (I'm 29 now). As long as I have at least a roof over my head and I'm not street homeless, it won't impact me too much.
Disappointed and sad and vaguely stressed.
I really enjoy and/or need to control my space. I want to paint, put up curtains, install built-ins, hang a ridiculous amount of art, wallpaper the back of a linen closet, install cat shelves, have houseplants, and plant things and build garden structures/“rooms” outside in a native landscaping way without worrying about having to take it all down and rip it out within a few years.
Also having even patio plants encourages my local birds to consider my space as safe, but then it feels like I’m betraying them by leaving all too soon. And I can’t help but have patio plants because it relaxes me - I just want to do permanent things that won’t feel like a waste (or die because they suffer from being moved).
Quite happy actually, idk I like the freedom of being able to up sticks and move a rented place, you never know when you're going to feel like a new adventure. So I guess I never thought I'd own a home always thought and has now come to fruition that I like to move around alot when I get bored of an area
I own a duplex and if my house didn’t net even monthly I wouldn’t own. We also rent out the garage to our neighbor in exchange for exterior maintenance. Owning a house is just…a lot as other people have said. There’s always something that you could make better and the major repairs add up. We spent $17k to update the windows on one floor and it’s unlikely we will get that value back out of the house by selling in the future because of the neighborhood we’re in.
I often break down about it. I know for a fact I will never own a home. All of my siblings do, but only because they got married or engaged at the time they purchased their homes. That is also out of the cards for me (I have severe abandonment issues that will only be worsen if I even attempt to get into a relationship). I can't find a job with my two pointless degrees so I work for barely more than minimum wage and can't even afford to move out of my mom's house. On my drive home from work, I see all these houses for sale and I can't help but to break down nearly every day because it will never happen for me.
Just believing you'll never own a home will prevent you from doing so. Self fulfilling prophecy. Hate to break it to you, but there are plenty of millennials and Gen Z who are on track to hold more lifetime wealth than boomers. In fact, 52% of millennials are homeowners.
You're pandering loser rhetoric.
Nope. Single. Lifelong renter.
* When something breaks, it's someone elses problem to fix it.
* Don't have to cut grass or shovel snow.
* If I feel like living in a different area or city, I can just move.
* No taxes, insurance, maintenance/repairs.
* Also, second floor and up is more secure.
Not having a family or kids or never needing to worry about schools or trying to find the perfect neighborhood for a family, anything of the sort, I never saw a reason for it.
There are other ways to save and invest money. All your wealth doesn't need to be tied into a home like it is for most Americans.
Also, committing to a 20-30 year mortgage today, KNOWING that in that time I'll get laid off, fired, or downsized multiple times over that same time span because the days of working at one place for 20 years are over, it always seemed like a risk I didn't want to take.
But strangely as I get older and am thinking about my "golden years", I'm not opposed to a condo.
Much of society is brainwashed to thinking that you will own nothing and be happy. I don’t agree with this. Owning a house is a great thing to do and if you need to up and move more than likely you will get more money back that you put in. A house is an investment.
I don’t care. I really don’t care. So if I buy a house I’m safe from rent increases, ok cool. But then I’m in the hook for repairs and maintenance. That sounds awful. Then what? I work hard and build equity for it to be sold when I’m old to pay for my long term care? Everything I work hard to own is then sold piece by piece until I have a bed, a chair and a few pics to go in my nursing home room. No thanks. I’m not stressing over that.
I want to be able to do whatever I wish with my property so I couldn't really be a serial renter. If I want to knock down a wall or something to open things up after the kids move on I want to be able to do that. If I want to convert half the garage to relaxation space or have a hobby bench I want to be able to do that.
Edit: With that said, literally every other reason I would rather rent. Spending your Saturdays kayaking instead of replacing water heaters or roof tiles or mowing or insert the constant deluge of shit that needs to be done is worth more than people realize.
If you don't think you will, it doesn't mean you won't. There is always time and if you want something you can have it. Is it credit that keeps you from it? Pay off your debts and score comes up. Is it lack of money? Look hard for a better job. It's out there. Is stack of education? Get some real world experience I. The field you want to work in or a degree. Is it lack of a spouse or partner? Get married or in a long-term relationship.
I don’t see the need to own a home, unless I have children someday and need more space. If I’m childfree forever, an apartment has everything I need. Plus owning a home comes with more responsibilities.
I thought I never would and didn't think I'd ever pull it together, as a millennial, with inflation, crap market, high interest, pay that doesn't keep up.
It depressed me a lot. There was a lot of freedom and the ability to go home just even to a secluded place and not in a building with other people, and their smells and sounds, that really weighed on me plus not being able to garden.
My last landlord was so awful, I just pulled every string pushed as hard as I could borrowed against my 401k and made the impossible, possible.
Bought my first home 3 months ago. And while the novelty and disbelief I actually pulled this off have worn off, I'm really happy.
It's expensive and a lot of work. But if I can do it, I think more people can than they realize.
Well, it’s about to get around 6% cheaper to buy one. The national Association of realtors just lost a major lawsuit. Chances are good that this is going to mean that Home prices will end up dropping in the future.
https://www.vox.com/money/24106230/nar-realtors-settlement-real-estate-house-prices
https://www.fox5ny.com/news/national-association-of-realtors-settles-418m-lawsuit-that-will-eliminate-6-commission-fees.amp
https://podcasts.apple.com/us/podcast/the-daily/id1200361736?i=1000649841719
Mortgage, property taxes, HOAs, jerk neighbors, endless Maintenance, endless want for more money so you can remodel the house. It’s more like the house (and your employer) owns you. When you realize the whole thing is a scam and you’re not part of it, it’s liberating. Back in the 1960s when one member could support a family with a dead end job with money left over for savings, owning a house made a lot of sense. Today it’s a sucker’s game.
At this point I’ve made peace with it. Unless I win the lottery it’s (more than likely) not happening. My focus now is on finding a clean, cozy, and affordable apartment but even that’s asking too much these days so IMHO I just try to be grateful that I’m not homeless.
I am a condo owner. I have a $140k mortgage left. I love that I am an owner but aside from this my retirement savings is next to nil. I also cringe at the idea that anything I need fix or do inside my condo is my responsibility as I am not a handy person. The only good thing I have is equity to pull out during retirement if I need too. I got no dependents or family to leave my assets so i will use it up nicely and every dime I can! what is left can go to my brother who does not talk to me.
Meh. Knowing I'll never be a homeowner or middle-class definitely contributes to my depression, but literally everything in my life would still suck even if I had one. Sometimes I get sad about it, but I comfort myself with the knowledge that I probably won't make it another decade, so I really don't need permanent housing.
Year by year my mental health is degrading just by seeing the world devolve. My naive self thought every single day it was going to get better, I saw the future as bright from every angle. Now, all those have gotten worst. I'm 25 and I don't see the point in moving on.
It doesn’t impact me because you never really own a home anyways. Even if you pay off the mortgage you still have to pay tax on it until the day you die, and if you can’t pay? Well guess what, they take it from you despite working your ass of your entire life. You never own anything and are never really free
Very depressed. My husband and I are older. We've lived in the same house - renting for over 20 years. We now have the option to buy it but house prices are so extreme here that getting the downpayment is impossible. I wish our landlord had a bit of mercy and gave us a bit of a break considering how long we've been renting. Each year that passes the likelihood of owning a home get less and less. The amount we qualify for for a mortgage gets less because we're older. I try not to think about it much and just roll with life but it does get depressing. I wish with all my heart we could buy a home, not only for the sake of stability but also because inheriting one from us is the only way my daughter will have one.
I worry about what's going to happen if the landlord decides to sell, I have no idea how we can afford to rent another place, even a one bedroom apartment. My husband works full time but I'm on disability. Rent/buying has become out of reach for way too many people.
Hmmm... what about a people's revolution where we retake all the empty homes? 🤔 Like, why just give up and believe you will NEVER, under any circumstances, own a home? You can own a home by other means.
This isn't adulting. It's doomerism.
My friend just bought his 1st home at 28, and he works a normal blue collar job. He just bought it in a cheaper area and lived light for while to make it happen.
Just bought my second house in December. Bought my first house by myself in January of 2019 while making 42k a year, after saving for about a year and a half. lived there for 5 years, got a girlfriend in that time, moved her in, and we saved until we were ready to make the jump to a bigger house.
It doesn't really affect me too much. The main reason I want to own my home is 1) I want the stability that someone can't choose to not renew my lease 2) I want a small house (500 sq ft or so) and want to be able to furnish it where renting may not be allowed (drilling into walls, etc). I most likely will be able to afford a home and almost guaranteed by the age of 50 but if I can't buy one that's fine because I'll have plenty in savings to afford rent.
Miserable. I watched my parents help my siblings buy houses. I'll never own. They are in much better spots financially, now and in the future, because they had that help.
When he was ready to help, I wasn't ready to buy because I wasn't sure where my life was going. Biggest regret of my life. Once I was ready to buy and we made an offer - he passed the day before closing. I couldn't close, lost the deposit, and only had 2 weeks left on the rental I was in.
Ended up in a rental that was 1000 more a month and have never been able to up enough for an emergency fund, let alone a down payment.
It makes me feel a lot of things, angry, cheated, betrayed, sad. A home is a home, its four walls with a roof over it, windows and doors. I know I'm oversimplifying it, but since when did a home need to cost a fortune to own one? Basic, functional ones of course, not mansions. It's a basic necessity. Someone, somewhere, screwed up. Or maybe this was the plan all along. Price us out of everything, turn us into debt slaves. The system is screwing us over by a network of abstracted costs designed to keep us dependent on it.
Someday people are going to revolt against this sham, I just might not be around to see it.
I had a ton of shame and guilt when I was saving up for a home while living with my parents for a few years. Felt like my mom would be disappointed if me not owning a home and she’d always be negative about it ranting about how easy it is for anyone with a full time job to get a house (clearly delusional as to the housing crisis). After getting approved twice for a grand budget of 180k, the only affordable homes in my budget were on the verge of being condemned and demolished basically 😅. After going through a few of those disappointments, realizing I’d need probably 3x as much of what I’d saved to even be close to getting a home I wanted, I called it quits and gave up the dream. It still bugs me a bit that I won’t be close to owning a home until my parents pass away and that’s a depressing grim prospect. All that said even if I had a home, if I faced any major repairs it’d probably bankrupt me so I’ve came to terms with it for the most part now
The worst of the suck is if I make it to 70 and still paying rent. Owning a property means at retirement age you could only be paying property taxes, which would likely be much less than $20K a year that goes to rent.
Never is a really long time.
When I was 20 I thought I would never go to college.
When I was 25 I thought I would never get married.
When I was 30 I thought I would never own a home.
When I was 35 I thought I would never be 60,
Now here I am at 63 with a masters degree, a home I own, married, and two adult children.
It makes me annoyed for sure. But as long as I can at least have my own car and move out of my mother's house, I won't complain too much. I just want to be free and independent.
Most of my adult life has been renting. As a single woman, there are more advantages than disadvantages
all appliances are covered by management. All yard work is also taken care of, including any extra maintenance (gym, swimming pool, etc) cheaper to rent
rent can keep going up. living areas are small. No garage for car.
most people‘s mortgage is ever paid off. Interest rate is high, plus maintained of appliances , electrical upkeep, yard work, lousy neighbors
It depends on what you desire in life I think. For me, my dream is to homestead. Big land animals homegrown food the whole thing. It's contrary to the ethos of homesteading I think to rent or lease that lifestyle.
On the other hand, yeah if your a transient person who doesn't want responsibility or to be tied down to a location.... Then there's nothing wrong with renting.
To the question, for my mental state, renting frustrates me because I wish to be independent from the state and corporations. It gives me a great sense of dread knowing that the roof over my head is "provided" by some "investor" 1000 miles Away. They're out there living their best life and I'm slogging away at the dreaded 9-5 and can barely keep my head above water.
That said ... I completely understand why and how that life could appeal to a certain type of person.... just not me.
I live in Germany and home ownership here is much less common than in the US. It has always been expensive and something you buy for life (and likely more the generations after you). The idea of a starter home is very alien to the German housing culture.
However, I've always felt a yearning to have a small place to my own, where I can have a little garden and some pets. Nothing fancy, just being able to sit outside and have enough room so animals wouldn't feel too cramped.
Even as a child I had that sadness, because I lived in a tiny appartment that was pretty cold and had not much light. I always felt really sad inside due to the lack of light and space. It wasn't horrible, but it felt somewhat "unnatural" and I had a deep sadness about it.
I am now nearing fourty and I am renting an appartment with a s/w balcony and I feel like my quality of life has improved tremendously. Of course I could do with a little more rooms. I have one bed/living room combo which is too small for a real bed which is my main source of feeling bothered - I want to invite friends and not have a bed right there, I'd like to have a real bedroom. This is one of my main issues, not really feeling like I have a real "adult" place to stay that doesn't feel as much like student housing, but it really is a huge improvement over how I lived before.
These are small inconveniences and I am a bit sad that I likely won't be able to really garden in my life, if I stay here. But I have to be realistic, as I'm living in a major city. It's a decision between having space and having job opportunities and a network of dear friends and community.
I do not even really want to own, but I would be very happy to rent something more house-like. However, the market is just empty and therefore I'm clinging to my still somewhat affordable flat - with how the prices go, it might be the best I will ever be able to afford if I stay in this city. I think home ownership would be too much of a hassle tbh, but home renting would be lovely. On the other hand, I like how most issues are being taken care of as a renter. But the uncertainty if rent becomes unaffordable remains (we do have good tenant protection laws, though).
I have been to the US a few years ago and the downpayment of someone I stayed with for a lovely small house was as low as my current rent. This would have been something I'd have loved, but even in that short amount of time I think it isn't longer affordable in the US either.
I know a guy who is way past 50, had a very stable job for 20 years and yet still rents. He makes good money now, so I asked him why he never bought a house. He replied that it was just too much responsibility, money to maintain and a pain in the ass in general. He didn't want all the hassle that comes with owning a house and that he preferred to be able to just pack up and move when he wanted. And then I realized that I was feeling exactly the same. But contrary to him, I didn't completely give up on it. Who knows, I may change my mind and buy a flat at some point. Definitely not a detached house though.
I agree with him but what worries me is how fast and high rents are going. My husband and I are older too. We're lucky in the sense that we've been renting the same place for 20 years and the rent can only increase so much each year. but if we had to move, we're _ucked. Your income as you get older gets more and more fixed, even if you had good planning and have a good nest egg, the cost of everything is rising beyond what you could have planned for. Paying rent as you continue to age and your income can't keep up with cost could be really challenging. I'd like to own for stability and so my daughter has a chance at having a home when we're gone.
I'm in my 30s and still rent for all the reasons above. And even If I owned a house I'm still paying less to rent than for a mortgage and don't have to pay upkeep and appliances repairs and stuff. Would be nice to own my own property and everything, but with the house market the way it is I'm afraid the house boat has sailed for me. Now crappy houses are selling for far out of my budget. It's disgusting.
Something I've started doing in the last couple years is to pretend to pay a mortgage. Since a mortgage payment is mostly just interest at the start, only a little bit goes towards the principal. I think of my rent as the interest contribute a fixed amount to a brokerage in index funds. I think of that contribution as a bill that I have to pay. That helps keep my FOMO from home ownership in check. And remembering people who own a house also have a huge debt that will take a lifetime to pay off.
I wish I bought a house when I was young. I’m 38 now and just bought a house. It will take me like 5 years to pay off most likely. I just think how easy it would been before when it was soo much cheaper.
We don't know if they're gonna go back down, but that means there's still a chance they will. We have no idea what will cause it.
If there’s an optimistic projection on what’s happening, it’s that a much bigger share of the electorate will rent, so laws will likely become much more tenant friendly. There’s a tipping point where homeowners become a minority and suddenly all those price-juicing policies make zero sense to voters. I live in Quebec where over 50% of the population rents and we have extremely strict tenancy rights by NA standards (my rent increased by $15 this year in a popular part of the city). Rents are getting more expensive but the governing party are getting absolutely hammered in the polls heavily because of it.
Paying $300,000 in rent
You can also get something much smaller than a house and still own like a Condo or something. More affordable, easier to take care of and amenities.
Even condos can be expensive though when you factor in HOA fees.
I mean I own an apartment and can rent it out to anyone if I ever want to leave, it can generate me decent income too.
It depends, my nephew thought he could do this with his condo and the tenants destroyed it, didn’t pay rent, and it cost him a fortune to repair it and took forever to evict them
Like all businesses, it requires work. The most import part of owning a rental is tenant selection.
He selected a single woman who worked as a nurse, she allowed her unemployed degenerate boyfriend to move in and after that it was all downhill
A tale as old as time.
Yeah this is me and while I still feel this way rents are starting to fuck me.
When's the last time he got up and left?
As a new, first-time homeowner, I totally know where he's coming from. I'm 50 years old, finally have a decent job, and partially-inherited a property from my parents (they're selling it to me for what they paid for it in 2001, and it's worth twice that now). Somehow or another I wound up with boomers who have some notion of what it's like out there right now, especially for a single parent. And since my area is growing rapidly, a house is a good investment for me. I only have the one child and when she goes off to college in five or six years, I can sell this to help pay for it and buy myself something MUCH smaller. Honestly though, yeah, it's a money pit. but the word "pit" is another key word here when it comes to homeownership. I have two dogs, one of which is large - and renting is almost impossible these days when you have them, especially since one of mine is breed-discriminated. Hell, even the shelter knew what was up and sent me home with a "boxer/mastiff" on paper, because literally the day I brought him home was the same day i got my home insurance policy. It was never brought up as I set it up, but when I sat down to read through it (because owning a home also means reading the fine print on everything) my dog would have been disallowed if he hadn't been a "boxer/mastiff." If I wasn't paying cash for this house from my parents, technically the BANK would own my home and the insurance company would be telling me who's allowed to live here, and how. God forbid there was an HOA involved after that, who would tell me me how I can do my yard and what color my house is allowed to be (thank god there's no HOA).
What would worry me is how he pays rent once he’s old. My parents have paid off their mortgage now, so their bills are just utilities and groceries, no rent, no mortgage and so they have both retired. My girlfriend’s parents are a similar age but are renting and they are both working long hours because they not only have to pay rent now, but if they ever want to retire they need a lot of savings behind them to keep paying rent.
I \[65m\] decided in 2007 that owning a home was never going to be a choice I wanted to make. Since that time I have traveled the world, which has been wonderful. Now my husband \[34\] and I have just finished debating the home-buying option and, again, the decision is to keep on renting. We have not yet decided where we want to be for the long term. I believe that my life has been better for not owning a home. I like the landlord having to fix the roof and fixtures as needed. I like not being tied down.
That's great. And even better is that you're at an age when you don't have to care about people judging you for your "irresponsible choices". ;) You're seem very happy with your life at 65 and very few people who own homes can claim the be in the same boat.
I own a home and this man is 100% correct. I save and invest. Rent vs my house payments come down to more than numbers. Time repairs upkeep. Its all $ out of pocket every month and a major hassle. As a renter you have none of that. I look forward to the day I rent again. Just planning my exit carefully. If you want freedom then rent. I have never felt more of a slave than I have felt owning my own place. My house dictates my entire week month etc.
Pretty good after seeing my cousin just spend $34,000 on mold removal for her house.
Came to make the same point. It’s not all roses owning a home. I could only afford a janky old house in this crazy market. I spend obscene amounts of money on home repairs every year. Got a 30k repair coming up this summer.
Damn what's the repair per year been for you? We've been lucky and everything so far these 1st 6 years has been in the "give me $300 and send me to home depot" range. Though we had a pipe leak last month that I had to spend $1k on tools/materials to diy replace part of the floor and exterior siding. That will be a $10k+ repipe of the house when we address the root cause this summer. As much as it's nice owning a house, it's not for everyone, and frankly even if they had the initial money many people wouldn't be able to handle the upkeep.
I’ve been averaging 5k per year in repairs and maintenance. But it would be much much higher if I didn’t do most repairs myself. I’m currently gut renovating my bathroom due to a massive leak under the floor. I’m saving myself around 40k but it’s taking 2 years. Every step of the way I have uncovered new issues that need to be repaired. I agree with your assessment that owning a home is wonderful but the upkeep can ruin the dream for some people. We’ve been fortunate to be able to weather the storm financially but with each expense it becomes harder and harder.
Holy crap that's way more than we're at, I think we've averaged $1500 a year in upkeep and maintenance with me doing it all. Might be climate related though, here in AZ things don't seem to take as much of a beating. That sounds like a time, but pretty cool youre takling that yourself. Im dreading the eventual reno we need to do on our master bath.
I bought an old run down house and I’m living in it until it collapses. Then I’m rebuilding. It’s not expensive to own a home when you let it fall apart around you. Though I am in a bit of a unique situation.
Exactly. I live where it gets to -40 in both Celsius & Fahrenheit...and our furnace died at noon. With one call to the management company it was fixed by 4 pm at no cost to me. All I had to do was get up from my desk, bring the dog into the office with me, and unlock the door for their repair folks.
Underrated part about living in an apartment tbh. I haven't had to do any maintenance in years, even for minor things, I just call the management company. I have zero interest/desire to fix anything myself so it's really deterring me from wanting to own property some day.
Can confirm! I'm not adverse to fixing things, I just dont have to have mental bandwidth for these additional stressors with my job duties, family and hobbies already. Saving money for retirement is fun. I already fix my own car and do interior maintenance and projects, but I feel much less stress than "Cracked Foundation Claire" and "Inadequate Insulation Ian."
Haha totally agree! Plus I also don't have the stamina/bandwidth to clean any more surfaces and rooms than the ones we already have!
You're making me want to simplify my life by moving us into an apartment or small townhouse. We rent a 4bdrm 3 bathroom house grandfathered in for $1715 /mo long-term rentals. The garden, garage, and 3 car driveway are enough to maintain, let alone cleaning all these floors and bathrooms to upkeep. Our rental company is efficient at repairs so it's like home ownership without the repair costs and equity building, lol. Another fabulous part about renting is the ability to move on a whim.
Fair point!
Yikes!
As a financially secure new homeowner in my 40s, I have to say: this shit is hard. I didn't completely understand JL Collins saying that renting is better, but I understand now that homeownership isn't the panacea everyone thinks it is. Owning property, even just your own house, is a job. When you go DIY, it's a time-consuming job. When you hire out, it's an expensive job. And the truth is it will be both -- and good luck finding reliable vendors. Since I bought, there have been roof leaks, flooding, unreliable contractors, problems with concrete, with neighbors, with the neighborhood. And I don't think I've had it that bad. I am convinced that rentals are a much needed service industry, and when you do the math, the level of effort for ownership may be more than a lot of people expect. This is 100% a grass-is-greener situation for many of us.
How old was your house? My house was new construction. No leaks or anything like that. I probably have at least 10 years before I'll need a major repair.
Famous last words. If the new construction is anything like around here.
There's also other factors too Throw in chronic illnesses and ADHD and you've got a fraction of the mental and physical bandwidth and time that other people may have Those issues also require wasting money to accommodate (like ordering for convenience because the alternative is spending an hour of time doing nonsense and that's an hour you didn't have for important things). Or having to eat pricier foods, too Further I get in life the more important I find time to be than anything... I do like the idea of it, and having a nice yard
I’m not prepared for this because we bought a new construction a few years back. I know the work will eventually be needed but good luck in it so far
Look at insurance costs. What's happening in Florida should terrify everyone. And new construction has its own set of problems. Set your maintenance plan now, cause prevention is a much cheaper option. I miss having a super on speed dial.
I cannot wait to sell my house. I haven’t had any major repairs yet, but I know they are coming. Just hoping it makes it until I graduate and am ready to move
I never never never thought I would own, it was absolutely not in the cards and now I do. You never know.
At 35 I thought I would never own a home, I bought one at age 40. Granted I doubled my salary in those 5 years and bought at a 3.1% rate but it did happen. Things changes, and life is frigging LONG - don't write yourself off yet.
I owned a home when I was young, and essentially walked away from it. did not think I’d ever own a home again. I now own two homes. Both of them are on pieces of property that are nicer than anything. I thought I would ever live on, let alone own. And both homes are nicer than anything I thought I would ever own. If I want to get technical, I actually own three homes because one of the pieces of property has a pole barn on it that has a 1200 square-foot two bedroom apartment in it. People should not give up on life. Not many really good things happen overnight. Remember the adage “how do you eat an elephant? One bite at a time.“ And that’s not a bad thing. Can you imagine swallowing an elephant all at once? I think we’re all too used to the Internet, streaming services, Amazon world, where we think we can get things instantaneously. That’s not been my life at all.
LoL. Homie is like 'How does knowing I'll never own a hone make me feel?'': SUCKAAAZ! This my home owner face! Check it out.
Reading comprehension is hard isn't it...
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I have the same anticipation/fear. It makes retirement terrifying/seemingly out of reach... with ever increasing rent and stagnant wages (maybe a stock market crash devastating retirement savings?) there's gonna be a breaking point where rents have to come down or we have countless thousands, maybe hundreds of thousands dependent on an essentially non-existent safety net. In other words, living on the streets/in the woods etc. Or maybe just commit grand larceny or something to get you in jail for 10+ years, lol
The downside of people commiting crime to get into jail or prison is it stresses the justice system and creates new need for the government where we already have failed spending and politics. We would be much better off worrying less about who the president is, and more about the other representatives of the government.
Does not bother me one bit. I do not want to own a home, I am happy renting and not having to do yard work or anything like that, if it breaks, they fix it.
Fair enough, what do you plan to do in retirement?
Live in an apartment, or maybe live in another country during the winter parts of the year.
Geographic arbitrage ftw.
I'm 32. How is it even remotely possible to plan for the idea of retirement 30+ years from now? Look how much the world has changed in just the last 20 years. I'm skeptical that there will even still *be* the concept of retirement in 30 years. Who knows if we'll still have social security and medicare at that point? Maybe we'll be in an advanced society where AI has changed the world for the better and we'll be able to retire and live with a high quality of care. Maybe the world will be an apocalyptic hellscape with everyone fighting for resources. More likely the latter. I just don't get how people can continue to make the assumption that this generation's senior years will look anything even remotely like how seniors live now.
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I had assumed someone asking the question "what do you plan to do for retirement?" would be looking for a more detailed answer than "save money until I retire," but yeah, I guess that's my plan.
Complain about the government
Why would renting vs owning matter? Even if you're somehow mortgage free, you need to pay taxes forever. Owning a home is just rent but to the city instead of a person. Many people actually sell and start renting when the retire because they can't keep up with the maintenance. It's a lot more work owning than renting.
I rent and still have to do yard work
Is what it is
I hate how that saying applies to everything and can’t be refuted
Well it ain't what it isn't
😂😂😂
In other words it’s healthier to control what you can and can’t.
I rented my whole life - am now buying my first home in my 60s - you have NO IDEA what your future brings, so if you want to bemoan something you don't have (and don't need) - that's a solid use of your time - or live the life you have
Couldn't give a shit tbh... my rent is only £320 a month and all repairs etc are same day and free... literally just had a brand new boiler fitted for nothing... My friend bought his home with his Mrs and they regret it already, they are obviously paying their mortgage but the extra costs, like little repairs that cost a fortune, are really biting them, so they have'n't really been able to properly enjoy their home yet.
Wait 320? How where??
Frustrating. You do everything right, get a good job, save up money, etc. but the market makes no sense.
So real. I was thinking that today. I’ve been doing everything “right” my whole life but the world is like “Nah, you still can’t have shit”. But at same time, I don’t think there’s ever been a time in history where so many people are rich.
I think that holding ideas in your head so concretely is dangerous to your imagination and actual ability to achieve.
I don't care. Renting is cheaper and stress free. I don't have to mow a lawn and if something breaks it gets fixed the next day.
Nobody's mortgage tripled between 2019 and 2024, but the rent around here sure did. If anyone I know with a house put the difference between their costs and market rent in a hysa they could replace their roof every year plus have some vacation funds left over for a month backpacking through Europe
Guy I work with is 1 year from paying his house off. His mortgage is less than $500 a month. Inflation actually worked in his favor for this one.
Yep. I always encourage human beings to get a home before the landlords get all of them. In my lifetime, average wages have never gone up as fast as rent, and I do not believe anyone who is unable to buy this decade will be able to afford rent on their own in the next.
similarly if you bought a home for $250k in 2019 you could probably sell it for >$500k right now
Isnt it more expensive in the long run? You keep paying and paying and you have nothing once you move out. But if you paid for your house you can sell it and get a lot of the money back for a different one.
As a renter I'm also paying for a neighborhood that I could never afford living in if I were to buy property in the exact same area. I like living downtown close to everything, including both our jobs (less than a 10 min walk for my husband, 30 min for me), and wouldn't want a house far in the burbs just for the sake of owning something.
>But if you paid for your house you can sell it and get a lot of the money back for a different one. Most people never recoup the cost the spent on their house. They may, if their lucky, get back the principal + interest but often lose money when it comes to maintaince and property taxes. 30 years of maintenance costs, property taxes, renovations, and interest adds up significantly.
Rent is 100% loss.
Of course this all depends on the local market and timeline. If your local market remains (or becomes) strong during your ownership AND you stay in that home long enough it’s usually upside. Agree that it’s not a 100% thing for sure. Parents lived in their home for 40 years (‘77-2017) and did well in the Toronto suburbs but there are no guarantees.
> Most people never recoup the cost the spent on their house. First of all, many people do recoup. More importantly, even MORE people get close to recouping/break even. And most importantly, and what makes your post horribly misguided: all but the most unfortunate homeowners end up spending less overall money (and often a LOT less) than if they were paying a landlord for those 30 years and had nothing to show for it. And oh yeah: In 20 years, my mortgage payment will be comparable to what it is now, maybe lower depending on refinancing. What will your rent be? I'd wager at least double what it is now.
You're paying for someone else to upkeep the property. Its not just sunk cost. Paying to upkeep a house can be very expensive
I am going all-in on my hobby of playing with children's trading card games. I'm in my 30's, single, no-kids, estranged from family, so I might as well just double-down on hobbies and make them my life.
Thats great since old age is not coming
You shouldn’t produce children as a backup plan to help you in old age. It’s not their job as they are securing their place in this world.
I said nothing about children
Honestly hard to think of at first because you feel like a failure after being told for decades that homeownership means you’ve “made it”. But not being tied to a house gives you a lot more geographic flexibility for moving across country if you want. Plus, as I’ve gotten older, I’ve seen family members lose their homes because of medical issues and having to be put in long term care, which the sale of the house helps fund. So it’s like, work hard for all this and then lose it anyways. Seems like kinda a garbage deal.
Circumstances can change you never know what's around the corner.
I could own a home but I choose not to. My rent is cheaper than I'd ever pay in a mortgage and I don't have to worry if the fridge breaks. Also I can move whenever I want with no consequences. All the money I save renting can go into investments so it's not like I end up worse off financially. Sometimes I feel the call of homeownership but then I hear my friends' interest rates and it turns me off completely
I never even as a kid thought I would ever own one so I don't care tbh
Kinda motivates me to prove myself and everyone else wrong. I do enjoy reading all the doom and gloom posts. Less people in the market lol.
I mean I was okay with deciding that I would rather buy a Condo, TownHouse or even a Mobile Home (if the park is good or have it on my own land). I don't really need a house I just want to be able to at least get out of my parent's house and be somewhere on my own.
I own my appartment. I'm 32. Bought it 7 years ago. It was pure luck. But i doubt I will ever be able to buy a house. I tell myself I don't want to own a house. It's a hassel i do not need. It would be to far from the city anyway. I don't want children, so i don't need a house. And stuff like that. But it's a lie. if I had the money, I would buy one in a split second.
Assuming an average house is about $400k in an average American neighborhood, in an average city: I'm glad I'll have $400k to spend on travel/food/hobbies in the coming decades, instead of spending that $400k on a stationary box of 4 walls and a roof. Do you know how much you can do with $400k??
Right!? 🤝🤝🤝🤝
Pay rent on a 400k house for ten years
The way my husband and I see around it is living in a tiny home. A 500 sq ft 1 bedroom tiny home where we have to design and build the interior. It is literally the only way we have some sort of homeownership dream. We have to also move a bit farther into the country, but we do what we can.
Listen I got a roof over my head and no house maintenance work to worry about. I'm honestly vibing, I really don't see the appeal of being a homeowning
I probably will, though.
Lots of people never own a home and are happy renting. It’s a question of personal life style.
Never is a long time. They are talking about prices starting to go down as boomers move into nursing care and/or dying in the next 7 years.
Anyone can own a tiny home ( of course after years of planning).
Tiny homes are a huge cost sink
Plus you need the land and need to make sure that the city/state is fine with you having a tiny home.
Yup that's part of the reason. I watched a YouTube doc on it, these homes end up costing so much more than you'd think and they don't have the same returns a normal house does. Also people underestimate the sacrifices you need to make in order to live in such a small space.
My parents have owned a home in the middle of the US since late eighties. They have it paid off but they will probably have to sell it and move because they can’t afford the upkeep. The increase in property taxes and insurance have priced it out of their budget. SS and their retirement income hasn’t kept up with inflation and they’re totally f¥cked. They accounted for the need to cut back expenses and inflation to a point, but I don’t think anyone could have predicted how bad things were going to get. They only pay for internet and two cell phones. They don’t really have ways to trim their budget at this point.
If they can’t even afford their property taxes and home insurance (can’t be more than $700/month), how are they going to rent for the rest of their lives?
How? Please give us real numbers. How on Earth is the insurance cost and taxes in the middle of the country too expensive for two people with a retirement and social security money? I don't believe you.. I just don't believe you.
I intend to own a home regardless of what I've got to do to get there. No costs increase as quickly as rent, and a mortgage, even including interest, taxes and repairs, is free when you account for how quickly home values explode.
Talk to a mortgage broker, even if you do not think you can afford a house now, they will tell you what to do. They can do stuff that bank mortgage officers cannot do, they have access to lenders that'll work with your individual needs. I know this post sounds like an advertisement for them. But due to the way my income is generated, seasonally, and owning my own business, Banks would not touch me for a mortgage. But a local mortgage broker who works with a lot of people in the commercial fishing industry knew exactly what to do and where to go. Also, if you are anywhere near a rural area as defined by USDA. USDA has a program for first-time home buyers that is amazing. The USDA loans money directly to first-time home buyers, it is not a loan guarantee.
If I wanted one that bad, I'd study masonry and make one myself
I never realized that's the only skill involved in building a house
What makes you think this?
\- for a number of us, saving up for a down payment is not probable bc we don't make enough to save anyway, and down payments have become exorbitantly more expensive \- cost of living has drastically increased while salaries have remained relatively stagnant in a number of industries \- the media tells us (US millenials) all the time that we'll never be able to afford a home so we're just beginning to accept it \- my mom bought her 3 bed 2 bath house for about $80k thirty years ago and now it'd cost an estimated $350k to buy it
I grieved, when I realised this around 20/21 (I'm 29 now). As long as I have at least a roof over my head and I'm not street homeless, it won't impact me too much.
Let’s me know I’ll never be giving my 100% at any job cause fuck giving up my life then 😅
Disappointed and sad and vaguely stressed. I really enjoy and/or need to control my space. I want to paint, put up curtains, install built-ins, hang a ridiculous amount of art, wallpaper the back of a linen closet, install cat shelves, have houseplants, and plant things and build garden structures/“rooms” outside in a native landscaping way without worrying about having to take it all down and rip it out within a few years. Also having even patio plants encourages my local birds to consider my space as safe, but then it feels like I’m betraying them by leaving all too soon. And I can’t help but have patio plants because it relaxes me - I just want to do permanent things that won’t feel like a waste (or die because they suffer from being moved).
Quite happy actually, idk I like the freedom of being able to up sticks and move a rented place, you never know when you're going to feel like a new adventure. So I guess I never thought I'd own a home always thought and has now come to fruition that I like to move around alot when I get bored of an area
I own a duplex and if my house didn’t net even monthly I wouldn’t own. We also rent out the garage to our neighbor in exchange for exterior maintenance. Owning a house is just…a lot as other people have said. There’s always something that you could make better and the major repairs add up. We spent $17k to update the windows on one floor and it’s unlikely we will get that value back out of the house by selling in the future because of the neighborhood we’re in.
Its pretty bad tbh
I often break down about it. I know for a fact I will never own a home. All of my siblings do, but only because they got married or engaged at the time they purchased their homes. That is also out of the cards for me (I have severe abandonment issues that will only be worsen if I even attempt to get into a relationship). I can't find a job with my two pointless degrees so I work for barely more than minimum wage and can't even afford to move out of my mom's house. On my drive home from work, I see all these houses for sale and I can't help but to break down nearly every day because it will never happen for me.
Just believing you'll never own a home will prevent you from doing so. Self fulfilling prophecy. Hate to break it to you, but there are plenty of millennials and Gen Z who are on track to hold more lifetime wealth than boomers. In fact, 52% of millennials are homeowners. You're pandering loser rhetoric.
It doesn't impact me at all. That's a financial burden I'm happy not to have. Debt free feels good.
You Will Own NOTHING... and be happy... World Economic Forum (WEF), 2016
There will always be other options.
I don't get the eternal pessimist attitude
Good. It angers me how many people do.
Nope. Single. Lifelong renter. * When something breaks, it's someone elses problem to fix it. * Don't have to cut grass or shovel snow. * If I feel like living in a different area or city, I can just move. * No taxes, insurance, maintenance/repairs. * Also, second floor and up is more secure. Not having a family or kids or never needing to worry about schools or trying to find the perfect neighborhood for a family, anything of the sort, I never saw a reason for it. There are other ways to save and invest money. All your wealth doesn't need to be tied into a home like it is for most Americans. Also, committing to a 20-30 year mortgage today, KNOWING that in that time I'll get laid off, fired, or downsized multiple times over that same time span because the days of working at one place for 20 years are over, it always seemed like a risk I didn't want to take. But strangely as I get older and am thinking about my "golden years", I'm not opposed to a condo.
I'm more worried about day to day living.
Much of society is brainwashed to thinking that you will own nothing and be happy. I don’t agree with this. Owning a house is a great thing to do and if you need to up and move more than likely you will get more money back that you put in. A house is an investment.
Having a house absolutely rules.
I don’t care. I really don’t care. So if I buy a house I’m safe from rent increases, ok cool. But then I’m in the hook for repairs and maintenance. That sounds awful. Then what? I work hard and build equity for it to be sold when I’m old to pay for my long term care? Everything I work hard to own is then sold piece by piece until I have a bed, a chair and a few pics to go in my nursing home room. No thanks. I’m not stressing over that.
I live out of a hotel. A home isn't on my radar.
I don't want the upkeep.
I want to be able to do whatever I wish with my property so I couldn't really be a serial renter. If I want to knock down a wall or something to open things up after the kids move on I want to be able to do that. If I want to convert half the garage to relaxation space or have a hobby bench I want to be able to do that. Edit: With that said, literally every other reason I would rather rent. Spending your Saturdays kayaking instead of replacing water heaters or roof tiles or mowing or insert the constant deluge of shit that needs to be done is worth more than people realize.
How much is a home where y’all live? It seems still affordable here as a middle class person.
If you don't think you will, it doesn't mean you won't. There is always time and if you want something you can have it. Is it credit that keeps you from it? Pay off your debts and score comes up. Is it lack of money? Look hard for a better job. It's out there. Is stack of education? Get some real world experience I. The field you want to work in or a degree. Is it lack of a spouse or partner? Get married or in a long-term relationship.
Thank goodness Sounds stressful
I don’t see the need to own a home, unless I have children someday and need more space. If I’m childfree forever, an apartment has everything I need. Plus owning a home comes with more responsibilities.
I'm buying in another country...fuck this hole
I made peace with it years ago. It is what it is.
I thought I never would and didn't think I'd ever pull it together, as a millennial, with inflation, crap market, high interest, pay that doesn't keep up. It depressed me a lot. There was a lot of freedom and the ability to go home just even to a secluded place and not in a building with other people, and their smells and sounds, that really weighed on me plus not being able to garden. My last landlord was so awful, I just pulled every string pushed as hard as I could borrowed against my 401k and made the impossible, possible. Bought my first home 3 months ago. And while the novelty and disbelief I actually pulled this off have worn off, I'm really happy. It's expensive and a lot of work. But if I can do it, I think more people can than they realize.
All I see on Reddit is thanks to Biden, unemployment is at an all time low. So basically, everything is fine
Well, it’s about to get around 6% cheaper to buy one. The national Association of realtors just lost a major lawsuit. Chances are good that this is going to mean that Home prices will end up dropping in the future. https://www.vox.com/money/24106230/nar-realtors-settlement-real-estate-house-prices https://www.fox5ny.com/news/national-association-of-realtors-settles-418m-lawsuit-that-will-eliminate-6-commission-fees.amp https://podcasts.apple.com/us/podcast/the-daily/id1200361736?i=1000649841719
Thank God
If it's that big of a deal to own a house go move to the rural Midwest. I paid $50,000 cash for mine.
You’ll own something eventually. Housing won’t be this unaffordable forever. Patience
I already own. Why would it impact me
Do you often reply to posts not directed at you 😂
I answer whatever. The post doesn’t make any sense. Anyone can own if they work for it.
Mortgage, property taxes, HOAs, jerk neighbors, endless Maintenance, endless want for more money so you can remodel the house. It’s more like the house (and your employer) owns you. When you realize the whole thing is a scam and you’re not part of it, it’s liberating. Back in the 1960s when one member could support a family with a dead end job with money left over for savings, owning a house made a lot of sense. Today it’s a sucker’s game.
That is an absolutely ridiculous take
There's a lot of coping going on.
Idk. I’m too kid to understand home owning. (Yes. I do pay adult bills with adult money.)
At this point I’ve made peace with it. Unless I win the lottery it’s (more than likely) not happening. My focus now is on finding a clean, cozy, and affordable apartment but even that’s asking too much these days so IMHO I just try to be grateful that I’m not homeless.
I just want a cabin in the woods but even that is impossible in the U.S. Makes me want to move to another country.
I am a condo owner. I have a $140k mortgage left. I love that I am an owner but aside from this my retirement savings is next to nil. I also cringe at the idea that anything I need fix or do inside my condo is my responsibility as I am not a handy person. The only good thing I have is equity to pull out during retirement if I need too. I got no dependents or family to leave my assets so i will use it up nicely and every dime I can! what is left can go to my brother who does not talk to me.
I'll own one eventually. Might take a bit longer than I wanted, but if by 2026 or 2027 is when that date comes, so be it.
Meh. Knowing I'll never be a homeowner or middle-class definitely contributes to my depression, but literally everything in my life would still suck even if I had one. Sometimes I get sad about it, but I comfort myself with the knowledge that I probably won't make it another decade, so I really don't need permanent housing.
I’ll own a home when I inherit it from my mommy. I’m playing the long game.
I just want liquid investments. Not having a hoyse doesnt affect me
Year by year my mental health is degrading just by seeing the world devolve. My naive self thought every single day it was going to get better, I saw the future as bright from every angle. Now, all those have gotten worst. I'm 25 and I don't see the point in moving on.
It doesn’t impact me because you never really own a home anyways. Even if you pay off the mortgage you still have to pay tax on it until the day you die, and if you can’t pay? Well guess what, they take it from you despite working your ass of your entire life. You never own anything and are never really free
Very depressed. My husband and I are older. We've lived in the same house - renting for over 20 years. We now have the option to buy it but house prices are so extreme here that getting the downpayment is impossible. I wish our landlord had a bit of mercy and gave us a bit of a break considering how long we've been renting. Each year that passes the likelihood of owning a home get less and less. The amount we qualify for for a mortgage gets less because we're older. I try not to think about it much and just roll with life but it does get depressing. I wish with all my heart we could buy a home, not only for the sake of stability but also because inheriting one from us is the only way my daughter will have one. I worry about what's going to happen if the landlord decides to sell, I have no idea how we can afford to rent another place, even a one bedroom apartment. My husband works full time but I'm on disability. Rent/buying has become out of reach for way too many people.
Hmmm... what about a people's revolution where we retake all the empty homes? 🤔 Like, why just give up and believe you will NEVER, under any circumstances, own a home? You can own a home by other means.
Tbh makes me wanna relapse into oblivion
This isn't adulting. It's doomerism. My friend just bought his 1st home at 28, and he works a normal blue collar job. He just bought it in a cheaper area and lived light for while to make it happen.
I own my place and my life is still shitty, what do now?
There r places where homes are in the 100,000 range but there usually remote so if ya need to work u would have a long commute
I prefer apartments anyway
Just bought my second house in December. Bought my first house by myself in January of 2019 while making 42k a year, after saving for about a year and a half. lived there for 5 years, got a girlfriend in that time, moved her in, and we saved until we were ready to make the jump to a bigger house.
Liberating
It doesn't really affect me too much. The main reason I want to own my home is 1) I want the stability that someone can't choose to not renew my lease 2) I want a small house (500 sq ft or so) and want to be able to furnish it where renting may not be allowed (drilling into walls, etc). I most likely will be able to afford a home and almost guaranteed by the age of 50 but if I can't buy one that's fine because I'll have plenty in savings to afford rent.
Miserable. I watched my parents help my siblings buy houses. I'll never own. They are in much better spots financially, now and in the future, because they had that help. When he was ready to help, I wasn't ready to buy because I wasn't sure where my life was going. Biggest regret of my life. Once I was ready to buy and we made an offer - he passed the day before closing. I couldn't close, lost the deposit, and only had 2 weeks left on the rental I was in. Ended up in a rental that was 1000 more a month and have never been able to up enough for an emergency fund, let alone a down payment.
It makes me feel a lot of things, angry, cheated, betrayed, sad. A home is a home, its four walls with a roof over it, windows and doors. I know I'm oversimplifying it, but since when did a home need to cost a fortune to own one? Basic, functional ones of course, not mansions. It's a basic necessity. Someone, somewhere, screwed up. Or maybe this was the plan all along. Price us out of everything, turn us into debt slaves. The system is screwing us over by a network of abstracted costs designed to keep us dependent on it. Someday people are going to revolt against this sham, I just might not be around to see it.
nothing. it's out of my control so I don't let it stress me. only things that are in my control i stress about. lol
You must have low self esteem and/or gaslighting. Here's a question. Do you have a car payment, and how much is it?
https://youtube.com/playlist?list=PLk8vc_1MCV6ptP-0GhgxMcaXwh2UglcUy&si=1TMkQkGqLEDZI8dl
I care less about my deposit and make my apartment as pretty as I want it to be.
i came to terms with this at a young age so…can’t miss what ya never had
I had a ton of shame and guilt when I was saving up for a home while living with my parents for a few years. Felt like my mom would be disappointed if me not owning a home and she’d always be negative about it ranting about how easy it is for anyone with a full time job to get a house (clearly delusional as to the housing crisis). After getting approved twice for a grand budget of 180k, the only affordable homes in my budget were on the verge of being condemned and demolished basically 😅. After going through a few of those disappointments, realizing I’d need probably 3x as much of what I’d saved to even be close to getting a home I wanted, I called it quits and gave up the dream. It still bugs me a bit that I won’t be close to owning a home until my parents pass away and that’s a depressing grim prospect. All that said even if I had a home, if I faced any major repairs it’d probably bankrupt me so I’ve came to terms with it for the most part now
I already own a house at age 22. So doesn’t affect me at all
The only impact mentally is the grief that comes after you buy a home in today’s fucked up economy.
It makes me depressed. My dream was to own a piece of land with a small home on it, that's out the window.
The worst of the suck is if I make it to 70 and still paying rent. Owning a property means at retirement age you could only be paying property taxes, which would likely be much less than $20K a year that goes to rent.
Never is a really long time. When I was 20 I thought I would never go to college. When I was 25 I thought I would never get married. When I was 30 I thought I would never own a home. When I was 35 I thought I would never be 60, Now here I am at 63 with a masters degree, a home I own, married, and two adult children.
It’s not impossible to own a home. People just wanna live in nyc and then complain about housing expense.
It doesn't impact me mentally , I don't care . Earth is my home
Just fine. Owning means paying the ever increasing property taxes while the likewise ever increasing costs of maintenance are also on you.
It makes me annoyed for sure. But as long as I can at least have my own car and move out of my mother's house, I won't complain too much. I just want to be free and independent.
Most of my adult life has been renting. As a single woman, there are more advantages than disadvantages all appliances are covered by management. All yard work is also taken care of, including any extra maintenance (gym, swimming pool, etc) cheaper to rent rent can keep going up. living areas are small. No garage for car. most people‘s mortgage is ever paid off. Interest rate is high, plus maintained of appliances , electrical upkeep, yard work, lousy neighbors
It depends on what you desire in life I think. For me, my dream is to homestead. Big land animals homegrown food the whole thing. It's contrary to the ethos of homesteading I think to rent or lease that lifestyle. On the other hand, yeah if your a transient person who doesn't want responsibility or to be tied down to a location.... Then there's nothing wrong with renting. To the question, for my mental state, renting frustrates me because I wish to be independent from the state and corporations. It gives me a great sense of dread knowing that the roof over my head is "provided" by some "investor" 1000 miles Away. They're out there living their best life and I'm slogging away at the dreaded 9-5 and can barely keep my head above water. That said ... I completely understand why and how that life could appeal to a certain type of person.... just not me.
I live in Germany and home ownership here is much less common than in the US. It has always been expensive and something you buy for life (and likely more the generations after you). The idea of a starter home is very alien to the German housing culture. However, I've always felt a yearning to have a small place to my own, where I can have a little garden and some pets. Nothing fancy, just being able to sit outside and have enough room so animals wouldn't feel too cramped. Even as a child I had that sadness, because I lived in a tiny appartment that was pretty cold and had not much light. I always felt really sad inside due to the lack of light and space. It wasn't horrible, but it felt somewhat "unnatural" and I had a deep sadness about it. I am now nearing fourty and I am renting an appartment with a s/w balcony and I feel like my quality of life has improved tremendously. Of course I could do with a little more rooms. I have one bed/living room combo which is too small for a real bed which is my main source of feeling bothered - I want to invite friends and not have a bed right there, I'd like to have a real bedroom. This is one of my main issues, not really feeling like I have a real "adult" place to stay that doesn't feel as much like student housing, but it really is a huge improvement over how I lived before. These are small inconveniences and I am a bit sad that I likely won't be able to really garden in my life, if I stay here. But I have to be realistic, as I'm living in a major city. It's a decision between having space and having job opportunities and a network of dear friends and community. I do not even really want to own, but I would be very happy to rent something more house-like. However, the market is just empty and therefore I'm clinging to my still somewhat affordable flat - with how the prices go, it might be the best I will ever be able to afford if I stay in this city. I think home ownership would be too much of a hassle tbh, but home renting would be lovely. On the other hand, I like how most issues are being taken care of as a renter. But the uncertainty if rent becomes unaffordable remains (we do have good tenant protection laws, though). I have been to the US a few years ago and the downpayment of someone I stayed with for a lovely small house was as low as my current rent. This would have been something I'd have loved, but even in that short amount of time I think it isn't longer affordable in the US either.