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Why I, as a Milennial, will NEVER be buying a House

 
Anonymous Coward
User ID: 15711219
United States
05/18/2017 03:51 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Why is this even being debated? Some are more suited to rent. Some are more suited to own.

Apples and oranges people.
Anonymous Coward
User ID: 40826964
United States
05/18/2017 03:53 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
I don't think you understand inflation.

Each year your rent payments will increase...and you own nothing.

If you buy, you are building a savings account in your equity.

If you get a fixed rate mortgage then your payments will not increase.

But during 30 years...the dollar will lose at least 60% of its value.

So at the end of 30 years you can sell your home for 60% more than you bought it.

Then you can downsize or rent during your retirement years with a huge nest egg.

Or you can pay rent for 30 years, that increases each year...and at the end of 30 years have nothing to show for it.

Buying is cheaper than renting.
Buying is owning.
Your payments are basically paying into your own savings account.
 Quoting: Anonymous Coward 74876377


I can move if I ever find my rent amounts to be increasing out of my price range.

Even in a fixed mortgage, you are still paying property taxes that increase each year. You aren't "owning" shit if you pay property taxes.

A mortgage is DEBT.

Renting doesn't require me to be in debt to any entity. I cannot afford the houses in my area on my one salary alone.

The Boomers have inflated housing costs to unreasonable amounts.

So rather than go into debt to mortgage lenders and end up paying $300,000 worth of interest and $150,000 worth of principle on a $230,000 house, I'll continue to rent. I save a ton of money from renting, so it's nice to know that money is sitting in my savings account and not in the hands of mortgage lenders.

I dont give a damn about home ownership. I dont need to own a home. And it isnt all that its cracked up to be.

Renting gives me freedom, flexibility, and it will cost be $1000 less per month than to purchase a house in my area.

The housing market is fickle and will be crashing again.
 Quoting: Anonymous Coward 74561869


I'll go ahead and write it in crayon since you are having difficulty understanding this simple concept.

I have been paying on my house for a little over 10 years now. Currently my house is worth about 220,000 dollars and I owe 94,000 dollars on the house. Which means if I say fuck this shit and decide to move then I can sell it for 220,000 and walk away with 112,000 after the real estate agent is paid.

You on the other hand decide to rent my place for around 1500 per month for 10 years. And at the end of the 10 years you say "fuck it" and decide to move. At that point you are lucky to see a 1,500 dollar deposit check.

Oh and while you are paying 1,500 per month like an idiot because you rent, I am only paying 1000 per month as the home owner.

So which is smart?

Selling your house and walking away with 112,000 dollars.

Or

Pissing away 1,500 per month for rent and walking away with jack shit?
BrokenTech

User ID: 74885369
United States
05/18/2017 03:56 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Why is this even being debated? Some are more suited to rent. Some are more suited to own.

Apples and oranges people.
 Quoting: Anonymous Coward 15711219


That's not what the OP is implying though. He is stating that under no circumstances should ANYONE buy a house. Exceptions do apply for certain individuals.
Anonymous Coward
User ID: 14185644
United States
05/18/2017 03:56 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
A Mort-gage is literally a death pact. You pretend to own the home when the reality is the bank and by extension the government owns you. You are now forced to work and payout for decades with the hope that you live long enough to see it paid off, otherwise your death pact will be passed on to your family or sold by the bank to someone else.
The Årtist

User ID: 44124412
United States
05/18/2017 03:59 PM

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Re: Why I, as a Milennial, will NEVER be buying a House
lol

ok then you can pay someone like me rent :)

we'll accumulate wealth while you will struggle to keep your head above water...
 Quoting: ^TrInItY^


Or

Buy some land with rentals on it and use this guys rent money to pay your mortgage(s).

But I somewhat agree with him. I do own a home and to be honest it's more a pain in the ass than it's worth it for me. I'd rather have rented for 1/2 and dumped the other 1/2 in to physical land. $1200 a month in land.

I might not really want a house, but I would still invest in physical land.
RAGE
BrokenTech

User ID: 74885369
United States
05/18/2017 04:00 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
lol

ok then you can pay someone like me rent :)

we'll accumulate wealth while you will struggle to keep your head above water...
 Quoting: ^TrInItY^


Or

Buy some land with rentals on it and use this guys rent money to pay your mortgage(s).

But I somewhat agree with him. I do own a home and to be honest it's more a pain in the ass than it's worth it for me. I'd rather have rented for 1/2 and dumped the other 1/2 in to physical land. $1200 a month in land.

I might not really want a house, but I would still invest in physical land.
 Quoting: The Årtist


That is an option. Take a look at ground leases.
The Årtist

User ID: 44124412
United States
05/18/2017 04:01 PM

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Re: Why I, as a Milennial, will NEVER be buying a House
I don't think you understand inflation.

Each year your rent payments will increase...and you own nothing.

If you buy, you are building a savings account in your equity.

If you get a fixed rate mortgage then your payments will not increase.

But during 30 years...the dollar will lose at least 60% of its value.

So at the end of 30 years you can sell your home for 60% more than you bought it.

Then you can downsize or rent during your retirement years with a huge nest egg.

Or you can pay rent for 30 years, that increases each year...and at the end of 30 years have nothing to show for it.

Buying is cheaper than renting.
Buying is owning.
Your payments are basically paying into your own savings account.
 Quoting: Anonymous Coward 74876377


I can move if I ever find my rent amounts to be increasing out of my price range.

Even in a fixed mortgage, you are still paying property taxes that increase each year. You aren't "owning" shit if you pay property taxes.

A mortgage is DEBT.

Renting doesn't require me to be in debt to any entity. I cannot afford the houses in my area on my one salary alone.

The Boomers have inflated housing costs to unreasonable amounts.

So rather than go into debt to mortgage lenders and end up paying $300,000 worth of interest and $150,000 worth of principle on a $230,000 house, I'll continue to rent. I save a ton of money from renting, so it's nice to know that money is sitting in my savings account and not in the hands of mortgage lenders.

I dont give a damn about home ownership. I dont need to own a home. And it isnt all that its cracked up to be.

Renting gives me freedom, flexibility, and it will cost be $1000 less per month than to purchase a house in my area.

The housing market is fickle and will be crashing again.
 Quoting: Anonymous Coward 74561869


I'll go ahead and write it in crayon since you are having difficulty understanding this simple concept.

I have been paying on my house for a little over 10 years now. Currently my house is worth about 220,000 dollars and I owe 94,000 dollars on the house. Which means if I say fuck this shit and decide to move then I can sell it for 220,000 and walk away with 112,000 after the real estate agent is paid.

You on the other hand decide to rent my place for around 1500 per month for 10 years. And at the end of the 10 years you say "fuck it" and decide to move. At that point you are lucky to see a 1,500 dollar deposit check.

Oh and while you are paying 1,500 per month like an idiot because you rent, I am only paying 1000 per month as the home owner.

So which is smart?

Selling your house and walking away with 112,000 dollars.

Or

Pissing away 1,500 per month for rent and walking away with jack shit?
 Quoting: Anonymous Coward 40826964


Or you rent that house out to him for $1500 and you buy another one for $1000 a month and he pays 75% for YOUR property and you keep all the benefits.
RAGE
Anonymous Coward
User ID: 70240611
United States
05/18/2017 04:06 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
you are a moron
renting is just throwing your money away
no equity in that apartment that you will never own
Anonymous Coward (OP)
User ID: 74561869
United States
05/18/2017 04:10 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
I don't think you understand inflation.

Each year your rent payments will increase...and you own nothing.

If you buy, you are building a savings account in your equity.

If you get a fixed rate mortgage then your payments will not increase.

But during 30 years...the dollar will lose at least 60% of its value.

So at the end of 30 years you can sell your home for 60% more than you bought it.

Then you can downsize or rent during your retirement years with a huge nest egg.

Or you can pay rent for 30 years, that increases each year...and at the end of 30 years have nothing to show for it.

Buying is cheaper than renting.
Buying is owning.
Your payments are basically paying into your own savings account.
 Quoting: Anonymous Coward 74876377


I can move if I ever find my rent amounts to be increasing out of my price range.

Even in a fixed mortgage, you are still paying property taxes that increase each year. You aren't "owning" shit if you pay property taxes.

A mortgage is DEBT.

Renting doesn't require me to be in debt to any entity. I cannot afford the houses in my area on my one salary alone.

The Boomers have inflated housing costs to unreasonable amounts.

So rather than go into debt to mortgage lenders and end up paying $300,000 worth of interest and $150,000 worth of principle on a $230,000 house, I'll continue to rent. I save a ton of money from renting, so it's nice to know that money is sitting in my savings account and not in the hands of mortgage lenders.

I dont give a damn about home ownership. I dont need to own a home. And it isnt all that its cracked up to be.

Renting gives me freedom, flexibility, and it will cost be $1000 less per month than to purchase a house in my area.

The housing market is fickle and will be crashing again.
 Quoting: Anonymous Coward 74561869


I'll go ahead and write it in crayon since you are having difficulty understanding this simple concept.

I have been paying on my house for a little over 10 years now. Currently my house is worth about 220,000 dollars and I owe 94,000 dollars on the house. Which means if I say fuck this shit and decide to move then I can sell it for 220,000 and walk away with 112,000 after the real estate agent is paid.

You on the other hand decide to rent my place for around 1500 per month for 10 years. And at the end of the 10 years you say "fuck it" and decide to move. At that point you are lucky to see a 1,500 dollar deposit check.

Oh and while you are paying 1,500 per month like an idiot because you rent, I am only paying 1000 per month as the home owner.

So which is smart?

Selling your house and walking away with 112,000 dollars.

Or

Pissing away 1,500 per month for rent and walking away with jack shit?
 Quoting: Anonymous Coward 40826964


Let me explain this to you.

If I purchase a home in my area, my mortgage payments will be double what I pay in rent. I'm not doing that.

So instead, I rent, and I save the $1000+ and place it into my savings account. Compound interest has done wonders. What you get back in equity is the equivalent of what I already have in my savings account.

You will walk away with $100,000 when you sell your house. I will walk away with more than that from renting and putting my money into its savings account.

I don't need home ownership. At all. My rent money isn't being thrown away, it's providing me with housing and shelter. In that sense, it is an investment. The only difference is that I'm not in a debt contract where I could potentially end up losing hundreds of thousands of dollars if the market crashes or my neighborhood goes to shit. I can pick up my things and leave.

I'll be sticking with my rent payments over mortgage contracts, PMIs, renovation fees, and a fickle housing market.
Anonymous Coward
User ID: 70635582
Canada
05/18/2017 04:15 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Op is probably paying his $75000 school debtover 50 years. Will never own a house anyway
CompletelyDeplorable

User ID: 37326974
United States
05/18/2017 04:19 PM

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Re: Why I, as a Milennial, will NEVER be buying a House
Nobody gives a single fuck if you buy a house or not. America isn't breathlessly awaiting your financial decisions sissy boy. But hey, have a participation trophy on me.
Millinials!epiclol
Anonymous Coward
User ID: 39164599
United States
05/18/2017 04:22 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
It's pretty simple, really.

A mortgage is DEBT.

A mortgage is payment servitude to the banks for 15 or 30 years.

And since the housing market has been inflated, it's nearly impossible to purchase a nice home on just one salary.

By renting, I dont have to pay property taxes.

By renting, I dont have to pay HOA fees.

By renting, I dont owe shit to the banks. Renting doesn't require you to be in debt to mortgage lenders.

Buying a house is not worth it. You will pay off double in interest what you will the principle. Over the course of a 30 year fixed mortgage you could spent $500,000 for a $200,000 house.

So I will be renting, forever, and NEVER buying property. Boomers have fucked the housing market to no end. They are putting these houses that haven't been renovated in 40 years on the market for half a million dollars.

Im not playing this game.

Fuck the whole "you want to buy a house so you can own something " bullshit. I could care less about home ownership when renting is cheaper and doesnt require me to take out a mortgage loan to be enslaved to the bank.
 Quoting: Anonymous Coward 74561869


Good thinking.
They sold everyone on this idea that everyone needs to own a home in the early 2000's & look what happened in 2008. People were living beyond their means then and now still.
I applaud you for making a good decision.
Anonymous Coward
User ID: 70079334
United States
05/18/2017 04:29 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
I don't think you understand inflation.

Each year your rent payments will increase...and you own nothing.

If you buy, you are building a savings account in your equity.

If you get a fixed rate mortgage then your payments will not increase.

But during 30 years...the dollar will lose at least 60% of its value.

So at the end of 30 years you can sell your home for 60% more than you bought it.

Then you can downsize or rent during your retirement years with a huge nest egg.

Or you can pay rent for 30 years, that increases each year...and at the end of 30 years have nothing to show for it.

Buying is cheaper than renting.
Buying is owning.
Your payments are basically paying into your own savings account.
 Quoting: Anonymous Coward 74876377


I can move if I ever find my rent amounts to be increasing out of my price range.

Even in a fixed mortgage, you are still paying property taxes that increase each year. You aren't "owning" shit if you pay property taxes.

A mortgage is DEBT.

Renting doesn't require me to be in debt to any entity. I cannot afford the houses in my area on my one salary alone.

The Boomers have inflated housing costs to unreasonable amounts.

So rather than go into debt to mortgage lenders and end up paying $300,000 worth of interest and $150,000 worth of principle on a $230,000 house, I'll continue to rent. I save a ton of money from renting, so it's nice to know that money is sitting in my savings account and not in the hands of mortgage lenders.

I dont give a damn about home ownership. I dont need to own a home. And it isnt all that its cracked up to be.

Renting gives me freedom, flexibility, and it will cost be $1000 less per month than to purchase a house in my area.

The housing market is fickle and will be crashing again.
 Quoting: Anonymous Coward 74561869


I'll go ahead and write it in crayon since you are having difficulty understanding this simple concept.

I have been paying on my house for a little over 10 years now. Currently my house is worth about 220,000 dollars and I owe 94,000 dollars on the house. Which means if I say fuck this shit and decide to move then I can sell it for 220,000 and walk away with 112,000 after the real estate agent is paid.

You on the other hand decide to rent my place for around 1500 per month for 10 years. And at the end of the 10 years you say "fuck it" and decide to move. At that point you are lucky to see a 1,500 dollar deposit check.

Oh and while you are paying 1,500 per month like an idiot because you rent, I am only paying 1000 per month as the home owner.

So which is smart?

Selling your house and walking away with 112,000 dollars.

Or

Pissing away 1,500 per month for rent and walking away with jack shit?
 Quoting: Anonymous Coward 40826964


Let me explain this to you.

If I purchase a home in my area, my mortgage payments will be double what I pay in rent. I'm not doing that.

So instead, I rent, and I save the $1000+ and place it into my savings account. Compound interest has done wonders. What you get back in equity is the equivalent of what I already have in my savings account.

You will walk away with $100,000 when you sell your house. I will walk away with more than that from renting and putting my money into its savings account.

I don't need home ownership. At all. My rent money isn't being thrown away, it's providing me with housing and shelter. In that sense, it is an investment. The only difference is that I'm not in a debt contract where I could potentially end up losing hundreds of thousands of dollars if the market crashes or my neighborhood goes to shit. I can pick up my things and leave.

I'll be sticking with my rent payments over mortgage contracts, PMIs, renovation fees, and a fickle housing market.
 Quoting: Anonymous Coward 74561869



do you pay federal income tax? because with my interest and property tax deduction, along with my other deductions, I owe none. plus, the interest i pay on the equity loan i used to buy my car is also tax deductible. auto loan interest is not.

but your point about 'in your area' is the main point. it all depends on where you live and how long you plan to stay there. there's no doubt that right now in my area, it's better to buy if you plan to stay here longer than 2 years.
Anonymous Coward
User ID: 1550123
United States
05/18/2017 04:30 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
It's pretty simple, really.

A mortgage is DEBT.

A mortgage is payment servitude to the banks for 15 or 30 years.

And since the housing market has been inflated, it's nearly impossible to purchase a nice home on just one salary.

By renting, I dont have to pay property taxes.

By renting, I dont have to pay HOA fees.

By renting, I dont owe shit to the banks. Renting doesn't require you to be in debt to mortgage lenders.

Buying a house is not worth it. You will pay off double in interest what you will the principle. Over the course of a 30 year fixed mortgage you could spent $500,000 for a $200,000 house.

So I will be renting, forever, and NEVER buying property. Boomers have fucked the housing market to no end. They are putting these houses that haven't been renovated in 40 years on the market for half a million dollars.

Im not playing this game.

Fuck the whole "you want to buy a house so you can own something " bullshit. I could care less about home ownership when renting is cheaper and doesnt require me to take out a mortgage loan to be enslaved to the bank.
 Quoting: Anonymous Coward 74561869


You are paying property taxes and HOA fees because they are added in with the rent. You are just paying off someone else's mortgage.

But if you like the ease of moving then just rent and make sure you don't accumulate a lot of stuff because then it can get expensive to move.

Maybe move to a less expensive area. Home ownership isn't for everyone so maybe you are best off renting.
Anonymous Coward
User ID: 45747000
United States
05/18/2017 04:31 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
$15 trillion is the mortgage debt in the United States.

I will be renting....forever.

I'm not paying $650,000 for a 3bed 2bath home than a Boomer bought in 1962 for $22,000.

I'm not going to enslave myself to the banks in order contribute to this fictional "American Dream" that older generations are still trying to sucker the youth into, and I will not be signing the dotted line on a 30 year debt contract to "own" something that I don't actually own since I'm having to pay property taxes on it.


I have the freedom and flexibility to up and leave if my rent increases too much.

My landlord is responsible for if any appliances, such as air conditioning or ceiling damage, occurs.

Not a dime of it comes out of my pocket. Can home owners say the same?

Renting is the most financially sound move for us Millennials to make. Especially when you take into account our stagnant wages, student debt, and fickle job market.

I'm not going to be suckered into buying something I'll never actually "own". I'm not going to be suckered into paying double the interest while barely even touching the principle.
 Quoting: Anonymous Coward 74561869


!!!!!!!!!!!!!
Anonymous Coward
User ID: 70079334
United States
05/18/2017 04:45 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
When you do the math on home ownership, it's plain that it is one of the worst investments you can make. Consider the purchase of a $350,000 house, which is slightly over the current average U.S. sales price.

In most cases, you will be required to have a 20 percent down payment, or $70,000. This leaves you with a loan balance of $280,000, which at the current interest rate of 4.5 percent for a 30-year fixed mortgage will give you a monthly payment of $1,853.10.

At the end of that mortgage, you will have paid $667,166 in principal and interest - or $387,116 more than the original loan amount. During that same period, assuming a 1.5 percent rate, you will also have to pay another $126,000 in property taxes. (And there are plenty of places where the tax rate is higher.)

But wait, there's more. Using a 1 percent maintenance rate -- for upkeep, maintenance, and repairs -- you can add another $3,500 per year in costs, bringing the total out-of-pocket costs over 30-years to $898,166.
 Quoting: Anonymous Coward 74561869


...except no one pays out a 30 year mortgage anymore. you live in the home for a few years and sell it when the market is up. take your gain and roll it over into the next house where you have to borrow less then previously. rinse and repeat every few years and your house is paid for.
BrokenTech

User ID: 74885369
United States
05/18/2017 04:46 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
I don't think you understand inflation.

Each year your rent payments will increase...and you own nothing.

If you buy, you are building a savings account in your equity.

If you get a fixed rate mortgage then your payments will not increase.

But during 30 years...the dollar will lose at least 60% of its value.

So at the end of 30 years you can sell your home for 60% more than you bought it.

Then you can downsize or rent during your retirement years with a huge nest egg.

Or you can pay rent for 30 years, that increases each year...and at the end of 30 years have nothing to show for it.

Buying is cheaper than renting.
Buying is owning.
Your payments are basically paying into your own savings account.
 Quoting: Anonymous Coward 74876377


I can move if I ever find my rent amounts to be increasing out of my price range.

Even in a fixed mortgage, you are still paying property taxes that increase each year. You aren't "owning" shit if you pay property taxes.

A mortgage is DEBT.

Renting doesn't require me to be in debt to any entity. I cannot afford the houses in my area on my one salary alone.

The Boomers have inflated housing costs to unreasonable amounts.

So rather than go into debt to mortgage lenders and end up paying $300,000 worth of interest and $150,000 worth of principle on a $230,000 house, I'll continue to rent. I save a ton of money from renting, so it's nice to know that money is sitting in my savings account and not in the hands of mortgage lenders.

I dont give a damn about home ownership. I dont need to own a home. And it isnt all that its cracked up to be.

Renting gives me freedom, flexibility, and it will cost be $1000 less per month than to purchase a house in my area.

The housing market is fickle and will be crashing again.
 Quoting: Anonymous Coward 74561869


I'll go ahead and write it in crayon since you are having difficulty understanding this simple concept.

I have been paying on my house for a little over 10 years now. Currently my house is worth about 220,000 dollars and I owe 94,000 dollars on the house. Which means if I say fuck this shit and decide to move then I can sell it for 220,000 and walk away with 112,000 after the real estate agent is paid.

You on the other hand decide to rent my place for around 1500 per month for 10 years. And at the end of the 10 years you say "fuck it" and decide to move. At that point you are lucky to see a 1,500 dollar deposit check.

Oh and while you are paying 1,500 per month like an idiot because you rent, I am only paying 1000 per month as the home owner.

So which is smart?

Selling your house and walking away with 112,000 dollars.

Or

Pissing away 1,500 per month for rent and walking away with jack shit?
 Quoting: Anonymous Coward 40826964


Let me explain this to you.

If I purchase a home in my area, my mortgage payments will be double what I pay in rent. I'm not doing that.

So instead, I rent, and I save the $1000+ and place it into my savings account. Compound interest has done wonders. What you get back in equity is the equivalent of what I already have in my savings account.

You will walk away with $100,000 when you sell your house. I will walk away with more than that from renting and putting my money into its savings account.

I don't need home ownership. At all. My rent money isn't being thrown away, it's providing me with housing and shelter. In that sense, it is an investment. The only difference is that I'm not in a debt contract where I could potentially end up losing hundreds of thousands of dollars if the market crashes or my neighborhood goes to shit. I can pick up my things and leave.

I'll be sticking with my rent payments over mortgage contracts, PMIs, renovation fees, and a fickle housing market.
 Quoting: Anonymous Coward 74561869


How many square feet are you renting? Have you actually looked into buying a house? I do not see the house payment doubling if you are staying with a modest square footage there abouts the same as what you are renting.

Even if the market were to crash and you were already in a mortgage agreement nobody can take your house. The only way you will lose it is if you stop making payments, period.

There may be uptimes and downtimes as far as the market goes but as with any investment you may have to ride out the storm. If your neighborhood goes to shit, thats nobodies fault except the dumbass liberals that want equality, blame the liberals, not home ownership.
Anonymous Coward
User ID: 70079334
United States
05/18/2017 04:53 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
As a GenXer, I'm glad millennials are this stupid. Thank you, OP, for agreeing to spend the rest of your life building other people's wealth.
BrokenTech

User ID: 74885369
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05/18/2017 04:56 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
As a GenXer, I'm glad millennials are this stupid. Thank you, OP, for agreeing to spend the rest of your life building other people's wealth.
 Quoting: Anonymous Coward 70079334


And they complain that the boomers and genXers are "stealing" all the money. Go figure.
Captain Outrageous
User ID: 74891993
Mexico
05/18/2017 04:56 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
It's simple: make sure you buy a house in an all White neighborhood, where you KNOW its going to stay that way. This way the value will always go up.

When the diversity moves in next door, you are then losing your ass on any properties.

Personally, I live on a boat. I OWN this boat, the gubmint can't take it away from me. I RENT a slip for the boat, mainly for water, electric, showers and laundry.

If I don't like the neighbors, I can just turn the keys and go.
Anonymous Coward
User ID: 74852715
United States
05/18/2017 04:58 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
It's pretty simple, really.

A mortgage is DEBT.

A mortgage is payment servitude to the banks for 15 or 30 years.

And since the housing market has been inflated, it's nearly impossible to purchase a nice home on just one salary.

By renting, I dont have to pay property taxes.

By renting, I dont have to pay HOA fees.

By renting, I dont owe shit to the banks. Renting doesn't require you to be in debt to mortgage lenders.

Buying a house is not worth it. You will pay off double in interest what you will the principle. Over the course of a 30 year fixed mortgage you could spent $500,000 for a $200,000 house.

So I will be renting, forever, and NEVER buying property. Boomers have fucked the housing market to no end. They are putting these houses that haven't been renovated in 40 years on the market for half a million dollars.

Im not playing this game.

Fuck the whole "you want to buy a house so you can own something " bullshit. I could care less about home ownership when renting is cheaper and doesnt require me to take out a mortgage loan to be enslaved to the bank.
 Quoting: Anonymous Coward 74561869

We bought a house in Jan 2009, it now worth 2.5 times what we originally paid for it.
And it costs us (with taxes and insurance included, not part of an HOA), about 1/3 of what monthly rent on a property like this costs.
It is all about buying a home, at the right time.

We are not slaves to a bank, but to our credit union.
( Now if you make payments on a car, you are a slave to the Bank or auto finance company or if you have a credit card, student loan, etc, so what is the difference?)
Anonymous Coward
User ID: 73879557
Belgium
05/18/2017 04:58 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Just for comparison OP:

If you pay 1000 dollars a month rent for 30 years you will have paid your landlord 360,000 dollars and you own nothing.
Anonymous Coward
User ID: 70079334
United States
05/18/2017 05:11 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
bump

to expose millennial ignorance
Anonymous Coward
User ID: 42965792
Canada
05/18/2017 05:13 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Try buying a house in Canada. Average price of a home in toronto are is 800k and that's for a peice of crap house. It depends on your mentality. If you want to work your ass off and live like poor so you get out ahead 30 to 40 years later or you live for the moment and enjoy life without getting ahead. You don't know when you are going to die. A person can save for the future and then die young after living a miserable life. Or a person can live a wonderful life and die penniless.
MultiStrada

User ID: 74916831
United States
05/18/2017 05:13 PM

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Re: Why I, as a Milennial, will NEVER be buying a House
Why would you have debt, if you can't pay for it outright you don't need it.

Good luck op, sounds like you gave up tho.
Anonymous Coward
User ID: 74909442
05/18/2017 05:13 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Used to have a house, lost it in a divorce then paid off all my credit cards and have paid cash only for ten years and renting..NO Debt except rent. Thinking of tiny house off the grid next..Nothing like zero or low debt load..sleep like a baby.
Anonymous Coward
User ID: 74839109
United States
05/18/2017 05:14 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Op is probably paying his $75000 school debtover 50 years. Will never own a house anyway
 Quoting: Anonymous Coward 70635582


Someone really should do something about the price of education in this country.

It's really not his fault that a masters degree or better is required to get into any lucrative careers nowadays.

I disagree with their antiTrump bullshit but I 100% agree with them that they have it tough. You have to have a trust fund now to live the way the middle class did in the 1980's.
Anonymous Coward
User ID: 74915171
United States
05/18/2017 05:14 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
It's pretty simple, really.

A mortgage is DEBT.

A mortgage is payment servitude to the banks for 15 or 30 years.

And since the housing market has been inflated, it's nearly impossible to purchase a nice home on just one salary.

By renting, I dont have to pay property taxes.

By renting, I dont have to pay HOA fees.

By renting, I dont owe shit to the banks. Renting doesn't require you to be in debt to mortgage lenders.

Buying a house is not worth it. You will pay off double in interest what you will the principle. Over the course of a 30 year fixed mortgage you could spent $500,000 for a $200,000 house.

So I will be renting, forever, and NEVER buying property. Boomers have fucked the housing market to no end. They are putting these houses that haven't been renovated in 40 years on the market for half a million dollars.

Im not playing this game.

Fuck the whole "you want to buy a house so you can own something " bullshit. I could care less about home ownership when renting is cheaper and doesnt require me to take out a mortgage loan to be enslaved to the bank.
 Quoting: Anonymous Coward 74561869



We paid off our second house in 4 years, and then paid for our dream house in cash. It's called putting money toward the principle. It greatly reduces the amount of interest you pay. Also, find a place where your sweat equity will pay well. You can do it.
Anonymous Coward
User ID: 15479598
Canada
05/18/2017 05:15 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Buy a piece of land.

Build a log cabin.

Problem solved.
 Quoting: Anonymous Coward 71745610


yes or go to the closest county where property is cheap, buy a fixer upper there.

You can buy property and not have a mortgage and it can still appreciate in value and even return income to you.
Anonymous Coward (OP)
User ID: 74561869
United States
05/18/2017 05:32 PM
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Re: Why I, as a Milennial, will NEVER be buying a House
Just for comparison OP:

If you pay 1000 dollars a month rent for 30 years you will have paid your landlord 360,000 dollars and you own nothing.
 Quoting: Anonymous Coward 73879557


What do I need to "own" for?

Most of your money is getting dumped towards interest. You'll be getting suckered into paying inflated interest money while barely touching your principle, all for a house that you don't actually own, seeing how you pay property taxes on it.


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