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

GOOD THAT YOU HAVE A PLAN

You are 100% correct.

The sooner the democrats rid themselves of the clinton clan the better off they will be.

Their arrogance is off the charts and I'm disappointed that she even won one state last year.

The only advantage to renting is being able to bug out whenever you want.

Actually, property taxes and HOA fees are figured into your rent

And thank the good Lord there are people like you. It has enabled me to own 2 very nice homes and make a small profit for myself. It is not impossible to own a home on one salary. We only have one salary and we own two homes, that are mostly paid off after just 10 years.

Let’s say you want to buy a $500,000 house at a 6% mortgage.

You put $200,000 down.

The entire house would rent for about $2500, give or take. So that’s 80 months or almost eight years worth of rent you just gave to the bank in a single check.

Do you ever get that bank money back?

No, because after mortgage debt (most of which cannot be written off in taxes), property maintenance, and taxes (which go up with inflation and are almost never considered in the price of the house), closing costs, buying costs, title insurance, property upgrades, etc. the homeowner might spend close to $1,000,000 in the lifespan of the house. Or twice that.

So instead of writing that $200,000 check in one day (as opposed to spreading rent out over eight years and the landlord is in charge of all maintenance, taxes, etc so you don’t have to deal with it), you could invest in yourself.


The average house owner, owns their house for 4.5 years. Some own for much longer, some own for less. That’s just an average.

4.5 years are not “roots.”

Why do people move? Because jobs are no longer as stable as they once were.

And they are no longer in one or two cities but all over the country or world.

So the original reasons for owning a house (a guaranteed easy commute into an urban area where the jobs are) are no longer valid, as demonstrated by the increasingly short lifespan of house ownership.

This is a trend that is continuing forever.

When you rent, you are paying your landlord's property tax.
The thing that sucks for the renter is in some counties you can't participate in the county tall hall meetings, where they decide things unless you are a property owner.

So you pay the taxes, and have no say whatsoever in how those taxes are spent.

$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.

Only rich people with money to use as toilet paper get a mortgage aka death pledge.

People that can count do get mortgages

You are so off base. You simply do not know how to play the game. Owning property is one of the best things you could ever do, if you know how. I will admit, these 30 year loans are a scam and a ripoff.

Simply put, the best way to purchase a house is to put as much down as possible or buy a house that does not consume most of your paycheck, in other words, live within your means.

If you work it so that you are only taking out a 10-15 year loan you will be way ahead in the game. In other words, if you can take out a 30 year loan and pay it off in half the time you will come out ahead.

This is the same poster who posted about not repaying his student loans

Same style and phrasing

First, if your interest rate is 6% you have a whole different set of problems.

Second, who puts that much down on a mortgage. 10%
Then you pay double on the principle of your loan. One of my houses was $180,000, my principal on that is $264 the rest is interest, taxes and insurance.
So I pay double on the 264 and try to make as many extra payments as possible. I started with a 30 year mortgage 10 years ago and that house will be paid off by Nov. of this year. No we are not rich..we just have self control and have priorities.
So when it is paid off, I will still have to pay property taxes on it which is in total 3500 a year. A year...that is less than 300 a month I will have to pay on that house for as long as I keep it. I rent it out for 1200 a month.

The reason most people buy a house is to start a family. If you plan on having kids you don't want them to have to change schools every couple of years, so you root yourself in one neighborhood. A place where your kids can have friends and a stable environment.

You don't "own" anything. You've been fooled.

This! I see quite a trend towards renting these days....I am always surprised when I hear the logic breakdown. Homeownership, imho, may be one of the only sound investment strategies left....

Forbidden by bureaucrats in my country.

Rent in the city. But get roommates and save for land in the country. Only ownership can get you out of wage slavery.

Lol, people replying to the OP must be retarded.

A young single person even with a job with a contract won't access to a loan anyway. Not even with a permanent contract. Not even 2 married persons with 2 permament contracts.
You must have an asset to be put as collateral.
Or at least this happen in Europe.

When we abolish conservative Christian family values, our birth rate plummets and young people begin to live only this day without future prospects, fornicating and not getting married with one partner for life. And many other problems also come when family values are abandoned. Drugs, crime, welfare dependence etc.

I have not been fooled. I just know how to play the game with the cards that have been dealt. You as a brain dead millennial just roll over and give up at the first sign of adversity.

And good luck living within your means if you only make 90K in a place where a house costs near a million in less desirable areas.(California)

Sounds like the great American nightmare.

Buying property is one of the easiest ways to gain equity. The key is to make the right purchase, at the right time. Right now, depending where you look, might not be the best time.

When the time is right, buy just outside the perimeter of an expanding area, and wait. It's really not that difficult.

Rent properties out... You'll have a place to land when you get older.

Last Edited by everLearner on 05/18/2017 02:24 PM

Econ 101... F

Yea, that's not how it works. If you have a good credit score, some savings and steady income you can get a loan.

My daughter, by herself bought a house just about 2 years ago when she was 24. It's not a big huge expensive house but it suits her needs and is in a nice neighborhood.

The greedy real estate industry and banks see the housing bubble bursting soon realizing that millennials and many boomers have been priced out of the inflated prices of homes. So Fannie Mae came to the rescue with a new conventional loan with a very low down available.

Instead of a 10 to 20 percent loan you will be able to get a "3 percent" loan which means you will only put down $3000.00 down for every 100,000 of price of house. So for a $300,000.00 house you will only need $9000 down (available in most states).

[link to mymortgageinsider.com (secure)]

If I were you, OP, I would learn handyman, fixer-upper skills and then find a home that is basically sound but needs a lot of cosmetic fixing up.

That's what my husband did. He found a 5 bdrm, 5 bath house on 5 acres in a rural area. When he put a bid in for it I almost cried. It looked a mess but was basically sound. He fixed it up himself in the first year. He wasn't in the construction industry but had learned from his dad when he was a kid and loved it. We had bought it for 140,000.00.

After he died I couldn't keep the maintenance up by myself so sold it in 2006. The greedy real estate agents wanted to put it on the market at 850,000.00. I put it on market for 585,000 and it sold.

And you can only rely on renters to pay a lions share of the mortgage in certain states. Some states they can go six months or more without paying before the process to evict is done.

From what I have seen, landlords can have tenants evicted within 30 days, especially for non-payment. Its the mortgage companies that typically take 6+ months to evict.

you get a tax break for owning a home....and you are building equity

agree though that there are shit homes on sale for way too much money .... even new homes arent all that great structure wise and not for the cost.

many european countries know how to build solid homes ... these are worth buying bc they wont need endless repairs and will be solid for centuries.

american stick houses shldnt cost as much as they do .... it is absurdly ridiculous.

i want to buy again, but i want to pay cash and hv no mortgage bullshit hanging over my head where i can be kicked out by a foreclosure and lose equity. they scoop down on you IMMEDIATELY if you hv a nice home on which they can turn an immediate profit.

fuxk that...so agreee with you op....but if you can afford to buy in cash, just look at property taxes as rent.

That's why i'm glad houses in my area are 80k for a regular one, 150 for a nice one and at your price tag of 500k...a really nice one.

It's all about where you're buying a house at too.

Last Edited by Strike on 05/18/2017 02:36 PM

no....depends upon the home .... if you hv a nice home in a place where they can tuen it around quickly a mortgage company will start foreclosure immediately (within 30 days) ... this happened to me when i was getting divorced and my ex refused to pay even 50% of the mortgage, we had to pay up immediately plus all kinds of attorney fees .... notified of this when the mortgage was 30 days late and they already had a court date scheduled. after that it was no problem to get him to pay 50%.

yeah, but where you live probably doesnt hv a lot of professional jobs, good healthcare, or other things.