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

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.

Why is this even being debated? Some are more suited to rent. Some are more suited to own.

Apples and oranges people.

lol

ok then you can pay someone like me rent :)

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

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.

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?

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?

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.

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.

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.

$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.

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.

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.

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.

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.

Op is probably paying his $75000 school debtover 50 years. Will never own a house anyway

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.

Buy a piece of land.

Build a log cabin.

Problem solved.

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.