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

In some places it isn't modest either. New Jersey and New York have counties and towns where it is $15,000 or more a year.

Ding Ding Ding... We have a winner!

a 3.5% interest rate is not inflated. it's practically free money compared to 30 years ago.

you clearly don't understand the tax benefits of home ownership. and it seems you don't comprehend that your rent is used to pay someone else's taxes and interest and that THEY get the tax benefits that YOU are paying for.

but keep doing it your way if it makes you feel like you're really sticking it to someone. the only one who is getting stuck is you.

good move OP. I sold a 3 bedroom home and now rent. renting is much more affordable. plus you can do what you want to do like ride a bike, go fishing or to the range instead of working on the yard/house. and you never have to buy tools, paint, caulk, faucets etc.

So in THE END you don't "own" ANYTHING.

YOU RENT.

you 'rent' for the cost of your property taxes. mine are about $600/month...quite high. but i can't rent a 6br 3900 sq. ft. house for $600/month...which is what I OWN.

I do what ever I want to. Ride my bike if I want, go to the range once or twice a week, fishing etc. I like doing general maintenance. Fuck the yard work though, I mow it but hire someone to do the rest when needed. I love tools, I look for excuses to go buy a new tool, not many tools that I don't own. Owning and knowing how to use tools is what also helps save you money in the long run. The ability to fix and maintain the property is allows me to afford someone to do the yard work when I do not feel like doing it.

1. Property taxes and other on-costs are hidden in your 'rent'.

2. Your plan doesn't apply in many other countries where property tax and other costs are openly additional to rent.

3. When you buy a house on mortgage, you normally get all that interest (plus much more, if you've made a good purchase) back when you sell it. (I paid $50k for my first house. Sold it for £350k after 20yrs. No way I paid $300k in interest, more like $50k - and a good accountant can get that lower)

4. Home purchase on a mortgage is usually the only way most regular people have of a) making significant capital; b) achieving financial freedom and housing security.

5. KEY POINTS:
Baby boomers are in no way responsible for the economic system which has made it all but impossible for many young people to buy their own homes.

In fact, as a boomer I'm well pissed.
It means that my millennial kids have to live like gipsies moving from one place to another and always needing handouts.

PLUS, I know they're just waiting for me to pop my clogs so that they can at last get a deposit to buy their own homes.

No, boomers haven't created this vile mess.
At your age we were even more trapped in the system and dictated to as you feel now. (We had far less access to information/the truth, and expectations on us were far more conventional and narrow.)

FINALLY, the world's money masters have so fucked up that domestic economies are being propped up by inflated property markets and nothing else.

good post. when i was in my 20's, mortgage rates were triple what they are now. and you couldn't punch a few buttons on your phone to learn everything you ever wanted to know about home ownership, tax advantages, mortgage types, rent vs. buy. these youngsters have no idea the advantages they have over their parents at their ages.

Correct you owe your lender bank money for a loan to secure a home and property for yourself through a 15 or 30-year mortgage however, you can pay more some months thus decreasing your loan interest rate thus paying off your loan faster.

Included in your rent is fees for property taxes thus you are not skating out of that obligation.

HOA fees are for individuals or senior citizens ho do not wish to mow their front yards or shovel snow, a convince to these homeowners as they are willing to pay a monthly fee for these services.

When you move you meander off to another location that you will never own sucking all your resources for nothing in return.

Renting is simply lost resources.

STOP PAYING "PROPERTY" TAXES and see how much you "OWN" anything...

You people don't see a MASONIC SCAM right in front of your faces, isn't it???

WHO GAVE THEM THE "RIGHT" TO RENT IT TO YOU???

WHO???

It's pretty simple, really. To quote OP.

Indeed. All the information they need is at their fingertips now a days. They just will not take the time to research and learn. Maybe because it requires a little effort on their part, its just easier to blame something.

People don't live in houses for 10+ years

They move around; upgrade, downgrade

Add in the price (where I'm from) for a real estate each buy/sell for a $250,000 house is $7500, and this is on the lower scale


The discussion for renting and investing vs house payment usually barrels down to how often one moves
Renting is best for people who move often

Dump $50k into a great diverse ETF that pays dividends or on a house

The choices people have


It don't matter, if we ain't talking about eating the global elite this entire society is moot

i say again...for $600/month, i get to live in a huge, nice home worth over $360k.

that $600/month also pays for the good public schools that my kids attend, it pays for police and fire services, and it buys be a much reduced tuition rate to the local community college if my kids want to take classes.

that $600/month also reduces my taxable income by over $7k per year...thus reducing my federal tax burden in years when i actually have one.

and if i get tired of taking care of my home, i can sell it and walk away with over $300k. or, i can rent it out to people like you for the going rate...around $2k/month in my area. even if i set aside half that for my taxes and maintenance, i still pocket $1k/month...that i can use toward another personal residence or rental property.

i can do this because over the last 30 years, i've only rented for about 9 of them and i have owned for the rest.

i've never needed an auto loan because i've always been able to borrow against my home equity with low tax-deductible interest.

live however you want but in this country, none of us ever truly own anything. for building wealth and net worth, owning real estate in the right location is rarely the wrong thing to do.

^^ this

I'm 35 and the only thing I've seen real estate do in my life is go up up up.

But thanks for drinking the kool-aid and being convinced to not ever buy a house, you are just making it easier for me to make money.

You'll change your mind.

Buy a farm and you can pay for it. Be smart and it will make you rich in 25 years.

And you can build and modify as you wish.

Long term on houses they never depreciate sorry they just don't..

Maybe in a 5 year period you might experience some loss.

But you point to me one area besides the rust belt that has not had double digit gains in property value over the last 30 years.

My girlfriends parents bought their home in 1991 in portland oregon for 80k....

That same house now would sell for 600k.....

You show me one investment that has that good of a return and brief will suck your dick, no really he will he's gay.

I had our acreage paid off in 15 years and have been living house payment and rent free for about 20 years. Beats the hell out of paying rent your whole life.

Op do what's right for you. If you wish to rent your house, your car, your phone, your furniture, your girlfriend...then stfu and go rent. You don't own your responsibilities or thought, so why the hell would you own anything else.

My acreage is assessed at 5X what we bought it for in the '80s.

The reasoning of a millennial.

It's someone else's fault, as if everyone hasn't gone through this that owns a home. I'm not getting my way, so I won't play; as if anyone besides you will be harmed by this.

Like a child, cutting off your nose despite your face. LOL

Time to grow up. Everything isn't about YOU.

i think they believe that signing a 30 year mortgage means you will actually be making all 360 payments on that home. i've never lived in a home longer than 84 payments before flipping it for a profit.

You didn't answer the question that I posted.

WHO gave THEM the "RIGHT" to RENT it to YOU???

WHO??

Wise position in a downgrading market, unwise position in an upgrading market.

ok..if you want to play the 'sovereign citizen', go for it. i choose to play their game using their own rules to my advantage. fewer red flags that way.

If you cannot buy in cash it's more than you can afford.

Retards propping up house prices by taking out a mortgage on a home they can't afford without borrowing money they don't have.

You people DO KNOW that in ADVANCED EXTRATERRESTRIAL CIVILIZATIONS there is NO RENT to pay to "OWN" ANYTHING right???

No wonder you PEASANTS play THEIR games with such gusto!

You AIN'T NO ADVANCED SOCIETIES.

You are WILLFULL SLAVES.

YOU DID NOT ANSWER THE QUESTION.

ANSWER THE FUCKING SIMPLE QUESTION.