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Message Subject Why I, as a Milennial, will NEVER be buying a House
Poster Handle BrokenTech
Post Content
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


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.
 Quoting: Anonymous Coward 74720675




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.
 Quoting: Anonymous Coward 70079334


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.
 
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