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

Millennials need to understand that they NEED TO BUY NOW MORE THAN EVER BEFORE!!! Why? Because your home is the ONLY RETIREMENT yer gonna have!!! Probably will not be SS and no companies are paying retirements anymore... So what are you gonna have at 65-70 NADA ZIP ZILCH... you truly will be sh*t outta luck.

I guess I am too "fucking stupid" and "uncivilized" to understand your "superior" reasoning and explanations.

So PLEASE make it simple for me?

REPEAT IT AGAIN and in a very easy to understand form:

WHO gave THEM the RIGHT to RENT it to you??

Since it is STOLEN "goods".

And to RENT/"buy" STOLEN GOODS IS ILLEGAL??

[link to en.wikipedia.org (secure)]


JUST A SIMPLE ANSWER WITH NO NAME CALLING PLEASE, BECAUSE YOU KNOW... THAT IS NOT VERY "CIVILIZED"! ;)

I think the 'homeowners' always forget they don't really own anything. They are paying 'rent' on that home for life even long after they pay off the debt.

That's not ownership.

Wow!

How "civilized" of the boomers generation to leave that legacy TO THEIR OWN KIDS.

IT IS NOT ENOUGH TO LET 911 TO GO UNPUNISHED.

Because, we all know, Hitlery and Obama is the WHOLE PROBLEM WITH AMERIKKKA.

JUST A SIMPLE ANSWER WITH NO NAME CALLING PLEASE, BECAUSE YOU KNOW... THAT IS NOT VERY "CIVILIZED"! ;)



meth much? smoke a bowl, dude...

For those of you who cannot buy but want to you can thank Clinton for permafucking the housing market by giving loans to people who could barely fog a mirror and had no business in the market. They couldn't pay and it caused the mess we've seen for a decade. I don't think it will ever be a buyers market again.

It is RENT on STOLEN GOODS.

[link to en.wikipedia.org (secure)]

A CRIME if it was ANY OTHER GOOD.

A home isn't an asset but a liability.

It requires maitainence and inflation eats away while taxes raise.

Idiots buy houses that they never own on borrowed money they don't have.

Been renting my whole life, hardly struggling.

Of course when my hot water heater goes out or the toilet starts leaking, I call the landlord and they fix it for free.

What happens when your water heater goes out?

Not to mention property taxes.

meth much? smoke a bowl, dude...



WHY are you calling me a METH head??

Are you CIVILIZED or not???

DO "civilized" people RENT STOLEN GOODS???

I wanna "buy" a FREE-ENERGY LIGHTSHIP.

AT LEAST I WONT HAVE TO PAY THE ELETRICITY BILL!

WHEN IS DISCLOSURE COMMING??

CAN YOU PRESS THE LYING AMERIKKKAN GOVERNMENT TO TELL IT LIKE IT IS, PLEASE???

OR THEIR INTEREST LIES ONLY IN RENTING "PROPERTIES"???

THAT ARE STOLEN GOODS???

JUST A SIMPLE ANSWER WITH NO NAME CALLING PLEASE, BECAUSE YOU KNOW... THAT IS NOT VERY "CIVILIZED"! ;)


Who is them? Why is it stolen?
If you do not believe our system is fair to begin with then how can you believe that it is illegal to steal. Either way both concepts are man-made so therefore both should be irrelevant according to your ideology. Or are you simply picking and choosing the parts that make you feel smart and want to agree with?

Exactly, my mother is stuck in a house she paid way too much for, she had it on the market for 3 years, not even close to selling.

All around here many more houses have been built, much cheaper too, lowering her value in turn.

Only morons lock themselves into a 30 year mortage.

Now if you have the cash to buy a house cheap, and you fix it up yourself, that's a different story.

But these idiots getting into these 500k loans, have no brains.

A water heater is only a few hundred bucks. A smart homeowner that is living within their means would have no problem in having it replaced. Even better if they know how to install it themselves and save the labor costs. Then save the receipts and when/if you sell the house you use the repair as a tax deduction.

Last Edited by BrokenTech on 05/18/2017 09:56 PM

That makes up probably less than 1 % of actual home owners.

That's like saying that people are going to fix their own cars or mow their own grass, it doesn't happen on a large scale.

The point is, I'm paying less renting, I don't pay anything to fix anything. And I don't pay property taxes.

And i have the freedom to move whenever I want, just need to wait for the lease to end, which is always a year away.

Yes it's amusing to watch.

Also funny that they think they own the home!

Paying rent in the form of taxes isn't owning.

What happens to a home you still owe money on if you die?

The bank takes it, and kicks everyone living there out.

The government can always come and take your property either way, if they deem it's needed for "national security".

you pay someone else's property taxes...and they get the tax benefit from it. you also pay someone else's mortgage...for which they also get tax benefits. you're paying for someone else's property and you'll never be able to sell it for a profit. but to each his own.

What proprty you rent?

It's almost as bad as marriage.

Without taxes where will the money come from to pay for your handouts.

You slumlord, you didn't put the money back into the house?

Perspective for us Non-Millenials; a 4 yr college degree can cost 100k from an 'average' accredited University. A YoY 7% increase for 25 years consecutively incidentally.

The monthly repay for this non expungible debt (bankruptcy) is $1000 per month:

"Federal Direct Loan; 4% interest rate. The repayment period on standard loans is 10 years, or 120 months.Apr 21, 2017"

Given this amount, a modest $250 car payment and a 750 rent payment, college graduate millennials could easily have 2k in loan payments.

Say that persists for 18 months, and said millennial wants to purchase a home.

Standard income to debt and income to debt plus housing debt is 28% and 36% respectively.

To meet these requirements, $5700 per month is required as income, or just over 70k a year.

Care to guess what percentage of graduating millennials from an average University are making IF they even find a job within 18 months?? Hint: <10% are over 70k.

Buying a house isn't even a mathematical option right now.

Oh, and it will get worse as Tuition doubles at the current rate with 25 years of precedence... In 10 years. Assuming R&B, somehow stays in tact, thats 150k in Debt by 2027 and 250k by 2037. That is not going to happen either. Higher Education will be bankrupt and Employers will be forced into hiring workers from Non-Accredited applicants.

OP is correct to stay out of any debt possible in this environment.

RE/Housing CAN'T mathematically continue to rise beyond mean yearly income * 3.5 or the aforementioned debt to income percentages break down entirely. Hence the invention of the NINJA, etc loans back in 2007 to keep the money train going up to the 2009 collapse. MERS, Robo signing, CDOs, CDS, Countrywide, Fannie, Freddie, corrupt appraisers. Good Times.

This will collapse again since wages don't come close to RE increases in terms of pct. Where I'm employed, there will be no cola for the 3rd time in 11 years.

Putting that completely aside for a moment... A house is not an investment, rather, a place to live, shelter and perhaps a place to raise a family.

If not paid in cash up front, it is a debt load to manage. Dropping 20% or more, eliminates the waste of PMI. Note, if you can't put down 20% and have to pay PMI, at which point 20% is finally eclipsed, don't expect a phone call informing u that it is no longer necessary &#128514;

As stated, take out the 30 yr for the lower payment obligation in case financial tragedy strikes a few years into the loan.
Think having a child airlifted to a hospital 60 miles away or further... not insured... twice... yes I know someone that has had that happen.

Prepare to pay A Lot extra on principal monthly. We rent a house and land contract another. With that money, our base payment, and extra principal, we put $3200 on principal for our current house, which is on schedule to be paid in 30 months.

The GOAL of home 'debateable' ownership is to make money BY NOT HAVING A MONTHLY MORTGAGE PAYMENT! Forget the resell part, which one can certainly make money from, we sure have, but, not having any house payment! This was our situation for 6 years and that was an awesome cash stash experience. Should be back there soon.

No other debt either is key. Pay cash for all vehicles and pay all CC debt month to month and get your double miles.

That is all &#128513;!!

Some of us like renting. Some of us don't like staying in one place for too long and renting gives us some freedom where we don't feel tied down.

Call it "wrong". It's your opinion and you're welcomed to it. If home ownership is right for you, then great. For some other folks, it isn't a good fit for our lives. No need to be arrogant cocksuckers about it. I understand though, this is the Internet, so you can say anything you want without consequence. I don't hold it against you.

Also, OP your maintenance expenses are wildly too high.

your rent pays for that water heater and toilet whether it goes out or not. it also pays for interest and property taxes that you receive no tax benefits from.

when renting, you are paying for convenience and for the ability to move elsewhere with little hassle. that's good enough for many folks.

but if you know what you're doing and buy in the right area, over time, you'll almost always do better financially by buying.

You obviously have never sat outside a HOme Depot or Lowes on a Saturday morning, have you?

The only people I know who pay to have their grass mowed are disabled.

You gave all your money to Apple Corp and spent the rest of butt plugs