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

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.

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;!!

Mom's basement is your destiny.

Here's what you do:

RENT you're own home or apartment.

BUY properties to rent out.


Use other people to pay off mortgages on these rental properties.
You can always move into them after they are paid off.

It will take out half your taxes as well.

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.

We have an "Einstein" in the house!!!

(Or should I say Tesla?? Since Einstein STOLE most of other people's ideas??)

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)]

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.

WHEN ARE YOU GONNA GET IT THROUGH YOUR THICK SKULL???

You NEVER EVER "buy" it.

YOU PAY PREMIUM MONEY.

TO HAVE "BENEFITS" FOR RENTING.

I guess you are NOT going to ANSWER the question.

You LYING LOSER you.

Ok fine, you're right.

I am not "right".

It is the TRUTH.

The MASONIC SCAM.

RENTING SOLEN "GOODS".

THROUGH GENOCIDE NONETHELESS.

But I guess YOU DON'T GIVE A SHIT.

AS LONG AS YOU "PROFIT".

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.

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?

Buy a piece of land.

Build a log cabin.

Problem solved.

Exactly. There's nothing dumb about renting.

Do you think that your landlord is not passing on the cost of his property taxes, HOA dues, etc.? Your ignorance of the basics of business is The hallmark of millennials. Lol!

A lot of times they don't pass it off.

A lot of times they are not even having a PROFIT.

They are just covering the costs that "buying" (Really: RENTING) a home BRINGS.

This describes me as well.

I just prefer to be free to move if I so desire. Home ownership is OK if you never plan to leave, it makes more sense to build wealth and stability in the community you wish to live long term.

I just don't enjoy staying in the same place very long.

Nope, keep sending your money to me.

A lot of times they don't pass it off.

A lot of times they are not even having a PROFIT.

They are just covering the costs that "buying" (Really: RENTING) a home BRINGS.

IT IS NOT MONEY.

IT IS PAPER WITH DRAWINGS and "NUMBERS" ON IT.

STUPID.


“Signs and symbols rule the world, not words nor laws.”

&#8213; Confucius

This is the fucking generation that makes first contact with aliens? Jeezzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

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.