3 in 10? For you guys over 18, and still at home...

Shagnwagon

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The economic benefits of home ownership are not a ruse. We're currently in a slump right now.
Bubble was in 2006 when home prices were ridiculously high. And like with everything, there's a cycle.

Traditionally, home ownership nets you a profit when it comes time to sell.

Another economic benefit - own more than the one you're living in, and you can rent it out.

Get enough properties under your belt, and you've got a cash cow.

BTW, now is the time to buy with:

a) Prices historically low
b) Interest rates historically low

Only "con" is lending restrictions are very high (thanks to subprime loan scandal).

Makes me wish I had enough money to buy and was out of school. Im in a great spot since I have nothing to sell.
 

Gin&Pentatonic

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If my parents hadn't bolted to the country when I graduated from high school I would have lived with them all the way through college and probably then some. I was fortunate in that they were able to set me up with an apartment and support me. So although I wasn't living with them, I was still living under their support.

I plan to house my children as long as needed, considering they don't go berzerk.
 

HOT-BRIT

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Property market recovered fast in the UK were in the USA it has been 5 years and the prices are still falling, banks in the UK are still funding home mortgage loans were in the USA the banks are reluctant to do so, prices in the USA are now lower than before the bubble and less than half what they were during the price high point, it will be many years before the housing market in the USA recovers.
 

Publius pro tem

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The homeowner comes out on top because of equity, right?

Except he had to replace the roof periodically
Why?
A good roof can last 30 years easily.



and replace the plumbing
WHY?
Repairing a leak is one thing - and usually not a major deal.
Why would you even attempt to replace all the plumbing?

(Good luck if the house is on a slab)



and the water heater
The most expensive gas-fired 40-gallon water heater I found is less than $1,000.
You can get one for half that easily.
And install it yourself, if you're smart enough to properly set up an electric guitar.



and got an addition
Why would you do that?



and added a pool
Why would you do that?
I live in the Arizona desert - where having a pool is the norm.
I wouldn't fxcking own one.

(Every single one of my neighbors does though...)



and this that and the other thing.
Yeah, you're really reaching...

And this is from someone who has never actually owned a house.
Pulling "facts" from where the sun don't shine, to somehow clinch an argument?

Sorry - those of us who have owned a thing or two can use our experience to avoid getting stuck.



So no, the homeowner had to pay more
And OWNS the house when he's done.

Look, you are convinced owning a home is not for YOU?
You've convinced me as well - don't do it.

Rent from ME instead...:wave:
 

PraXis

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Prices are still too high. They will keep falling as there are plenty of houses for sale. At this rate I might buy two and rent one out.
 

Joeydego

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Sure. I'm not thinking that I'm going to have a huge financial benefit from "investing" in owning a home. I know a few people who own rental homes, and they barely break even most times. And I'm not renting my place out.

The benefit I see of home ownership is the idea of it being mine. If, god forbid, something happen where I don't feel like I can afford my monthly payments, I have something to sell to have money to get me by while I find another place. If I started missing my rent payments, I'm just out in the streets.

If someone really wants to get into real estate to make money, the money is more in land than a house. My parents are sitting on 100 acres of farmland. The 2 houses on that land combined are probably worth less than half the value of the land itself.

I'd like the wood I own to make music. I don't need it as floorboards. Everyone at my job who ran out and bought a house in the last 5 years are permanently at work to pay for it, and still struggling. 3 and 4 grand a month in mortgage payments. 10 grand in property tax for a one family. No thanks. I'm taking 3 vacations this year and still socking away retirement cash.
 

Actinic

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Asian culture is VERY different.

Not uncommon to have five generations under one roof.

I thought that was a trait of Mexican (extended) families. Nothing wrong with that, makes perfect economic sense. :slash:
 

Luckynumber3

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My situation was a bit unique. I went to college at 19, but still lived with my parents during the summers. But I got an apartment right after I graduated. Then, a little less than 2 years after that, my grandma died, and my parents (who had lived next door to my grandma) moved into her house, since it was bigger, and let my wife and I move into their old house rent free. I planned for it to be for just a year or two, but ended up being almost 5 years. Even though we had the house to ourselves, I still felt like other people looked at me like I was living with my parents, so I was glad when we bought our own house and moved out.

One of our neighbors now lives with her 2 grown sons. One's 23 and has a job, but the other is 26, and last I heard he doesn't have a job. And I think his girlfriend might be living there as well... The worst thing is though that I'll see the mom (who looks frail as can be) out dragging the mower across the yard and doing most of the work around the house. :wow:

Then, there's my in-laws... My one brother-in-law is 29 and has 2 kids, and the 3 of them live with my wife's parents and their 5 younger kids. Supposedly they're finally kicking him out at the end of the month, but we'll see...
Actually, now that you mention that, last time I heard someone I know had their house forclosed, so they went to move in with one of their parents (Husband, wife, in their 30s, with 3 children, living in a big house with one of their parents).

They owned their own house first and did pretty good, but eventually it didn't work out so well...

(Haven't talked to them in a few years now, so I have no clue what has happened)
 

Hamtone

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Living with either of my parents would truly cramp my style of walking around the house naked, inviting loose women over, and never eating at the kitchen table.
 

lucidspoon

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I'd like the wood I own to make music. I don't need it as floorboards. Everyone at my job who ran out and bought a house in the last 5 years are permanently at work to pay for it, and still struggling. 3 and 4 grand a month in mortgage payments. 10 grand in property tax for a one family. No thanks. I'm taking 3 vacations this year and still socking away retirement cash.
Well, that's their own fault then. :laugh2: I'm paying $800 a month for this: http://www.mylespaul.com/forums/backstage/159225-nhd-new-house-day.html And about $2000 a year in taxes.
 

KSG_Standard

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I'd like the wood I own to make music. I don't need it as floorboards. Everyone at my job who ran out and bought a house in the last 5 years are permanently at work to pay for it, and still struggling. 3 and 4 grand a month in mortgage payments. 10 grand in property tax for a one family. No thanks. I'm taking 3 vacations this year and still socking away retirement cash.

The housing market is really skewed in some places, like NYC and the 16 counties surrounding DC (among the highest per capita incomes in the country...go figure:laugh2:). But in many other places, home ownership is a better deal than renting. In fact, across most of the country, home ownership proved a great deal over the past 60-70 years. The market got too heated for a variety of reasons and the bubble burst. The real estate market was artificially inflated. Under our current tax code, mortgage interest payments are tax deductible and there are other tax benefits to owning vs. renting.

Banks are still lending, albeit the mortgage qualification requirements are more like they were historically (20% downpayment required, proof of employment, solid credit) and the interest rates are near historic lows...it makes a lot of sense for some people to take on a mortgage with money being so cheap.
 

Joeydego

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Well, that's their own fault then. :laugh2: I'm paying $800 a month for this: http://www.mylespaul.com/forums/backstage/159225-nhd-new-house-day.html And about $2000 a year in taxes.

It's not their fault, its the hand delt to them and the false standard of home ownership. I could pay your mortgage twice and have money left over for what I rent a one bedroom for here. It's just not smart of feasible to own here, especially on one salary. You have a beautiful home, best of luck with it.
 

Joeydego

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The housing market is really skewed in some places, like NYC and the 16 counties surrounding DC (among the highest per capita incomes in the country...go figure:laugh2:). But in many other places, home ownership is a better deal than renting. In fact, across most of the country, home ownership proved a great deal over the past 60-70 years. The market got too heated for a variety of reasons and the bubble burst. The real estate market was artificially inflated. Under our current tax code, mortgage interest payments are tax deductible and there are other tax benefits to owning vs. renting.

Banks are still lending, albeit the mortgage qualification requirements are more like they were historically (20% downpayment required, proof of employment, solid credit) and the interest rates are near historic lows...it makes a lot of sense for some people to take on a mortgage with money being so cheap.

I acknowledge and agree with much of this, but it makes zero financial sense from a tax standpoint to pay 10 grand in taxes to write off and net 3 or 4 grand on return. You still paid 6 grand in tax the renters didn't.
 

KSG_Standard

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I acknowledge and agree with much of this, but it makes zero financial sense from a tax standpoint to pay 10 grand in taxes to write off and net 3 or 4 grand on return. You still paid 6 grand in tax the renters didn't.

Renters ARE paying the property tax of the landlords...But I hear what you're saying.:thumb:
 

JLT73

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I lived with my parents until I was 26. I received a good paying job a few years prior to that and was doing well. I was starting to look at houses to purchase, but then my parents world got crumbled. They both lost their jobs and unemployment wasn't about to cover all of their bills. So I stopped looking for a house and decided to help out. They provided a roof, food and clothing my entire life, how the hell could I leave them out to dry?

If that didn't happen I would have left the house when I was 22. They wanted me to go to college and not have to worry about a rent payment, to comfortably live on a part time job.
 

Publius pro tem

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Banks are still lending, albeit the mortgage qualification requirements are more like
they were historically (20% downpayment required, proof of employment, solid credit)
and the interest rates are near historic lows...it makes a lot of sense for some people
to take on a mortgage with money being so cheap.
And I have ZERO sympathy for people who saw no problem with buying at the peak of an overheated market.

I wasted TONS of money on rent, for a lot of years, for a variety of reasons.
Didn't like it, but it worked out for me.
I just try not to think about the investments I could have been making - and profited from.
(I KNOW what happened with a couple places I coulda bought...)

Understanding what works, and when, is the only way to make a smart decision.

Just accept the knee-jerk of renting?
That's a new thing - to be as ingrained as it is in this generation.

Sorta the diametric/polar opposite of Great Depression scrimpers/savers/hoarders.

Guess who I can better identify with?
 

lucidspoon

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You have a beautiful home, best of luck with it.
Thanks.

It's not their fault, its the hand delt to them and the false standard of home ownership. I could pay your mortgage twice and have money left over for what I rent a one bedroom for here. It's just not smart of feasible to own here, especially on one salary.
He's in New York. You're in Indiana. BIG difference.
Right. That's why I'm saying that I can see it doesn't make sense to drop ridiculous amounts of money on buying in places like NY. Home ownership isn't for everybody, depending on the area and commitment. But when the prices are right in the right places, you can get a great deal right now.
 

Publius pro tem

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Oh - and what's WRONG with having good credit and 20% down to buy a house?

Lotsa people might not like it - but what's WRONG with it?

I have a couple issues with it myself, but I wonder how many here will nail it... :hmm:
 

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