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

Deus Vult

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And I have ZERO sympathy for people who saw no problem with buying at the peak of an overheated market.

i did. i just got out of school and bought a 1800 sq ft townhouse. What I paid is definitely reasonable for the area I live in. And I also took out a conventional mortgage- none of that interest only, no money down, liar loans non-sense. I locked in a 4.8% interest rate and the payment is comfortable.

My problem is that now I am upside down because the bubble popped. But the good news is that I am able to rent it out. Which in turn has allowed me to buy a new house. And builders are hurting, so they're throwing in crazy incentives. When the market recovers, you won't be able to buy a 2 story, 3 car garage home with a full finished basement for $240k. And if I go tits up? Well, they can repossess the rental. Sure my credit will take a hit, but that can be rebuilt. But I'll never get another house with the same features for the same price.

Time to take advantage.
 

Hamtone

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Does it count that i will buy and sell 30 houses in the 6 months to none qualified at time of sale, but will be in 3-4 years.

NYC is its own animal always has been.
 

Publius pro tem

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Why do you guys care about...
Why do you guys log on here? :hmm:

And more specifically, why do you click on this thread?

And what in the world possesses you to take the time to post here?

To demonstrate how little you care, right? :laugh2:
 

winexprt

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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.

Never ceases to amaze me what your money buys outside of nYc. :wow:

Rent for the wife and I's good sized 1 bedroom apartment in upper Manhattan is just a little over twice that.

$800 would get you a closet here! :laugh2:

Neat rent vs. buy calculator a came across:

Is It Better to Buy or Rent? - Interactive Graphic - NYTimes.com

According to this chart, what the wife and I pay in rent combined with the INSANE home prices here in nYc means it's better for us to rent for many, many years. YMMV...
 

KSG_Standard

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Why do you guys care about where someone else lives?

What do you mean by "you guys"?
tropic_thunder_trailer.jpg
 

Rock Johnson

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From the article.

What are they supposed to do between arriving, finding a job, and their first paycheck?

I would suggest that it was meant as an idea, not necessarily a concrete plan.

But, even if you choose to use it as a concrete plan, it'd work.

http://www.usatoday.com/money/economy/story/2011-08-27/Unemployed-Go-to-North-Dakota/50136572/1

From the article: ""It's a zoo," said Terry Ayers, who drove into town from Spokane, Wash., slept in his truck, and found a job within hours of arrival, tripling his salary."

"The McDonald's in Williston is one of the busiest in the country, and they need to pay $15 an hour just to attract employees to work there."
 

leftyguitarman

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Some young people stay with their folks to take help care of them in some way.

I'm 22, and in this position.

My dad takes care of my 87 year old grandma, but he has had a string of health issues and a very rough open heart surgery in the past year and is very slowly recovering. So I moved in to be close and help them out. I don't pay rent, but I do the yardwork, and I cook, do dishes, clean the house, help them with grocery shopping, etc.

Honestly, I'm kind of embarrassed when I tell people I live with my dad and grandma, because, well, I'm 22 and unemployed and a lot of people my age are way farther along in their lives then I am. But my family needs me and I'm here to help.

I would love to live on my own and do my own thing, but my family's needs outweigh my wants.
 

Strato

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I'm 22, and in this position.

My dad takes care of my 87 year old grandma, but he has had a string of health issues and a very rough open heart surgery in the past year and is very slowly recovering. So I moved in to be close and help them out. I don't pay rent, but I do the yardwork, and I cook, do dishes, clean the house, help them with grocery shopping, etc.

Honestly, I'm kind of embarrassed when I tell people I live with my dad and grandma, because, well, I'm 22 and unemployed and a lot of people my age are way farther along in their lives then I am. But my family needs me and I'm here to help.

I would love to live on my own and do my own thing, but my family's needs outweigh my wants.

Lefty, you're a right on young man. Stay strong and do what you can. They leave us way to fast and all we have left are the memories.
 

Ace1432

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just turned 22 and im still living with my dad.

its a 50/50 deal though. i pay for my behalf on anything. of course he often refuses and tells me to put my money away or spend it on something i need.
i make about 22k/yr, and with my recent promotion i should be making ~25k this next year. i do plan on moving out on my own, but only when i am fully financially stable.

my family has lived pretty middle class my entire lifetime. sometimes we couldve been classified as upper middle and then sometimes lower-my dads work load varies by season and my mom opted to be a stay at home mom. i remember one year, my dad wasnt able to pay the electric bill all winter.well, the first day of spring[IIRC], i came home from school and our power was off. Dad was rigging up a tiny gasoline powered generator with tears in his eyes. we could only run it until sundown and it only powered 2 TVs.when we wanted to eat we had to unplug everything to run the microwave. i NEVER want to live through that again. that was miserable. it hurt me on many levels, but i know it really hurt my dad. he has told me many times to be wise with my money and learn from all of my mistakes.
 

Strato

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He's got a great big heart chock full of love for his family. You don't see that happening much these days. I was actually proud to see Lefty post that. I don't know him that good but I have new found respect for him just by his statement.
Great Kid he is. Well, young man I mean.:D
 

Shred Astaire

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Why do you guys log on here? :hmm:

And more specifically, why do you click on this thread?

And what in the world possesses you to take the time to post here?

To demonstrate how little you care, right? :laugh2:

Nah its been a while since I got some NeoConMan love and that post didn't take very long to craft. :naughty:

I click on the thread because i'm always interested in the thought behind the subject line. Many times I am surprised that the contents of the thread do not match the subject. I'm a born investigator, what can I say? :)
 

coldsteal2

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I wish you were still up here Cold Steele 2. All of my nearby buddies still live quiet a distance and you's alright with me man.

I miss Oregon, I lived in Ashland the longest, then
Medford, Talent, Phoenix(Ore), Grants Pass, and
Cave Junction near the Oregon Caves. Really loved
it up there.
 

Strato

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I always said if I left the hills of Tennessee I'd move out here. I visited once way back years ago and fell in love with the place. I'm still the brokest SOB on the coast though, but I get treated good and don't see leaving anytime soon.
 

Skintaster

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Let's see. I know a handful of people in their 20s and one in his early 30s that are still living at home with the parents or have returned.

It makes financial sense for all of them, and isn't a case of them being weirdo losers that can't live apart from their parents. In almost every case, they're either saving up money for a specific goal, or or finishing a degree. Most of them also have close relationships with their parents, and contribute to the household.

I think a lot of people just see these situations as a benefit to everyone under the roof.

Me? I didn't really have that choice. I love my parents, but the idea of living with them after high school didn't appeal to me at the time, and they weren't offering. They both are the types of people that were brought up to expect male children to leave the nest at 18. I beat that deadline by a year or so.

If the option to stay a little longer had been available, I might have done a little better for myself, but I was happy for my freedom.

About owning houses... I guess things are different all over the country. Here in Texas, there was a boom and a bust, but it wasn't nearly as destructive as it was in many other parts of the country. People seem to be getting home loans again, and I'm currently shopping for a new place in Austin. LOTS of decent places available, and the mortgages tend to be between $1,100-$1,450 for some pretty nice neighborhoods.

Owning houses has generally been a decent long term investment here, but the idea of a house doubling or tripling in value in a short period of time just doesn't seem likely anymore.

The house I've lived in for 15 years, I bought as an "investment" I could live in, because I got into a neighborhood I knew would become more desirable, and it's value has more than tripled since I bought it. At the peak of the "boom" it had more than quadrupled in value, but I wasn't ready to sell then, despite realizing that the boom wouldn't last.

The guys that want to buy a place, and then sit on it for a couple of years and sell it for a huge profit, are either delusional, or have to get very very lucky.
 

River

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You guys have had a hard time with the property market from what i have seen. I am cautious over here because of that but the property in my town has consistently doubled every 10 to 15 years for as long as i have been alive. I think it is at a stage now that the younger generation find it unaffordable to buy so have no choice but to rent. This is probably a sign that we aren't in for much improvement in the property prices for quite a while. However with the growing population and need for accomodation (supply and demand) There will be small growth. People will just need to improvise by staying home longer to save bigger deposits or having boarders or joint family members living under one roof.

My entire wealth has been made through purchasing my home. Without that decision i would have a pretty small bank account. What i do have in equity would have been spent on rent.
No, it's been very good to me, akshully. But facts is facts.

If your entire wealth is in home equity, I wish you the same good luck I had. You're going to need it.
 

CHUNKYNECK

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No, it's been very good to me, akshully. But facts is facts.

If your entire wealth is in home equity, I wish you the same good luck I had. You're going to need it.


Reading that wealth part back sounds like i'm blowing my own horn lol.:shock: I'm not wealthy. All of my money is tied up in my home and i will be screwed if the property market takes a huge dive. Fingers crossed that doesn't happen. The plus side of that is it's cheap to live here as far as weekly expenses go. Seing as i have had hardly any work for the past 3 years the equity has kept me afloat. At the moment i would loose more money if i sold up, put the equity into the bank and rented. That's what keeps me doing what i'm doing. I couldn't afford to rent over here atm.
 

Engel

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I left home at 18. Enlisted asap. Never looked back. Home is a depressing place for me but I still love it.
 

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