someone good at economy, what are zoomers supposed to do.

You have no COL lmao you can just save for a year and you have a down payment on a very nice house in this area

Don't buy a house unless you can put down at least 20%. If you don't meet that minimum, you get less favorable terms.

The interest rate isn't too big a deal in the long run because you can refinance once interest rates drop again. There are overhead costs associated with that, as well as a lot of time and effortz but it's doable.

Getting a roommate to help pay it down is not a bad idea, but be aware that if you get a shitty roommate it is very difficult to evict early. A lawyer recommended to me doing six month leases. That is the lowest term that you can reasonably go without the courts effectively considering it a month to month lease.

Wait one year and save up another increment of a down payment and see where the market goes.

However, while owning a house builds equity, you're going to own it for more of a long term situation. You're going to need to consider WHERE you buy it in relation to distance to work. Not just your work, but also where a future relationship would work. If you're planning to have kids, high school ratings will immediately remove 1/2 to 3/4 of houses where you're looking.

Plus, foids love the idea of picking out a house together, but that's more of a marriage situation. If yorue going to be a bachelor who owns his own place and has an eventual gf move in, I didn't go in that route so I don't have the best advice in that direction.

Take the Tedpill and move to ruralcel area

Depending on state 60k should still qualify u for 502 loan

https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans

4.25% interest rate, 0% down and no PMI required

Start OF

America is fricked man I mean interest here is bad too but I can get my own place in the huzzle starting at 80k

Depending on where you live you could get a USDA single family direct loan like I did, interest rate at 4% and nothing down. If you live somewhere with more then 30k people it probably won't work though.

Tbh buying a first house with these interest rates wouldn't be ideal. You could get an adjustable rate mortgage with a plan to refinance to a (hopefully) lower fixed rate in a few years but that has some risks. Savemaxxing at home kinda sucks too if you want to be social but it's either that or get an apartment.

The idea that you're "lighting money on fire" by renting is a boomer meme. That's like saying you light money on fire by paying property taxes, paying interest on a mortgage loan or performing maintenance on the house. Buying a house has an element of both consumption and investment, but you can rent and invest in something else. So why do you feel that renting and using the money you save by investing in something else is a worse idea than buying land?

There's more risk to investing in land than a diverse portfolio, and more costs like property tax or expenses of selling. Especially if you'd be depending on a tenant for the house to be affordable, renting a cheap place is probably a more straightforward option. The rental and purchase markets aren't the same, so in some areas there can be a clear winner, but you have to actually make the comparison. The New York Times calculator walks you through different factors and assumptions to consider.

In Ireland you need proven residency in counties in order to buy property here. The county I was looking at wanted 10 YEARS of residency within 10km of the plot to apply for planning permission and purchase of land. I literally can't move to the countryside without paying rent for years just to apply.

Totally not seething blogpost here:

https://rdrama.net/h/random/post/197532/blogpost-marsey-irish-nonsense-marseyflagireland-i

Renting doesn't seem ideal unless my parents kick me out (unlikely, we all get along and I pull my weight) as I just see it as lighting money on fire

I know we meme about it here and other parts of the internet but this is seriously an r-slured way to view renting.

If you own your own home you'll need to pay property taxes, usually more bills (around here water for example is nearly always covered by the landlord), and interest payments on the mortgage, which for a 30-year mortgage is gonna start at somewhere between 2/3rds and 3/4 of your monthly mortgage payment. All that money is being "burned" just as rent would be, the only money that isn't is the principal portion of your mortgage payment, which isn't gonna be high in a 30-year mortgage at the start anyways.

The difference (since landlords aren't in the business of losing money) is what you pay for the flexibility of being able to move at will, without having to pay insanely high transaction costs (total transaction cost of a home is as much as 10% including origination fees on loans, agent fees, etc., across both buy and sell sides), plus without the capital outlay needed to purchase a home (down payment).

So stop being r-slurred and just rent a place. You'll gain an understanding of what it's like to live on your own and take care of yourself - actually take care of yourself, not what you're doing now.

As a side note, stepping away from the financial aspects, there's a huge amount of independence that comes from not living with your parents. None of my friends who have moved into their own homes/apartments have ever complained, the response is universally "darn why did I wait so long?", especially if you want to start dating.

see https://rdrama.net/h/peakpoors/post/199620/someone-good-at-economy-what-are/4865887

20% down is important, less than that you'll get a higher interest rate + PMI fees. A good lender will analyze different scenarios and they'll tell you what the difference is in your monthly payment. You can calculate it yourself too if you know how to do it.

What really matters on affording a mortgage is what % of your income it comprises. If the payment fits your budget, don't worry about 8% interest. A house is a long term thing and you'll most likely see interest rates drop eventually. Rule of thumb on refinancing is that a 1% drop in interest rates usually pays for itself over the lifetime of the loan (but do the math to get an exact answer first, it depends on the rate, principal, and term remaining). At 8% you can reasonably hope to see drops of 2% or more in the future if you are patient enough.

Don't rely on a roommate, be prepared to pay the mortgage on your own. A roommate isn't a bad idea if you want to use the rent money to pay down extra mortgage principal or improve the house, but that income shouldn't be taken as a given. Also beware bad tenants and be prepared to deal with local laws wrt rental contracts.

Check your credit score and optimize it if you can.

If you're not doing it already, stuff your savings into a money market fund, most of them are earning 5% interest now.

Make sure you have a cash buffer left over to fix anything that might be broken or will break in the first couple months of owning the house.

Take your time. You can afford to wait and save more money. You're already saving an unbelievable amount of opportunity cost by not paying rent + utilities.

Aren't you saving? Even with the interest rate hikes the fact that you're bumming off your parents (sensible) should be enough to put you over any down payment minimum within 2 or 3 years easy, especially at 60000.

Don't cuck yourself for other people. Save money, invest, advance the career. It's far better to be a 30 year old who spent their 20s living simply with a quarter mil in the bank than be the 30 year old who did the "cool" stuff but can't rub 2 nickels together. Ignore the haters with big loans and build the finances and habits that will let you be comfortable and healthy in the future

I didnt move out until i was like 26??

Stay at home, it's not the same stigma as it was before imo