I've been at my current job for over a year now and it's got solid pay ~$60k/yr. I've still been bumming it at my parents with the goal moving out by buying my own place - likely with a friend who'd pay me rent.
However, with the housing market as it is with 8% interest rates and low supply it seems I'm stuck kicking back with my parents again.
At the same time, I feel like I'm stunting my development as I'd held off any serious relationships until I have my own place.
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 could be saving for an actual house.
ATM I'm thinking of bitting the bullet for inflated interest rates as I'm in a good place financially (I have zero debt) but it does make me concerned that the “you will own nothing” seems less and less like a conspiracy theory for the Zoomer generation.
Is this r-slurred? What is the best move here?
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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.
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You're only the second comment to support renting.
If you read my response to the other one I think that explains my feelings on the idea of renting ATM - tl;dr, I don't really need/want flexibility and while the independence thing is important I think I can re-asses that as it's not as dire as I was initially feeling.
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Sure, you shouldn't feel obligated to move out if you're making a fair contribution to the household. In ye olde days, people often didn't move out until they got married.
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