any mid 20s brahs still renting a place? (feels batman)

[Oz_Dude]

Same bro in your boat, recently moved as well so no savings.
Life is tough I dont even drink (havent all year)
Paying for studies/car/rent and groceries is what kills me
also on $1500aud a week

Everythings dear as **** in Aus what do you do for work thats a pretty decent wage man?

[Kruul]

Why would you want to own a home in your mid 20s? I would much rather be able to pick up and move at any time and not have any financial constraints.

This is also why, i dont care im studying/earning good money. Once i find a place to excel my career/business then i'll buy a place.
until then a house is a liability more than an assett (doesn't make money)

[chrisboudreaux]

Why would you want to own a home in your mid 20s? I would much rather be able to pick up and move at any time and not have any financial constraints.

You do realize that homes can be bought and sold? You may have a mortgage on a house, but you can always sell it, and pay back what you still owe on the house.

[Screwtaped]

22 year old brah here reporting in. Bought a 270k condo in December. Saved money (15k) + 25k job signing bonus (minus damn tax = 13k) + help from parents for down payment on mortgage.

Plan on staying here 3-5 years and selling if market rises, otherwise renting out place for a minimal profit until market is high again.

[SquallFF8]

Live in a nice apartment right now and don't plan on buying a house for at least 5-7 years.

brb not paying property taxes

brb saving money

brb don't have to pay for repairs

[Screwtaped]

Live in a nice apartment right now and don't plan on buying a house for at least 5-7 years.

brb not paying property taxes

brb saving money

brb don't have to pay for repairs

You realize property taxes are tax deductible right? Interest on mortgage payments are tax deductible as well. In fact, you save on monthly cost when buying vs renting, even factoring in association fees, mortgage, property tax, tax return. And to top that, you get your principle payment on each mortgage payment back, so when you factor that in for long term money you really pay 50-80% of what you're paying rent.

Quick math:

$1600 to rent 850 sq ft 1BR downtown Chicago.

I bought a 900 sq ft condo on a higher floor, and I pay $785 mortgage (at this point in the amortization schedule, half is interest, half is principle), $520 association fee, $377 property tax per month = $1682 per month up front cost.

I get a tax return on $377 property tax and $785/2=$392.5 for interest. Add those and you get $770, multiplied by your tax rate (35% for me) and you get about $270 per month for a tax return just for owning a home.

$1682 - $270 = $1412. Then factor in the other $392.50 on the mortgage payment you get back when you sell your place, then the place is relaly $1000/month when looking at long term cost. Now if we really wanted to see value, your $392.50 right now is worth so much more in the future if your home appreciates in value, which it will likely due considering the times we're living in (an economical trough)

That's why people buy. Not to settle down. It's cause its an investment, especially in these times when mortgage interest rates are abysmally low.


The obvious caveat is that you have to have good credit, and you need initial money for dat dere down payment of 20%.

[the_coverick]

You do realize that homes can be bought and sold? You may have a mortgage on a house, but you can always sell it, and pay back what you still owe on the house.

and if nobody wants to buy your house, or you can't sell it for the price you paid initially then you either lose money or have a mortgage for a place you don't live in. I personally don't plan on buying a house until I want to get married(probably very late 20's or early 30's). I would rather have a few roommates around anyways, wouldn't want to live by myself

[NorCalMike]

I live in one of the most overpriced areas of the country. Hardly anyone in their mid-twenties owns a home. If they do, it's in a lesser area. And it's still the exception.

Many people in their mid-twenties can't even afford to rent their own apartment. 1 bedrooms= $1200 or more. Most closer to 2k check Craigslist to see the insanity.

[VaraTrucha]

my friend works as a loser tradie.

mechanic, 80k a year. he just turned 24.

[Kruul]

Everythings dear as **** in Aus what do you do for work thats a pretty decent wage man?

I.T Bro
Thanks, yeah its decent/easy work for a mon-fri 7-4 job.
Currently studying business/pt/massage looking at a way I can start working for myself. I want to get out of I.T
Sacrifice to gain.

[Screwtaped]

and if nobody wants to buy your house, or you can't sell it for the price you paid initially then you either lose money or have a mortgage for a place you don't live in. I personally don't plan on buying a house until I want to get married(probably very late 20's or early 30's). I would rather have a few roommates around anyways, wouldn't want to live by myself

That's something you definitely have to consider and have a contingency plan for, but an investment is never 100% safe. Need to do a crap ton of research on the area you're buying into and the history of the market.

[BR00LSTORYCO]

i dont want to buy a house for a while, bc chances are id have to move in a couple of years and sell it etc. don't be jealous of other people. just because theyre buying houses, doesn't mean they're not struggling to make payments, or planning ways to kill their wives and burn down their office etc.

appreciate how far you've come at least. not everyone has the ability to get into a good phd program and all that. you'll find your place eventually

[peng]

Owning just means renting from the bank anyway. Unless you have a family I don't see why you would give a chit. Just rent and live it up. At the end of the day bro, it's just a fukken place to misc and sleep.

[lucious]

my friend works as a loser tradie.

mechanic, 80k a year. he just turned 24.

Perhaps I was a bit harsh, tradies can earn some decent money above the average, for sure.


But I just couldn't live with having a profession that you describe with vernacular like that- "Hey I just landed a gig as a post-doc-ie!!!" feels cheap brah.

Tradies arent the brightest bulbs in the house either, lets admit it. The'yre usually the ones who always in bar brawls and I've never known one who did anything apart from go to work, go out drinking and talk about fights/gangas/cars etc.

[BR00LSTORYCO]

I just haven't been convinced of the benefits of buying yet. Not that I don't plan to, I just don't see a massive rush. I've seen quality arguments for both sides

hey ******* im bartending tomorrow night come visit!

[lucious]

Owning just means renting from the bank anyway. Unless you have a family I don't see why you would give a chit. Just rent and live it up. At the end of the day bro, it's just a fukken place to misc and sleep.

I thought you were dead

[inb4you]

I think that paying off your first house is the biggest material stress in your life. So why not start as early as possible. Once you have a house paid for with a steady income you are cruising. I am a firm believer that you should only ever have one mortgage in your life. If you want to step up to a nicer house you should come up with the difference before moving.

I don't understand all you guy's itt. Owning a house outright is hugggggge. I hope to have a 20% downpayment by 23.

[Rickyscivic]

Renting moms basement/10

[F23]

In NYC, Boston, or California, a lot of people rent their whole lives. It just isn't possible for everyone to own a house when the starting price is over $500k.

I'll be renting for one more year probably, and then I might buy, we'll see.

It's always better to buy if you can, though. The equity you have on the house basically makes it like you're renting for free.

[lolgreg]

I know tons of people who got married and bought a house at 21-22, already paying off mortgages.

i kinda feel like a loser for renting still.

lol@being jealous of that.

that is super depressing.

[NorCalMike]

In NYC, Boston, or California, a lot of people rent their whole lives. It just isn't possible for everyone to own a house when the starting price is over $500k.

I'll be renting for one more year probably, and then I might buy, we'll see.

It's always better to buy if you can, though. The equity you have on the house basically makes it like you're renting for free.

Yeah theres places that if you buy a house, your monthly mortgage is less then what you'd pay to rent. In that case, it's a solid investment. But there's a lot of big costs/repairs/maintenance with owning a home. In many cases at least.

[liftheavy211]

the fuk you mean "loser trade jobs" if it wasnt for those blue collar workers this country would fall apart srs. Get off your high horse *******.

[lucious]

the fuk you mean "loser trade jobs" if it wasnt for those blue collar workers this country would fall apart srs. Get off your high horse *******.

i hear rustling again.

I studied hard bro, I earned this place on the high horse.

[F23]

the fuk you mean "loser trade jobs" if it wasnt for those blue collar workers this country would fall apart srs. Get off your high horse *******.

[PushTheWeak]

i still rent..i actually just signed a 15 month lease on a 3 story townhouse.

just waiting to build a house.

[Nutcase]

I have a B.sc Hons, but theres chit all jobs for just an undergrad in my industry, so need to go back for a Phd.

Unfortunately that means I cant work full-time and save up for a deposit on a house, need to rent and live near the poverty line on a stipend. Other kunts are getting married and buying houses at my age (24) and I'm still renting a place. Granted, none of them have Phd's and work loser tradie jobs or cubicle hellholes, but stilll...............

Lolled @ loser tradie jobs

Strong stuck up ******* with no job and no house and no bish calling other people losers because they decided to do a different job than him.

Enjoy being a broke loser

How ironic that you have "Enemy of ignorance" below your user name.

[JaxBrah]

Op you need to relax. Buying a house in your 20s is fuking retarded. Such a huge unneccesary stress at that age when you should be out living. Rent, move around freely, and save some.

Why restrain yourself to a single house for the next decade struggling to pay off a morgage that you are getting ripped off on?

Friend of mine at work bought a house in his twenties and eventually had to give up the house and file bankrupcy. These days buying a house is a massive gamble.

And another thing, im always amazed at how 90% of the misc either have phds or are pursuing phds. Either this is a haven for geniuses or for insecure *******s who feel the need to bs on the internet to make themselves feel slightly better

[NorCalMike]

Op you need to relax. Buying a house in your 20s is fuking retarded. Such a huge unneccesary stress at that age when you should be out living. Rent, move around freely, and save some.

Why restrain yourself to a single house for the next decade struggling to pay off a morgage that you are getting ripped off on?

Friend of mine at work bought a house in his twenties and eventually had to give up the house and file bankrupcy. These days buying a house is a massive gamble.

And another thing, im always amazed at how 90% of the misc either have phds or are pursuing phds. Either this is a haven for geniuses or for insecure *******s who feel the need to bs on the internet to make themselves feel slightly better

Nope. Everyone is making 10k a day while a full-time student pursuing a PHD

[Grug]

Whats your business

That sounds like a cool idea Grug. Curious what you do?

Staying classy, as always

I run a Creative Services Company, so film/video/photography/advertising copy, creative production primarily (though I'm trying to push into more long-form work, TV shows and the like).

It just doesn't make sense to me spending your efforts saving a dollar in everything you do, rather than focussing that same effort (and money) on generating more work, and increasing the scope of and capacity of the sort of work you can do - a couple of extra days work in a year will generate far more income than investments in shares and the like are likely to do - so that's were I put my money, back into the business that makes me money.

[JaxBrah]

Lolled @ loser tradie jobs

Strong stuck up ******* with no job and no house and no bish calling other people losers because they decided to do a different job than him.

Enjoy being a broke loser

Also this. Its usually the tradies who go off and open their own businesses/do something they love and arent hustling every single day to stay in the rat race.