Are single guys in their 30s supposed to own a home?

hautabomb wrote:

I don't really feel like giving some rich guy rent money anymore - would rather just pay the banks.

LOL

Basically it's only worth it to buy a house for *yourself* if:

1. You're gonna get a roommate who pays rent.

2. You're gonna hold onto it for at least 10 years.

3. You value having your own own place a lot.

Otherwise the closing fees are gonna cut any gains out.

You need to be confident that you'll stay in one place for a few years. The more housing values are climbing in your area, the shorter the minimum time is.

The mistake people make when they think of housing as an investment is that they buy much more house than they would rent. Basically, housing in most markets appreciates very slowly. Its performance as an investment looks better than it really is because you don't see how much it costs to maintain. (The land appreciates, the building actually depreciates, which is why you have to keep sinking money into it.) What makes housing a good investment isn't that its value climbs; it's that it pays an incredibly valuable dividend--a place to live. Renting a condo that's comparable to your apartment can be a great investment. Also, depending on your association's rules, you can mitigate the risk of having to relocate by renting your property as a backup plan. Being a landlord in a large, managed condo building is pretty easy because most things are taken care of.

Admittedly, one of the reasons people buy bigger than they rent is because they're buying for the long term. An apartment that works for a couple isn't going to work for a family of five. The mistake is buying for the long term too far in advance. If you're not going to have kids for a few years, then there's no reason to start paying a $5k mortgage instead of continuing to pay $2.5k in rent for a place that's working just fine.

You don't need to own a house. I've spent my whole life, and I'm a lot older than 30, not owning a house.

hautabomb wrote:

Rust belt city make about 90k give or take.

- would rather just pay the banks.

But I also like how renting is a smaller commitment.

The previous 3 posts are all great and accurate.

You don't make enough money to be serious about owning a home, unless you are settled in.

About 98% of those women physically capable have at least one child.

Owning a home was a signal to a woman that the man was father material.

You're not supposed to be single in your 30s.

short or long term wrote:

hautabomb wrote:

Rust belt city make about 90k give or take.

- would rather just pay the banks.

But I also like how renting is a smaller commitment.

The previous 3 posts are all great and accurate.

You don't make enough money to be serious about owning a home, unless you are settled in.

About 98% of those women physically capable have at least one child.

Owning a home was a signal to a woman that the man was father material.

I'm not sure I follow your logic on this...how is 90k a year not enough to be serious about owning a home? That salary, while low by LRC standards, is well above the median household income in the USA.

No one is “supposed” to do anything.

Do you want to own a home? And do you want to get married?

If you want to get married, I would advise against buying a home now. I promise you, your wife will want something different than what you buy, so you’ll be selling it shortly, probably at a loss when realtor fees/closing costs are all said and done, if you marry.

If you don’t want to get married and want to buy a home, pick one you like and maybe rent a room to a roommate and you’ll be in a great financial spot.

No, because ownership of real estate demonstrates that you buy in to the evils of capitalism, the rights protected by the U.S. Constitution, and the subjugation of those less fortunate (or less motivated?) than you. You should seek government housing to increase you social credit and avoid any owner or tenant commitments.

No, just do what you want, your are old enough to decide for yourself.

There is no right or wrong to buy a house. Depending where you live and what your life situation is, you can be much happier in a rented place.

People always forget about maintenance costs and time to upkeep their house. Like leave and snow removal. I was happy to rent through my 30ies. Now I am happy to rake leaves in my own house in my 50ies.

Just my 2 cents.

Yes exactly, no one is supposed to do anything ,they can live how they want. Society tries to pressure people and part of it is to drag them into their misery of being a sheep with a boring life, unfulfilling life. It is actually impressive for one person to get a house and it means they probably don't need the help to pay it off (or buy it outright).

Yes.

But first you’ll need a 150k salary and a supermodel wife and sub-14 5k.

In England the difference are clear. House of Lords (land lords) or House of Commons (peasant who leases land from royalty.

You are going to buy a house eventually, hopefully. Buy now. Do you want a landlord raising your rent by 5% every year even though cost of living goes up by less than 2% annually? Buy a house and get out of there.

A landlord does Health & Welfare Inspections. A landlord tells you to be quiet. A landlord tells you how many people you can or cannot have. A landlord tells you how many pets you may have. Stop being a peasant. Buy a home.

800 dude wrote: there's no reason to start paying a $5k mortgage instead of continuing to pay $2.5k in rent for a place that's working just fine.

Maybe don’t buy a house with a $5k mortgage?

Single Guy in the 30s wrote:

Yes.

But first you’ll need a 150k salary and a supermodel wife and sub-14 5k.

Aren't you $100K short on that salary? Speaking of such, isn't it time to reevaluate the salary and 5k time and update to 2021 figures?

trudy from djibouti wrote:

800 dude wrote: there's no reason to start paying a $5k mortgage instead of continuing to pay $2.5k in rent for a place that's working just fine.

Maybe don’t buy a house with a $5k mortgage?

^This

$90k/year in the rust belt generally goes a long way.

OP, I bought a house as a single guy in my mid 20s making less than you (even inflation adjusted). It was small (768 finished sq ft, another 400 semi-finished walkout basement). I lived there for 3 glorious years and had an awesome time. When we moved out (it had become “we”, with future Mrs) , rented it out another 5 years.

But the best answer was already given, you’re over 30, do whatever you want! :-)

"supposed to"?!?

WTF?

Buy the house, rates are low, you would be stupid not to, regardless of what the future holds.

Marriage.. it's your separate property. If spouse don't like it, rent it, don't sell it.

Markets.. the land will always have value or use. When gopro stock went to $2, I didn't have jack. And market returns.vs property tax is a bunk argument. Anyone that has a moderate amount of money, has a house. Period.

Speaking of land, try not get a condo property. It's not the end of the world if you do. A condo on a hot location could be ideal. 15yrs ago, My sister bought a condo for 90k in a college town. Rented it.. paid off in 6 years. Then it became a cash cow.

I just like to pop in to these threads to counter the "experts" who tell you not to buy because then you have to pay for maintenance/taxes/interest and the like.

YOU ALWAYS PAY FOR THOSE THINGS, EVEN WHEN RENTING.

Do you think your landlord just pays for all of those out of the goodness of their heart? No, they take it out of the rent you pay, and still get enough money out of you to make a profit. If they don't they won't be landlords long, and you will be kicked out when they are foreclosed upon.

There are good reasons to buy (best for long term) or rent (best for short term), but "avoiding" these expenses is not one of them.