Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
Have you see the millenial hotties?
Granite Jizz 🤗🤓 wrote:
Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
You're clearly not watching enough television.
slowerthanu69 wrote:
Have you see the millenial hotties?
I was about to troll the thread, but this derailed me.
I moved from a $300/mo place into a nice condo when I graduated. You have no idea.
Granite Jizz 🤗🤓 wrote:
Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
I pay $2000/month and have a roommate. Welcome to NYC.
mountain top wrote:
slowerthanu69 wrote:Have you see the millenial hotties?
I was about to troll the thread, but this derailed me.
I moved from a $300/mo place into a nice condo when I graduated. You have no idea.
Please describe the difference
In Silicon Valley it's more like $2,200 for an apt with kitchen and appliances dating from the 70s.
Granite Jizz 🤗🤓 wrote:
Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
Why not do both? I am living alone in a nice rental while also saving to buy.
I think they can see through the home-ownership BS older people latch on to and have realized it isn't that great of investment that everyone thinks it is.
https://www.moneyunder30.com/why-your-house-is-not-an-investment
Good question wrote:
mountain top wrote:I was about to troll the thread, but this derailed me.
I moved from a $300/mo place into a nice condo when I graduated. You have no idea.
Please describe the difference
Well. Since you asked.
$300/mo got me a smelly roommate and deadbeat druggies across the hall who stole from me.
The Condo... my god the Condo... was chock full of hot college girls. Different girls moving in every semester. Mommy & Daddy don't want princess to go to college and suffer, so they put them up nice. I was married by that point so tried to keep my creeping to a minimum. But the number of times I came home and some hottie was standing outside the entrance and had locked her key card upstairs and needed help.... Was saving $6k a year as a single guy really worth it?
Granite Jizz 🤗🤓 wrote:
Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
Because I can't buy within in a few years. Where I live, any decent house is $1,000,000+.
Don't believe me? Look at this tiny piece of junk they're trying to sell for $900,000
http://www.zillow.com/homes/for_sale/Seattle-WA/house,condo,apartment_duplex,mobile,townhouse_type/49127520_zpid/16037_rid/globalrelevanceex_sort/47.679749,-122.319332,47.642289,-122.389026_rect/13_zm/Living with roommates would save maybe $750/month compared to living alone for $1500/month. That would save $9000/yr or 1/100th the price of a starter home. Not incentivizing enough.
Because their parents are going to cover the down payment for their house so what does it matter. If they save it's just less the parents will give.
jamin wrote:
Because I can't buy within in a few years. Where I live, any decent house is $1,000,000+.
Don't believe me? Look at this tiny piece of junk they're trying to sell for $900,000
http://www.zillow.com/homes/for_sale/Seattle-WA/house,condo,apartment_duplex,mobile,townhouse_type/49127520_zpid/16037_rid/globalrelevanceex_sort/47.679749,-122.319332,47.642289,-122.389026_rect/13_zm/
Don't believe the "Make Me Move" prices on Zillow. I'm sure it's more now, but that house sold for $361,000 in May 2012.
jamin wrote:
Granite Jizz 🤗🤓 wrote:Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
Because I can't buy within in a few years. Where I live, any decent house is $1,000,000+.
Don't believe me? Look at this tiny piece of junk they're trying to sell for $900,000
http://www.zillow.com/homes/for_sale/Seattle-WA/house,condo,apartment_duplex,mobile,townhouse_type/49127520_zpid/16037_rid/globalrelevanceex_sort/47.679749,-122.319332,47.642289,-122.389026_rect/13_zm/Living with roommates would save maybe $750/month compared to living alone for $1500/month. That would save $9000/yr or 1/100th the price of a starter home. Not incentivizing enough.
You call that a tiny piece of junk?
You are a tiny piece of junk. You have no idea what a house like that represents to some people.
Granite Jizz 🤗🤓 wrote:
Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
You gotta' live somewhere, brother.
jamin wrote:
Granite Jizz 🤗🤓 wrote:Why would Millennials rather rent a $1500+ studio w granite countertops/super fancy loft than live w roommates 1st &save for a downPMT?
Just doesn't make sense to me. Why not rent with roommates temporarily and buy within a few years?
Because I can't buy within in a few years. Where I live, any decent house is $1,000,000+.
Don't believe me? Look at this tiny piece of junk they're trying to sell for $900,000
http://www.zillow.com/homes/for_sale/Seattle-WA/house,condo,apartment_duplex,mobile,townhouse_type/49127520_zpid/16037_rid/globalrelevanceex_sort/47.679749,-122.319332,47.642289,-122.389026_rect/13_zm/Living with roommates would save maybe $750/month compared to living alone for $1500/month. That would save $9000/yr or 1/100th the price of a starter home. Not incentivizing enough.
It's a bargain compared to where I live.
http://www.zillow.com/homes/for_sale/Palo-Alto-CA/pmf,pf_pt/19497805_zpid/26374_rid/globalrelevanceex_sort/37.508908,-121.915627,37.254653,-122.35508_rect/10_zm/benn wrote:
It's a bargain compared to where I live.
http://www.zillow.com/homes/for_sale/Palo-Alto-CA/pmf,pf_pt/19497805_zpid/26374_rid/globalrelevanceex_sort/37.508908,-121.915627,37.254653,-122.35508_rect/10_zm/
That's a bargain to not have to deal with Seattle!
This article is garbage. Take his example here:
Wrong in almost every way.
Let's get rid of the remodeling costs, b/c that's junk speculation. The sale looks like this:
$100k (appreciation) + *Equity* - $156k (PITI + util.) -$30k (repairs)= -$86k + *Equity*
If you put down 20% ($40k), after 10 years you ought to have about $75k in equity, which puts you in the hole $11k. Doesn't look good, right? But you have to factor in rent's opportunity cost. Ignoring interest, if I keep my $40k and pay $1k/mo in rent and ~$100/mo in utilities, at the end of 10 yrs I'm
$40k - $120k (rent) - $12k (util) = $92k in the hole
Buying the house nets me $81k over renting.
If I could invest my $40k at 8% interest for 10 years, it would be worth $86k. Looks like a wash, but that is also not the whole story.
1) The advantage of ownership vs. renting balloons over time, especially if there is a growing family in the equation
2) Home loan interest and taxes are tax deductible
If we calculated it out, owning a house for 30 years is better by far.
Big junk wrote:
jamin wrote:Because I can't buy within in a few years. Where I live, any decent house is $1,000,000+.
Don't believe me? Look at this tiny piece of junk they're trying to sell for $900,000
http://www.zillow.com/homes/for_sale/Seattle-WA/house,condo,apartment_duplex,mobile,townhouse_type/49127520_zpid/16037_rid/globalrelevanceex_sort/47.679749,-122.319332,47.642289,-122.389026_rect/13_zm/Living with roommates would save maybe $750/month compared to living alone for $1500/month. That would save $9000/yr or 1/100th the price of a starter home. Not incentivizing enough.
You call that a tiny piece of junk?
You are a tiny piece of junk. You have no idea what a house like that represents to some people.
jamin's got rich parents. That's why he's a spoiled good-for-nothing alcoholic brat.
benn wrote:
It's a bargain compared to where I live.
http://www.zillow.com/homes/for_sale/Palo-Alto-CA/pmf,pf_pt/19497805_zpid/26374_rid/globalrelevanceex_sort/37.508908,-121.915627,37.254653,-122.35508_rect/10_zm/
I love how the owner lists the fact that he can walk to the bus stop as one of the great things about the house. Because walking to the bus stop is one of the amazing privileges to look forward to if you're going to be a multi-millionaire.
Think about this: If you found a house around the same area that was $12k/month instead of $13k/month, you could use that extra $1k/month to have a limousine drive you to work every day.
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