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"my suggestion: Buy a house when you're in your 20s that is affordable." now folks just need a time machine. simple.
by readhn 9y ago
"my suggestion: Buy a house when you're in your 20s that is affordable."
now folks just need a time machine. simple.
- icedchai 9y agoFolks just need to try and live below their means. This may not be practical for everyone, obviously. I bought a town house condo right before I turned 25, worth roughly 2x my salary at the time. By age 31, I had paid it off entirely: a 15 year mortgage, done 8 years ahead of schedule. Could I have done better if I invested that money? Probably. But I like being debt free. I also invested a ton anyway.
- user5994461 9y agoOf course it's easy to buy when properties are only twice your salary and can be fully paid off in a couple of years. You were just lucky to leave when properties were cheap and interest were high.
- icedchai 9y agoLuck is part of it, but not all. I know people who bought homes at similar times who have refinanced every 3 years and now owe way more than they started with. They don't care about debt. They continue to spend more than they make, year after year, live pay check to pay check despite their high salaries...
- deleted 9y ago[deleted]
- deathanatos 9y agoMy friend bought a townhouse; ~10x my salary. This is part of what the graphic is trying to demonstrate: there is a significant and material difference in trying to purchase a home between your market, and the one I'm in.
- icedchai 9y agoHave you considered moving somewhere more affordable?
- readhn 9y agoif you can find a well paying / interesting job in your field in the area where real estate is "cheap" - go for it! in my field most interesting (!) and well paying jobs are concentrated in major metropolis areas around major university hubs ... where real estate costs are some of the highest in the country.