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To be fair, rent in SF is basically a mortgage payment in SF, when you compare apples to apples. It's accumulating the down payment and a buffer that's hard.
by scarmig 6y ago
To be fair, rent in SF is basically a mortgage payment in SF, when you compare apples to apples. It's accumulating the down payment and a buffer that's hard.
- skrtskrt 6y agoYeah this is tough everywhere. In Chicago I could easily be paying for mortgage on decent house for what I'm paying in rent. It's just that I'm in my mid-20s and only really been making decent money for a year. It's going to take years to build up the down payment, meanwhile rent money is just flying out the window into someone else's pocket every month. I could save a lot more by just not doing any retirement saving, but that doesn't seem like a good trade off, considering the money I put in now is going to have the most time to compound.
- dclusin 6y agoI didn't start contributing to 401k, equity accounts, and such until now (my mid 30s). I'm not in a crisis, my life isn't terrible, and its definitely still fixable with minor changes. But the feeling of falling behind peers savings/housing wise is definitely palpable. You're making a very safe and reasonable choice. You can always start a business or take more financial risk down the line too if you want, and you'll have the benefit of savings as a cushion.
- diogenescynic 6y agoSure, but for what I'm paying in rent now I could buy a place in two other cities and have a summer and winter home or rent one out... There are way more options if you don't have to work from an office.