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Yeah 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 an
by skrtskrt 6y ago
Yeah 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.