3 ms·
I’m in my early 40s, and was in the same boat as you in my early thirties but in a different large American city. First, you can absolutely afford a $2m home,
by jshen 5y ago
I’m in my early 40s, and was in the same boat as you in my early thirties but in a different large American city.
First, you can absolutely afford a $2m home, let’s not pretend otherwise.
Second, I bought at 31, and 10 years later I pay far less for my mortgage than it would cost to rent a similar place AND my hone went up in value despite buying at the peak of the last bubble!
Here’s the advice I’d give, but if you want to live in your are for the next 15 years or more. If you don’t want to be there for the long run then it’s more complicated.
- bradlys 5y agoIf I was married - it would be much simpler. Unfortunately - in all likelihood - I will either never marry or be married around 40. Buying a house to set down some roots when you're single, changing jobs every 1-2 years, and have friends spread apart in a sizable geographical area... well, not the best idea or easiest decision to make. Especially when none of the houses I can afford are the ones I want.
- jshen 5y agoTotally makes sense. I think people are reacting to the idea that someone making that much can’t afford a house.
- garyrichardson 5y agoSo you don't have a family and you want a house? Go find a sweet apartment or townhouse and let the equity build until you've got a family going. That may be a bit judge-y but come on, not everyone can/should live in a detached home. EDIT: I'm assuming that's an option. Does the Bay Area have condos or is that one of the dumb zoning things y'all got going on?
- jshen 5y agoThey have condos and townhouses.
- bradlys 5y agoApartments and townhouses don’t take kindly to woodworking, music, working on sports cars and motorcycles, etc. At least not in the bay. Personally, I’m not ever going back to sharing walls or floors ever again. And for the cost - you really don’t get much for your dollar.
- jshen 5y agoSo you’re very picky, but can totally afford a place where you live.
- bradlys 5y agoI don’t think having a bar where you’d like to not hear your neighbors at 3am anytime they open or close a door is a high bar. But sure - keep moving the goal posts in your mind.
- jshen 5y agoI’ve read all of your comments, you’re being very picky all while you can totally afford to buy a house where you live. You won’t consider a townhouse, want a woodworking shop, a music studio, and a motorcycle shop.
- ryathal 5y agoIt really only takes about 5 years of living in the same place to make buying worth it in the vast majority of cases, and 3 years is roughly the 50/50 point where it makes sense financially to rent because you haven't recouped the costs of buying.