NT Do You Own a Home or Rent? (Your age? Location?)

[lazyj10]

SF's prices are crazy and probably not sustainable long term (i.e. there will be an eventual correction).

The amount of cranes in the area around market/SOMA is crazy, so hopefully when new inventory into play stuff starts to even out. However, while prices may stabilize it's not looking good for the middle class.

Anyway - though I'd love to live in the City for a bunch of reasons - we own in the east bay.

Age: 31
Own a house
East Bay, CA
Married. I'm in accounting, wife has own business.

We got a good deal back in late 2010 and put in a ton of work. Even factoring in a bubble correct in price, we still have a nice cushion of equity (50%).

 

[al audi]

San Fran is no joke. Seems you need 500k plus to live the NT lifestyle out there.

 

[lazyj10]

Inventory is a huge part, coupled with people want to obviously be in the more desirable places.

No point in living in SF if getting to your job is still going to take 45-55mins.

Realtors/brokers are listing and stuff is going multi-offer and over asking by 25% in a lot of instances, but the crazy part of now versus before is this isn't debt fueled. The tech industry may be a bubble, but there's still an influx of actual cash due to recent IPO's and expiration of lock-ups.

Renters are seeing the same thing, huge line to see an apartment, then due to demand they can get over asking and someone to pay a year in advance ON THE SPOT.

 

[polo sport nyc]

When you're buying a property, do A LOT of research first.

1. Check the neighborhood comps.

2. Look at the statistics as far as crime.

3. If you REALLY want to see a return on your investment, look at the neighborhood schools. If they are good-to-great, that's a HUGE bonus.

not really in nyc...

look for the hood that'll be popping in 10-15 years and wait them out...

example : bedstuy

as far as schools in nyc, theres trains and buses so it dont matter where you live, you can MTA it to the good school...

 

[heliumclinton]

Own a home Columbia SC, rent in NYC

 

[bravelude]

once u rent, u are never gonna be able to save for downpayment, math makes no sense to me. unless u help by folks, narry or split rent to save

 

[Fong$tarr]

once u rent, u are never gonna be able to save for downpayment, math makes no sense to me. unless u help by folks, narry or split rent to save

It really depends on your job and other outside investments. My coworker did it with his now wife. They both make good money and their rent at the time was like $1800. they had no car note or outstanding debt which helps a lot. Their total income as a couple was like $240K and the managed to save for a down.

 

[usabasketball08]

How many of y'all actually put down 20% to avoid PMI?

 

[Chopper]

once u rent, u are never gonna be able to save for downpayment, math makes no sense to me. unless u help by folks, narry or split rent to save

Incorrect. I've been renting and living solo for 8 years now and have a fat down payment for when I'm ready to buy. I personally enjoy the freedom that renting has given me, cause I'm not certain where I'm gonna end up. I've made a conscious effort not to be "rent poor" though so I could stack bread. 

 

[lazyj10]

It can certainly be harder to do in places like SF, NY, LA, etc...

I mean if you're rent is taking up a large portion of your after tax take home, then certainly getting to 20% is going to take longer than areas where rent is closer to 30% or lower of your take home.

 

[bravelude]

Incorrect. I've been renting and living solo for 8 years now and have a fat down payment for when I'm ready to buy. I personally enjoy the freedom that renting has given me, cause I'm not certain where I'm gonna end up. I've made a conscious effort not to be "rent poor" though so I could stack bread. 

sure, of course there are those outliers, but u know exactly what i‘m trynna say. but are u saying, u move state to state every few years or whatever?

 

[bravelude]

It can certainly be harder to do in places like SF, NY, LA, etc...

I mean if you're rent is taking up a large portion of your after tax take home, then certainly getting to 20% is going to take longer than areas where rent is closer to 30% or lower of your take home.

dont forget thr NT lyfestyle. the egos online just insane,.sometimes. but i just throwing it out there. math doesnt lie, but let people talk.

 

[Chopper]

Incorrect. I've been renting and living solo for 8 years now and have a fat down payment for when I'm ready to buy. I personally enjoy the freedom that renting has given me, cause I'm not certain where I'm gonna end up. I've made a conscious effort not to be "rent poor" though so I could stack bread. 

sure, of course there are those outliers, but u know exactly what i‘m trynna say. but are u saying, u move state to state every few years or whatever?

I've actually been in the same city since I graduated 8 years ago, so hindsight 20/20, I would have bought a few years ago. At this point though, I'd just rather have the cash than buy a house in case a good business opportunity comes around. Plus, I'm at a point now where I don't think I'll be in this city for more than a couple more years max. 

Now, if I find a good rental property opportunity I'll drop my coin on it for sure. 

 

[usabasketball08]

I think my problem when it comes time to buy, is seeing that large savings amount and not wanting to give up a significant portion of it all at once.

 

[bravelude]

not debt fueled? huh everything is fueled by debt. u could say that practices now are more ‘clean‘ and within tighter under writing standards.
i get what u saying though.

it comes down to the common sense supply n demand.

i will look for a house when i marry or have kids, but thats far away. own a condo now, locked in at 3.75. cant deny it, along with waived fees.for a conventional loan. not easy! its not just the rent or mtge payment. its being on ur own.

insurance, gas, bills, etc etc. some ducktales by some that dont make sense though.

it took me 3-4 years of sacrifice, as I always knew I would be better buying. i had finished paying off my second hand car before i started to save for a home. it feels good cuz the asset has appreciated, u have tax benefits per say, and most of all, shelter and freedom. u cant put a tag on that accomplishment.

gonna buy a house no doubt, but movs in small syeps.

 

[kushdrygoods]

Expecting to close on my first home on the 29th of this month, up until now, contributed to my household to live in my parents basement, can't really call that rent

Soon to own
29
From NYC - Moving to Teaneck,NJ

 

[a55a5in11]

Rent
22
North lake Washington
Want to move but the house I'm renting out I'm paying less than half of what it should. So I'm in zero rush

 

[stillin729]

I rent; I have no interest in buying a house until I get married

I live in Conshohocken, PA which is becoming the "it" town to live in outside Philly. My rent is $900 a month which is a steal for a 1 bedroom/1 bathroom but I am moving back into the city in Oct/Nov and I am ready to be bent over for $1500+ a month.

 

[1criollo]

Just started my new job and unfortunately am still living at home which I guess is acceptable a year out of college. I'm dying to move out tho, but I want a solid down payment plus I might be switching jobs next year. Sad part is that I would take 70% pay cut for 6 months if I do switch, but would be making $10k more than what I am making now after that time is done.

23.
Living at home.
MA.

 

[yung16]

How many of y'all actually put down 20% to avoid PMI?

Got that good ol VA loan. Also guys remember to check with your state, city, county, and just online for different grants that you may be able to receive. Don't automatically think you need to have down payment funds on hand. Also, there are other loans out there with no pmi (little bit higher interest rate) that only require 3% down. I don't know where everyone is getting this 20% figure but the days of that are long gone. It's a lot easier to own nowadays. Have equity is great as well but for a starter home you may only have for 5 years(average time people stay in starters) think about different loan programs and how they fit for you. I'm gonna post some stats here in a few about homes sales and things. Sorry guys I can talk about this stuff all day lol.

 

[southernhospita]

want to save up for the next three years for a good down payment on a 2 bedroom condo 

in north dallas(far north of dallas nicer area)

having a house has no appeal to me but on the real I dont want to be 50 talking about I have to pay my rent

have no future plans on having kids (dont want any)

so Im figuring this is a good option for me

have been looking into the idea 9helps keep me motivated for my goal)

and I seen some condos that i really like that is asking for 20,000 down  ( I have no doubt I can make a lower down payment)

the market is somewhat good down here in Dallas (they even have programs that help people that make under 40,000 a year get into a home)

even been speaking with my coworker that has a four bedroom 3 1/2 bathroom and two living room two story home about it

she said she put down 16,000 from her 401 k when she worked at walmart (yes walmart ) on her 100,000+ home 

 

[lazyj10]

not debt fueled? huh everything is fueled by debt. u could say that practices now are more ‘clean‘ and within tighter under writing standards.
i get what u saying though.

it comes down to the common sense supply n demand.

i will look for a house when i marry or have kids, but thats far away. own a condo now, locked in at 3.75. cant deny it, along with waived fees.for a conventional loan. not easy! its not just the rent or mtge payment. its being on ur own.

insurance, gas, bills, etc etc. some ducktales by some that dont make sense though.

it took me 3-4 years of sacrifice, as I always knew I would be better buying. i had finished paying off my second hand car before i started to save for a home. it feels good cuz the asset has appreciated, u have tax benefits per say, and most of all, shelter and freedom. u cant put a tag on that accomplishment.

gonna buy a house no doubt, but movs in small syeps.

I was talking exclusively about the Bay Area. Homes/condos are being bought by cash. Cash offers on the day places list. And lots of those coming in over asking. If you arent a cash buyer than you have to still have a high down payment to be considered.

This is the opposite of 2007.

 

[bravelude]

I was talking exclusively about the Bay Area. Homes/condos are being bought by cash. Cash offers on the day places list. And lots of those coming in over asking. If you arent a cash buyer than you have to still have a high down payment to be considered.

This is the opposite of 2007.

ya, ok. i respect. but thats another topic. u in acctg, u understand it better than most. everyone refing in recent, and new bids are loans, loans fuel all.economy.

truth is, money flowing.into real estate cuz turmoil and.govt debt,

 

[dipsetgeneral]

25 years. Live with the rents.

I can afford to move out now, though. I should start looking.

 

[AZwildcats]

OP...Which part in AZ where you at? I've been in s phx/laveen for nearly 8yrs renting. Had a chance to buy back in 09 but didn't pull trigger. Kinda regret it..

You should have bought between 08 and 2012. Prices down here in Tucson were at rock bottom during that housing market crash. The house we live in now was bought in 2002 and is now worth about half of what we bought it for. My parents were considering moving but the loss in value made selling this house impossible. I know the PHX area went through the same thing