Home buying VS renting

Money Management
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I am in my early fifties and as I was growing up measure of whether you were successful or not with whether you (and a spouse of necessary) owned a home

Those days are gone I’m afraid as the wealth gap, the lending crisis(Ty banks?), and other (ahem!) weird happenings in our country have bred a climate of instability, distrust and separation. Students are going to school and getting master’s degrees and ending up back in their parents basements because there are no jobs for them.

As these same students will struggle to pay their student loans off by the time they are in their late 60s, the banks are doing just fine thanks to their bailout.

So no it is not a priority to buy a house anymore. It is instead a priority just to keep a roof over your head, own a car that was built in the last decade, and make those minimum payments on those student loans (which by the way doesn’t touch the principal of the loan.

My dream was always to own a home where no one can come and knock on my door and tell me I had to leave by such and such a date. Not only will that not happen for me but even if it did the Foreclosure people, who would rather make $0 on a house and board it up, than make $150 a month and let a family stay there that had been paying on that home for over 30 years… It was the lenders and the banks who caused this problem and they were bailed out by the government in a record making deal to end all deals. What have these institutions done to pay this forward? Foreclosed on good long term customers… and all because they were stupid enough to make loans to people they knew could not ever be successful in paying back. But hey it was a way for the banks to make a little money right? People and their lives nothing but collateral damage in this money war.

WHEN IS IT ENOUGH? CAN THERE EVER BE ENOUGH?

Briefly I will say I recommend renting over owning a home simply because for most people it’s the only option. Homeownership and also be expensive when it comes to you repair especially with plumbing, electrical, Heating and Cooling… Let the owner pay those bills… BECAUSE.I CERTAINLY can’t afford to have one thing go wrong in a house and fix it correctly.

Americans are greedy spoiled selfish and they honestly do not know when enough is enough. The sad thing is it seems to be it is never enough

South Korea got covid-19 the same day we did and they have eradicated the disease.

WE HAVEN’T BECAUSE WE ARE SO CONCERNED WITH MAKING MONEY AND THE ECONOMY THAT HUMAN LIVES DONT MATTER ANYMORE… at least not as much as money.

What a sad time we live in and OH what a price our CHILDREN WILL PAY ???.

2 Likes
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Anyone can buy a house. The reason many can’t or don’t buy is two-fold - no down payment, and home prices are too high. Lack of down payment is just a failure to save. Most people don’t save. They don’t live BELOW their means. Instead, I see people spending all their money on stuff. A new car every two years, an expensive vcacation, designer label clothes, and the list goes on.

To save for a downpayment, one needs to set a savings target and implement a plan to reach that goal. If a $15000 down payment is needed, then saving $250 a month will achieve that goal in five years. Set a goal, make a plan, then execute the plan. In this day of instant gratification, no one seems to have the patience or persistance to stick with a long-term savings plan.

If home prices are too high, then maybe the bar is set too high. When I bought my first house, it was called a starter home. It was not the house my parents had when I left home after high school. That home cost $35000 with a monthly loan payment around $400 a month and I did that on a $1500 mtonthly take home pay. People who are finding home prices too expensive are, perhaps, setting their sights too high

1 Like
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I want my own home. I also know how to fix alot of things that can happen. Unlike now I have a landlord that fixes nothing. It’s annoying because it’s stuff I know how to do,but I refuse to spend the time. I just wsnt to move.

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