Originally Posted by
DryClutch
Just curious, you think it's not a realistic option because of the current real estate market? Which I completely understand, i've got a buddy at an ACMI, 76 CA who can't afford to get into a home in ATL. We built our house new 11 years ago for $500K'ish, it would now sell for $1.3M on our street. And it's nothing insane, relatively standard 4/3 around 3,000 sq ft on a 1/3 of an acre. And people are still buying these places 2 days after going on the market, for over asking. Young couples too, I don't know where they get this money from.
Yes, mostly this. For me it's cheaper to rent currently.. significantly. Now long term (10+ years), it's hard to tell, but I also don't want to commit to a house for 10 years right now. The key is that if you are renting, you need to be investing your savings. Long term real estate is a good investment and the cheap leverage the common man can get with low rate mortgages does amplify it, but it's not all rainbows like some people who push the "American dream" like to insinuate.
My dad used to tell me "I wish I bought a house sooner.. it was the best investment I ever made." And I would say "yeah, but it's the ONLY investment you ever made (he had a pension)."