seriously. for someone calling it a “math problem,” they sure forgot a term in their formula

 

You need $553,000 to be in the top 5% of earners in NYC. $470,000 to be top 5% in Florida. $487,000 in Georgia

you need at least $300,000 to be top 5% of earners in the USA now.

 

A single family home in most states is $700-$800K now a days.. $800K home is basic how. You old timers are out of touch with what the real world is like now. And I’m talking about ATL area, which is relatively low cost of living. You can get a condo or town home for $400K - $500K+ in most places that are good areas

you need $1mm to get a single family home in Northern VA.

 

Why does everyone need a big ass house with a backyard and 4 bedrooms? Townhouses are the perfect size imho.

 

Not buying the narrative. I’m not old timer, I’m 36 and can find decent size homes in ATL for 600ish. To be more specific PTC.

The issue is that people want house, 2 new cars, living large and having vacations. I’m all up for higher interest rates, people need to let go of THINGS…

We need to stop making us seem as we have money and actually use the money to create wealth. Get rid of social media and start living life.

 

a 4 bedroom house isn’t big lol.. imagine if you have more than 2 kids? And someone working from home.. I don’t know anyone that prefers to share walls or walking out on their deck and being able to shake hands with their neighbor. America has a huge housing shortage. You can go to Japan or Italy and buy a house for $1

 

Three dogs. Dirtbikes. Not wanting to hear every time the neighbors fight, watch a movie, or smell what they are cooking.

I grew up living in literally a closet under the stairs. And spent over a decade either on a boat or in barracks/clu/chu.

Never again.

 

high interest rates were fine when a home cost $250 - $400k for a home, not $600K + just to get started

If I had kids, PTC would be a good place for me. Being young and single, not so much.

 

So, you’re young, single and looking for a 800k home. Got it…

 

It is a math problem. There are certainly times it's better to rent than buy, especially when you consider many don't stay in home for more than 10-15 years. What many people fail to factor in is the true interest rate of your loan if you don't hold it for the full term and how much the cost of ownership adds up, even if you get some nice appreciation. Other fators are the amount of money your initial down payment could make them if they had invested in real estate or even just the S&P over a 10 year period. I'm generally in the buy camp, but certainly are plenty of situation where renting is a much smarter option.



Woah, $800k home is basic? Dang, I'm glad I don't live there. $800k here will get you a brand new 4-5 bed/4-5 bath, 3,000+ sq ft home with a big yard, a pool/hot tub, outdoor party space with a 3 car garage, in one of the nicest parts of town. You could probably get that for $550-700k actually.



Lol wut? IDK man, most 4 bedroom houses I see today are McMansions. Of course, I grew up in a 1,300 sq ft, 3bd/1 bath home with two sisters, so most everything is big in comparison.