I am trying to make a decision. curious about your thoughts on my personal situation, and what you think in general. or your own stories if you have anything relevant…

    • whoreticulture@lemmy.worldOP
      0·
      2 months ago

      Ah, I don’t think I will ever be able to afford a house. My income isn’t likely to increase by much given my career (80k might be my max, 100k is possible in a decade or two or if I get a PhD). Houses average around 800k. Not to mention the risk of fire, in the region, it doesn’t seem like a sound investment for someone at my income.

      So for me, my financial goals are about building up retirement fund and being able to afford a better life (my dreams are to pay for fluff/fold laundry because I have ADHD and constantly struggle keeping up, be able to afford to travel without dipping into emergency fund, have my car paid off, be able to afford car repairs without dipping into emergency fund 😭. just basic stability.) I don’t plan on having children, and honestly don’t particularly care about marriage and prefer a lifestyle of a robust community life.

      So what good is a house for me? I have read all the financial advice recommending it but … that seems to apply more to people with families, or higher incomes where saving to buy a house requires less sacrifice from daily life. It doesn’t seem like a good use of my money. Scrimping for twenty years, only to still pay off a mortgage for thirty years, and then die.

      • redisdead@lemmy.world
        0·
        2 months ago

        Sounds like you’re just making excuses for your lack of willpower.

        If you’re able to pay for rent, you’re able to afford paying back a loan.

        Imagine building a retirement fund and then pissing it half of it away because you’re still renting lmao.

        • Cryophilia@lemmy.world
          0·
          2 months ago

          If you’re able to pay for rent, you’re able to afford paying back a loan.

          May not be true depending on where OP lives. There are a lot of rent vs buy calculators out there, and home prices are so expensive in some areas that it’s actually better financially to rent instead of own, and to invest the difference in payments. For example that’s the case where I live in San Francisco - investing the difference between rent payments and mortgage payments nets me more in the long run, even considering housing value appreciation.

          Edit: this of course doesn’t apply to investment properties, where you get the value of the asset + appreciation, but also get rental payments.