Buying these for emotional reasons is great. Be happy. But so many justify it financially. And I don’t get that.
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If you’re in the wealth accumulation phase of your life, I think buying a home is a terrible decision (in most cases). Prove me wrong. Seriously. I’m not being rhetorical. I want to see if there’s math that says otherwise.
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Also: I’m not close to an expert. Just doing lots of high level math.
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Everyone forgets foregone rent in the calculus. The incremental cost of ownership in e.g. Manhattan is offset by mortgage interest deduction and equity appreciation plus the chance to flip to an incremental cash flow asset at 0 marginal cost when you move out.
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What do you think would come out on top after 10 years :a $300k down payment on a residence in Manhattan plus other costs or $300k average investment property or stocks while renting $5k/month? Broad question. But what are you thoughts
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You have to compare the alternative. In my case, my mortgage payment was 20% less than my rent. One is burning money and the other is earning (house went up 22% in 15 months). I think buying a house is better than renting, specifically buying a house under $500K (3% down).
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I did compare the alternative. That’s the point. I’m saying it’s a bad financial decision because there are so many better ones.
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For the record: I’ll buy a place one day soon. But it won’t be because it’ll help me make money. But because it’ll likely make me happy.
Show this threadThanks. Twitter will use this to make your timeline better. UndoUndo
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Said like a single guy with no family and no desire to lay down roots in a community! Also in many areas rents are increasing 4-8 % per year and are equal or higher than comparative mortgage costs.
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I have a family. You can put down roots, have a family and buy a home...AND admit it's a horrible financial decision and do it for emotional reasons. Buying a fancy car is a bad financial decision. Yet, you can do it anyway because it makes you happy.
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Oh the irony. Man who says don’t buy houses is seeking to shelter in home purchased by... well, someone!pic.twitter.com/Q31fQPNcdn
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I didn't say don't buy a house.
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