>Housing has been providing a sizable boost to U.S. economic growth this year as a strengthening labor market and low interest rates have helped young adults to leave their parents' homes
I won't be able to leave my house until I've at least got my master's started. I'll be leaving my parent's place when I'm like 26. It's pretty sad
>Also potentially weighing on home sales, the median price for a U.S. existing home rose to $220,300 in November, up 6.3 percent from the same month in 2014.
I could do so much more with $220,300 than just paying off a house. Maybe I'm still too young to appreciate it but I can't fathom why home ownership is all it's cracked up to be. It seems like a huge money pit and if I can't get my career started and the economy shits itself again and my jobs go overseas the last thing I'll be worried about is a house
You could always rent the house out. Two stories go for 800 to 1k plus in my area. My grandparents for a while owned a few properties they rented out and lived in a trailer park in an RV which trailer parks have relatively cheap rent they ended up selling one of their properties in California before the bubble burst there for half a million. Lots of people the past decade were selling their homes in cali for around that price then moving to my area where a decent house goes for a 100k to 300k meaning they bought their homes outright.
Buying a home is a great strategy for long term thinkers. That house will be passed down to your decedents, it's a way for poor and lower middle class families to work their way to the upper middle over the course of a generation or two. Of course if you don't plan on playing the long game and you don't care what happens after you die, then yeah, it's a piss-poor waste of money.
1. The rent is too damn high.
2. Why chain yourself to a 30-year mortgage at a specific location when there is no guarantee that your job will even exist in 3 years? You have to be willing to move to where the work is in this economy at a moment's notice.
I can understand where you're coming from
I didn't mind renting for the past couple of years or so. I sacrifice some of my liberty and personal freedom of my living space and I get a landlord instead to take care of the property.
the only problem, theres a shit ton of shitty ass incompetent landlords that don't give a fuck about your well being , or even your rights as a renter.
also I want to be able to paint my rooms whatever the fuck I want and listen to loud music. And maybe fuck around with the plumbing becuase american bathrooms are shit becuase no one likes water shooting up their butt crack.
The problem with not owning a house is that the alternative is even more wasteful. Unless you're living with your parents, not buying a house means living off rent, which means every month you're going to pay 800$ to some stranger. 800$ which you'll never see again. At least when you're paying off your mortgage, those 800$ are being (mostly) reinvested in yourself in the form of property.
Wrong. You pay tons of money out that you will never see again regardless of whether you are renting or owning. A house owner pays TONS of money to maintain the upkeep on his house. From Real Estate taxes to interest on his mortgage to house insurance to maintenance upkeep of the house and it's appliances. These expenses are not carried by a renter in addition to rent. Everyone RENTS man. Oh you think you have the right to stay in that house just because you have a TITLE to it? That THAT means you have no obligations and that you are just living in an equity accumulator? Stop paying your real estate taxes some time. Watch how quickly you stop 'owning' your home.
>the housing market in DC is still going up
>houses in the hood of DC are going for $350k
>thinking its cheaper to live in the suburbs when the burbs cost even more to live
>6 out of 10 of the most affluent counties in the nation surround DC
How the fuck do government employees even afford to live in this area?
>The problem with not owning a house is that the alternative is even more wasteful
This type of generalization has been thoroughly proven to be incorrect.
Sometimes renting is a superior option based on the individual. Many factors need to be considered
Don't anyone forget that the price of Steel - scap and industrial has fallen through the FUCKING FLOOR.
This is a huge indicator that NO ONE, not the Chinese or anyone else is building anything.