I am 25 years old, single, no kids, finished college, have a career and just about done finishing my college loans. After I finish paying off my loans, I am going to buy a new car (not a new, new car... but something is in good condition).
Over the past 3 years... I have been seeing my high school friends or people I know (people who are 21-26) buy houses or look into getting one.
What's the point of rushing to get a house so soon?
When I was a kid, my parent's live in an apartment for years... and then they upgraded to a condo and in their late 30s, they upgraded to house when they had more kids.
I think houses are great when you have a FAMILY or if you are extremely wealthy and can just buy one with ease. Also... once you get a house and get locked into that mortgage, you can't just walk away from paying it off... you are basically trapped in that location.
For me, personally... I am going to continue living in my apartment until I start a family... and then I will think about getting a house.
Most Helpful Girl
Over the last hundred years the purchase of a home house has proven to be the safest way of investing. Assuming a 30 year mortgage which is rare nowadays but was not rare in recent years passed, you are paying off an investment that appreciates in value. The $220,000 home that you purchased 30 years ago is now today worth approximately $450,000. It is actually a forced savings in that a house kept up well accrues in value. In addition you can borrow from the increasing value of the house. But nothing is wrong with your approach. You need not purchase a home without having a wife and eventual family.0
Most Helpful Guy
You buy a house soon as you can because all the money you're paying down on the mortgage becomes equity for you later. When you rent all the money just goes to the landlord and you'll never see any of it again so houses or see a pretty good investment where as the car and apartment are not. And if you hunt around for a decent mortgage you can quite often end up paying less on your mortgage each month and you would for an apartment so a lot of times it ends up being cheaper than renting and years later you have something to show for it.1
- Show AllShow Less