Quote:
Originally Posted by badgerx3
Yes, it does make sense from a math perspective only. However, have you considered the qualitative factors?
Do stonks only go up? Do you think you will not get priced out when you're ready to buy again? I am unsure of your relationship status, however do you foresee yourself purchasing of such magnitude with someone you've only been with for a couple of years?
If I was a single guy looking at my financial options, your train of thought is a good one. However, I think you need to look at the qualitative stuff to make a right decision for you.
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I mean indexes only go up.
If TH/Duplexes go above $1.2-1.7M, I'd be priced out and I'll probably re-locate / ask for mom for downsize/help and she moves in.
If we enter the $2M+ for TH/Duplex, I'm can't afford to be here honestly, even $1.2-1.7M is a crazy stretch without help
Good point on whether you'd buy something so big and expensive with someone you've been dating < 3-5 years. Hard to say, I guess if you're popping kids, you might as well yolo the house too lol
Quote:
Originally Posted by Hondaracer
Every single person I know who’s done this has no owned primary residence any longer lol.. like 4/4 of them thought the same thing and cost of living and cost of housing outpaced their plan and now they are all renting
It’s a risky game to play imo
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Different generation though, your cohort probably bought 1BR for $300-500K, our generation is paying $550-750K.
Even detached in the burbs could be had < 5 -7 years ago $1.2-1.7M, we're looking at $2-2.5M.
My thought process is if I get priced out, 1beds start going for $675-900K, should be a sign that there's no economic feasible future for me here.