this post was submitted on 14 May 2024
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[–] [email protected] 104 points 5 months ago* (last edited 5 months ago) (1 children)

My office has quite a few fresh grads who own their own places.

Their parents bought it for them for a graduation present.

[–] [email protected] 13 points 5 months ago (2 children)

I mean these days when I look at a university kid I just assume "wealthy parents" with what university costs.

[–] [email protected] 45 points 5 months ago* (last edited 5 months ago)

Then you'd be wrong. Vast majority of people have financial aid/loans. 85%, in fact.

[–] [email protected] 42 points 5 months ago

Nah I'm just in hella debt

[–] [email protected] 39 points 5 months ago (2 children)

No no no see you pay a mortgage, but you won’t own anything.

[–] [email protected] 33 points 5 months ago (25 children)
[–] [email protected] 11 points 5 months ago

Affording a mortgage is the easy part.

Then you have to somehow get your mortgage-contingent offer accepted by the seller when you’re up against cash offers, $50k over asking, with no inspection, no appraisal, unlimited possession, and a free hit of adrenochrome.

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[–] [email protected] 16 points 5 months ago (1 children)

You pay a mortgage, just not your own.

[–] [email protected] 9 points 5 months ago (1 children)

Wow that's true. Renting is someone letting you borrow their debt because you can't afford your own debt.

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[–] [email protected] 34 points 5 months ago (5 children)

You thought college radicalized people? Renting and student loans will have them on the verge of revolution.

[–] [email protected] 15 points 5 months ago (2 children)

I'm just waiting for people to start filling the streets

[–] [email protected] 14 points 5 months ago (1 children)

Sorry, streets are full. No vacancy here

[–] [email protected] 12 points 5 months ago

Also: no loitering. Keep moving.

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[–] [email protected] 30 points 5 months ago (2 children)

This meme is inaccurate. The college grad wouldn't be in the office with them because they already promised the CEOs son the job.

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[–] [email protected] 27 points 5 months ago* (last edited 5 months ago)

Cries in middle aged, highly specialized, poverty class worker...

[–] [email protected] 19 points 5 months ago (1 children)

And may whatever God you believe in help you if you're poor, because the government sure won't.

[–] [email protected] 12 points 5 months ago (1 children)

FSM blesses me with low cost noodles every night. May he bless you my brother or sister. R'amen πŸ™

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[–] [email protected] 18 points 5 months ago (1 children)
[–] [email protected] 4 points 5 months ago

Seriously so good all the way through

[–] [email protected] 18 points 5 months ago (1 children)

Just date someone rich. I know a lot of attractive women who are doing something like that.

[–] [email protected] 21 points 5 months ago (5 children)

Step 1: Be attractive. Step 2: If not attractive, rent Face/Off and take notes. Stalk attractive person and swap faces with them when they aren't looking. Step 3: Free rent.

[–] [email protected] 10 points 5 months ago (1 children)

Who is more attractive: John Travolta or Nicolas Cage? Trying to decide which face to off.

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[–] [email protected] 15 points 5 months ago

And you have to commute an hour because you won't be able to afford rent where the jobs are.

[–] [email protected] 11 points 5 months ago (1 children)

Get back the future that was taken from you. Eat the rich

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[–] [email protected] 10 points 5 months ago

I love that dude's expression. It's like game theory editing.

[–] [email protected] 7 points 5 months ago (12 children)

I never understood the obsession with homeownership.

I've owned. It kinda sucked. The things most people think of as "pros" (like being able to renovate) were not that great for me. I'd spend a lot of time thinking about things I could change/improve, and then doing them.

My brain operates differently renting. I don't really care about things like that since its not an option in the first place. It saves me time/money/stress and I spend more time living my life instead of maintaining a property.

Of course there are drawbacks with renting, specifically shitty landlords, but to me there are more pros than cons.

[–] [email protected] 35 points 5 months ago (3 children)

Property ownership is the clearest path for generational wealth. It may suck to own, but you are building an asset and you can hand it off to future generations to have a head start with.

It's a broken system, I am not advocating for it as a good system, but it's the primary reason to own a home.

[–] [email protected] 5 points 5 months ago* (last edited 5 months ago) (5 children)

the thing is - there's a lot of variables that shift the balance towards renting when looking within a time frame, even from a financial perspective.

  • how long you can stay in one place and whether that fits your needs both today and in a few decades
  • % of down payment and missed earnings if this money went towards another investment
  • interest rates
  • property taxes
  • HOA fees, if any
  • likely higher insurance rates over renting
  • maintenance costs

In the end of the day, since many variables have a large uncertainty, that's a bit of a gamble. Home ownership tends to win over time, but the longer one looks into the future, the higher this uncertainty also is.

[–] [email protected] 5 points 5 months ago (2 children)

Finally sane people! Holy shit you're like a unicorn.

There are DEFINITELY cases where many people are CHOOSING to rent because they simply DON'T want to own. That's perfectly okay. Both options have pros and cons.

Shitty landlords do exist... But homeownership has a boatload of issues that come with it too that you simply cannot shop around for.

I've owned my own house for the past 5 years. I'm in a position where it makes sense. Before that? Well over a decade of renting. And it wouldn't have made sense any other way.

The lack of nuance in opinion otherwise is maddening.

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[–] [email protected] 23 points 5 months ago (2 children)

The only hobbies I actually enjoy require space: gardening and lapidary "arts" (gem/stone cutting). I can't buy equipment because I don't have the space to store them and having to move every 2-3 years is not only very difficult when you have more stuff but also really damn expensive.

So there's that, and there's retirement. Having set expenses (aside from taxes) is super important and you'll never have that with renting when you're retired.

Then again who am I kidding, I'm 38 and working in a factory. My retirement will be whenever I decide to buy a gun lol

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[–] [email protected] 5 points 5 months ago

Especially if you aren't financially that well off or on a good career track, I think it's really appealing just for the stability it affords. My current landlord has been a pretty good guy for us, but if I owned my apartment rather than renting, I wouldn't have to worry that I'll suddenly need to pay a ton more money if he dies and his kids decide to jack up the rent, or worse, having to uproot my life entirely and move out because of someone else's whims.

[–] [email protected] 4 points 5 months ago (1 children)

You don't have to go all the way to renovating before you see the advantages of homeownership. It shows up even in much smaller home improvements.

A small example: a few years ago my refrigerator broke, and the technician said it's behind repair. My landlord had to buy a new one, and of course he picked a cheap model.

If I was an homeowning instead of renting, I would have bought a much better refrigerator at trice the cost. But I won't pay that much for an appliance I'm not going to own, and my landlord won't pay it for one he wouldn't use, so I'm stuck with a cheap and noisy refrigerator.

And this is the situation with everything that's considered a part of the house. Even if I have the money to buy nice things - I can't have them.

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