How important is saving up for a house to you right now?

[ziostilon]

Considering how much buying a house cost nowadays in most major cities

Philosophically, how important is it to you to save up a large chunk of funds to purchase that piece of real estate. I bring up real estate because that is the largest chunk of most people's asset worth.

I see people in their 20s, go travel for half a year or a full year. I'm sure they can afford to do that in the moment.

However, are these people thinking about their future or just living in the "now". The choice of spending "now" instant gratification versus filling up the piggy bank for something you may or may not see for years down the road.

 

[Chiron]

Bought my house at 24. It was actually cheaper to buy than to rent in my area. If rent is sky high you should just buy.

If you don't want kids don't worry about it ( you can't take it with you). If you don't have a job with good retirement benefits. Worry about it.

If your in your 20s I'd say wait for a market crash again but who knows could just be looking at high end of the world prices decades from now and feel dumb for not buying.  But definitely do not believe your saving a whole lot vs renting unless you are paying it down as fast as possible or you will for sure live there 10 years. 

If you really want to have it good save for both a house and a rental condo and have the condo pay your mortgage until you want to sell.. Helps if you dont have a car note and extra bills to deal with.

 

[gentrification]

-40%. But if you got liquid, I get it.

 

[superantigen]

Will likely be purchasing a duplex later on this year; I'll go for a triplex if I can get one for a decent price. Either way, I'll be financing with an FHA.



...

 

[$tatus $ymbol]

Maybe I'm not looking the right way but multi units seem to be hard to find in my area. Buying one is weighing heavy on me, paying rent is for the birds.

 

[shorty doo wop]

Man living in NY is depressing for this. A regular crib goes for a mil in decent neighborhoods. For now I'm just saving and hoping the housing market crashes again word to the big short

 

[Nereyda Vuelve Por Dios]

Live in Harlem with wifey and a new born. Trying to convince my girl to move into my moms apartment which is three bedroom in lower manhattan to save money for this same reason. Moms rent is dumb cheap. She ain't having it. I got close to 40k saved for this.

My goal was to own my home at 50. I'm approaching 30 and it's not looking good right now. But rent is for suckas man. I hate that ****.

 

[Nereyda Vuelve Por Dios]

Man living in NY is depressing for this. A regular crib goes for a mil in decent neighborhoods. For now I'm just saving and hoping the housing market crashes again word to the big short

Word on the milli for a decent home. Crazy to me. Not even some fancy 5 bedroom 4.5 bathroom type. It be like a 2 bedroom with one car garage dumb close to another house. **** has me uneven fam.

 

[rico x hood]

Very important to me. Home prices in my area are expensive but not exorbitant. I still rent but I'm hoping to be able to buy within the next two years.

I've always seen myself in a nice 3 bed 2.5 bath high rise condo. Townhouses and single family homes were never really my thing.

 

[avthegod]

Man living in NY is depressing for this. A regular crib goes for a mil in decent neighborhoods. For now I'm just saving and hoping the housing market crashes again word to the big short

buy a house near ny and commute? 

anything under PK youre good. 

as far as the OP:

saving for a house should be the ultimate goal for anyone in the working age. 

youre more than likely going to blow money on un-necessary things. 

save it, not all cash flows (jobs and hustles alike) last forever, sacrafice buying jordans or a fancy things until your bank account looks healthy. 

also key and very important things to learn about :

FHA

HUD

Home Loans via banks or credit unions

REO

Forclosure Auctions

Real estate in the long run pays off if you put youre money in the right places. 

you can own a house and use it as a business and rent in the place you live in. 

(be smart)

 

[macbk]

Living at home still (I'm 25) has allowed me to save, save, and save some more. My lady has her mind set on moving into an apt together first before we even think about owning a home, which I'm fine with.

 

[domogotsole]

If you have a house that you rent out to tenants, then it’s an asset. If you have a house, paid for or not, that you live in, then it can’t be an asset. Instead of putting money in your pocket, it takes money out of your pocket. Do whatever is cheaper. Rent or own.

 

[6 Rings G.O.A.T.]

Very important to save money..

 

[Belgium]

I think it's one of the most important things in life to be able to have a house of your own that you can pass onto your kids later.

My mom and I have been renting as my dad kept our house in the divorce. It's paid off by now so my dad has €0 mortgage or rent costs in his mid 50s.

Whereas we pay around €650 a month in rent. That's a pretty significant amount here and at the moment my mom and I are in the low middle class bracket. I will get the house either way at some point as I made my dad sign a contract during the divorce that blocks him for selling it or renting it to anyone but me, unless I give permission. Which I won't.

I view it as a blessing and can't thank my parents enough for their hard work and the decision to buy a house all those years ago. Most of my working friends are already working towards saving up for a house too. Some have already made down payments in their mid to late 20s. People here tend to stay with their parents for much longer than in the US to save up as much money as possible before moving out. It's not uncommon at all for people to stay with their parents until 23 or 25 years old.

 

[jjs]

Very important to save money but probably not to buy a house.

It's cheap to rent in my city and if i invest the difference, i believe i can end up with the same type of return in the long run (plus i'm not tied down to a place or a city as i am just renting).

Cost of repair, insurance, taxes really add up. All that money can go in index investing and you can get some nice returns.

Nothing is certain. Both option are viable if you can manage your money smartly. For now, i prefer not buying because it gives me the freedom to move around.

 

[avthegod]

assets vs liability though. 

if youre living in the house and paying everything out of pocket then a house is a liability 

(you can counter this if its your primary location and its cheaper at the end of the year than renting.. off set the difference every year into how much you payed for the home and eventually itll be paid off and "free")

now its a definite asset if you rent it out (multi family are best for this) 

just make sure everything is up to code, you do background checks and get that deposit. 

like i mentioned above, just because you own a home this doesn't mean its where you should be living. 

sometimes its better to rent, just make sure that real estate works in your favor. 

like someone above said too real estate is a big staple in creating long term wealth, when you die (everyone dies) 

you want to leave something and not just cash for those who come after you. 

thats why its always good to educate, get life insurance, have great relationships with banks, and most importantly SAVE that profit.

spending money is inevitable but spend it on something that will return money rather than be used and tossed away.

 

[swaggdaddy]

Living at home still (I'm 25) has allowed me to save, save, and save some more. My lady has her mind set on moving into an apt together first before we even think about owning a home, which I'm fine with.

Great idea, I'm in that route now.

 

[quise2024]

Important. Saving for one right now

 

[adobecs4]

Not in a rush.

 

[lobcity]

Considering how much buying a house cost nowadays in most major cities

Philosophically, how important is it to you to save up a large chunk of funds to purchase that piece of real estate. I bring up real estate because that is the largest chunk of most people's asset worth.

I see people in their 20s, go travel for half a year or a full year. I'm sure they can afford to do that in the moment.

However, are these people thinking about their future or just living in the "now". The choice of spending "now" instant gratification versus filling up the piggy bank for something you may or may not see for years down the road.

how much traveling do new homeowners do? They settle have kids and the way the economy is going barely can afford to take they families to a movie and dinner after.

If you can step out the country and LIVE life before you get locked down with all these responsibilitys Do it.

Money is best used to experience life.

 

[IG-88]

Bought a house in 2001, in a bad neighborhood in Chicago.  Price was 120k.  3% down (or a pair of DS Red October Air Yeezy's).  I owe about 87k (never took a loan) right now. And now, the neighborhood is rapidly gentrifying.  Considered a "hot" area now.  My only worry is proper taxes now.  Might eventually force me to sell when they get too high.  But, I'll make a decent profit when I do sell.  A decent apartment will cost you 1k a month. I'm paying 1,100k a month.  With a second floor and basement apartment bringing extra $$$.  The first year as owner was tough, but you learn and it gets easier.  No regrets.  So far, the best investment I've made in life.

 

[nazdrowie]

Saving for a shipping container to use as a tiny house

 

[nawghtyhare]

very

 

[bendover]

It's not the time for me.
Los Angeles is really expensive and unless I'm ready to get married then most likely its not in my near future

 

[1stwitit]

Paying off debt is just as important as saving the money. The amount of debt you have/work history weighs heavily on the type of loan you're able to get.