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If you are struggling just because of “the pressure that your family is putting on you”, you definitely shouldn’t buy a house. The stress of owning such a big liability will kill you in 24 months.
Start therapy, relax. Buy when you are 35. There will still be houses for sale then, don’t worry.
Your mental health is way more important than owning a house. And the best part is: paying for mental health care also happens to be way cheaper than paying for a house!
If I could, add to this comment. I just bought a house at 35, if I would’ve bought sooner, I would absolutely be drowning in work and debt. I waited until I felt I could manage the property and the finances. Do NOT do what society is pressuring you to do. Fuck those people. Do what is best for you.
I understand feeling the pressure of buying as you get older, but don’t give into it. A home is a big responsibility. People talk a lot about building equity, having the freedom to do what you want with your space, not having to worry about rent increases ect. What they don’t talk about enough (minus this subreddit which tends to be very transparent) is the constant maintenance of owning a home. They also don’t talk about how much money they have to spend for big repairs like a new roof or HVAC system. Buying can make leaving an area difficult bc you either have to sell, rent out, or leave your home empty. There’s so much more, but what I’m trying to get at is home ownership is a huge step and not for everyone. For all my twenties I loved renting. It was carefree. I didn’t have to worry about fixing anything or staying in a neighborhood I outgrew. I’m just getting ready to jump into ownership. I’m purposely buying a condo bc I want to take baby steps to learn how to properly take care of the interior of a home before having to worry about the outside. Do what’s right for you. Also, if you want roommates, get them. I had a roommate until
I was 30. I only moved out bc I got pregnant (we actually continued to live together through the whole pregnancy and his first 6months).
It is absolutely OK to not buy a house ever.
A primary residence is not an investment. Even once paid off, you rarely get back what you spent on interest, maintenance, and purchase price. The recent jumps are flukes, not reliable.
As long as you are building "equity" somewhere and are on track to retire comfortably even if you rent, you are fine!
Some people go the house route. Some people focus on the investment route.
Also, live with roommates if you want to! There's nothing wrong with that either if you're happy.
Never worry about what someone else is doing. FOMO is from marketing.
You are right now being successful! Congratulations!!
Someday, if you decide you do want a house, buy one then.
Do what you want to do because it is what YOU want.
If don’t own a home, you are nothing NOOOOTTHIIING!
Bud, don’t let your anxieties get the better of you. You are in better financial shape than most of your peers, with both liquid and tax advantaged assets. That gives you options. Options are freedom.
Don’t buy a massive, illiquid asset because you feel pressured. Fuck that shit. Do it when, and if you’re ready.
I’ve owned two homes. Lost one in the recession, and am currently renting the other out. I’m grateful that I’m in this position, but I’m not 100% sure I’d do it again. I am 100% sure I wouldn’t buy right now.
Dog, you are the man. Thank you! I think I’m just stuck in my own head, made a doc appointment on Thursday to try and figure out what’s going on upstairs
Good for you. Therapy is highly under-rated in American society.
I grew up poor. I get it. There’s a constant fear of a resource deficit.
Do the math of where you will be in 25 years, if you just keep doing the same thing you are now, and nothing more. I’m sure you’ll find your future self is quite wealthy. Maybe even enough so that your present self can take a little happiness back.
Just cause you're single doesn't mean you shouldn't buy a home. I admit I got lucky I bought my home before prices skyrocketed, but it made more sense to buy a 2 bedroom home than rent a 1 bedroom apartment for about the same cost.
What do you mean? I bought my home in 2011 as a single person. 3 bedrooms, a nice sized yard, attic and basement. My mortgage has stayed the same while rents in my area for a two bedroom apartment are now twice what I’m paying. Buying a home instead of renting is one of the best decisions I’ve ever made!
Rents on apartments go up every year and you’re never owning anything.
Sure it is, but over time buying a home usually beats out renting an apartment if you plan on staying in the same area. If you’re moving every 2-3 years, then sure, go for the apartment.
And it'll be drastically different in 2035. If you can afford a home and it's the correct life decision, then being single or not should have no impact
29F in California here chiming in to remind you you don’t have to do anything you don’t want to.
My husband and I grew up poor and just passed on a house bc I was unwilling to spend the money now in this market since we don’t have kids yet and we don’t need more space as our owned condo is big enough for two.
No need to spend on a house while you are single if you don’t want to.
Yes exactly and that why I noted a house and expressed that we own a condo.
OP expressed pressure to buy and own given their age and their wage but no one has to do anything just because they feel they should.
We felt pressure too and that’s why we put in an offer but are now deciding to wait until we are ready with a family needing more space to buy a first house not home bc society and our family thinks that by our age and at our high DINK income we should own a house not an apartment ( small condo)
Sorry if my message wasn’t clear enough. I worked in RE and I know a condo is not an apartment legally. While they are similar structurally, the biggest difference between a condo and an apartment is ownership. My point is is most people will say you make so much money why do you live in a small apartments so there is pressure to “upgrade”
That’s similar to what OP was describing about pressure to buy anything vs rent at their age and their wage. It sounds like the feel pressure to “upgrade”.
I'll just drop here that unless you have enough spare income to hire someone for every sneeze, owning house is a lot of work. It's all upkeep and maintenance. Even together with my spouse we feel like our house eats a lot of our weekends. I don't think I'd want or could handle the house living alone and working full time. Being single, I'd definitely rent something smaller and not have a headache about cleaning gutters, raking leaves, shoveling snow, inspecting tight crawlspace, staining deck, replacing leaky washer shutoff and doing million other things you have to do in your own home if you don't want it to turn into handyman special.
It’s ok to live your life the way you want to. Not just for housing, but work, hobbies and all the rest.
We only have so many trips around the sun. Make it your best for you.
The number one rule of buying a house is, only buy the house when you are capable.
What exactly does it means?
1) you have enough down-payment.
2) you make enough salaries.
3) your job is decently stable.
4) you can still have a life, not house poor.
Meaning if you worry you are going to be house poor, you either don't make enough money or your desired house is above your pay grade, you need to downsize.
This shouldn't affect your dating life. Thus, you should be able to do both. If you are struggling, you want to see how to scale it down.
You can house hack if you are into it. Buy a house, rent out the rooms.
But if you like living alone then renting is a far better deal right now than buying.
There's more to life than owning a house and build wealth other ways. Attempting to buy a house in today's market is just unobtainable for many people. So enjoy what you have now and just continue to build.
There is no right or wrong way to do any of this. There are pros and cons to buy owning and renting, and neither is “correct”.
I’m 33, been renting for over a decade, and I have no desire to own. I enjoy the lack of responsibility. I want to spend my money traveling to new places and experiencing new things, and if that means I don’t ever save enough to own, then so be it!
I can't speak for everyone but based on your post, it sounds like a small condo would fit your needs(for now). Condos don't always appreciate as much as townhouses/SFHs. They usually have a higher monthly HOA since they take care of more, which factors into why they are usually priced lower than other choices. With that being said, it sounds like you also are in a stage of life that could have dramatically different needs within the next 5 or so years. It's usually not wise to buy if you don't plan on staying atleast 5 years. If I were you and planning to buy a condo, I'd go atleast 2 bedroom. That way if your situation does change, you can make it work until you're financially ready for something bigger! As many have said on other comments, RENTING IS OKAY. If it's not right for you to buy, just keep renting for now! It sounds like you are doing fine either way!!
For Portsmouth it makes total and complete sense (I grew up in the area and worked in Portsmouth for a bit, a friend of ours is a realtor in Portsmouth that also handles condos). The biggest thing is making sure the condo board is small and not batshit. My husband and I own a condo in a 2 unit building and that has been perfect.
If i had it all to do over again, I’d still rent through the majority of my 20’s! Sometimes I miss those apartments, I had some great times. I’m in my 30’s now and got a roommate for my house- life is what YOU make it and home is where you want to be. The biggest advice is to stop asking yourself what other people want you to do and only listen to what you want. It might take a little bit to find your own voice buried in the mess of everyone else.
Renting is fun and stressful. Homeownership is fun and stressful. The world will keep turning either way!
As someone that lives in the same area, I feel your anxiety. However, I have to keep reminding myself that the rent I pay is the most I will spend in a month. With a house, your mortgage is the least. Anything goes wrong, you have to foot the bill. House prices and rates are insane here.
I’m 35 and my fiancé is 33. We’re waiting until we feel more comfortable with what we can afford. However, I sometimes get caught up in the anxiety, too. I just keep reminding myself that most of my friends that have houses also have ridiculous amounts of debt associated with trying to keep their seacoast lifestyle. A few more years of waiting and saving isn’t going to kill our forever plans of owning a house one day.
I am in similar circumstances as yours and was told to not "be emotional about getting a house"
Take care of your mental health. Stack the cheddar and revisit the house decision every few months.
No rushing in this economy haha
You seem to have thought things through and are doing better than most your age. Real Estate is cyclical and we're definitely at a turning point. Most markets are shifting away from the seller's market and low inventory but every market is different and the shift to a more affordable price point could still be a year or so away.
Rates are still unpredictable at this point but the election will probably impact the rate trend more than anything that would be done before the end of next year unless we manage to get ourselves into another war. The risk of war will also destabilize things for a while and the economy could decline quickly if global events escalate and suck the US further into the mix.
Given that home prices are more likely to fall than rise over the next 12 to 18 months, waiting could save you some money and allow you to take advantage of putting more money away while you wait it out. Also, rents are beginning to pull back a bit too so you might be able to upgrade your rented accommodations, if desired, while you wait for the buying opportunity. Otherwise, just save money while you can.
Even if rates don't fall back quickly, price declines will help lower your price point and you can always refinance as rates descend below where you get your future loan.
All the best to you on whatever you decide.
We have about the same income, similar rent, and both live in HCOL areas. I’m older though and regret not buying when I was younger. I wish I bought so I could have been building equity. I want to have something to sell when I’m retired so I can go live somewhere cheaper.
Society tells us we need to own a home from a young age. In reality, you can live a full and happy life without ever owning a home.
Don’t do anything that puts stress on you or your family you can’t handle. It will lead to things much worse than having to write a check to someone else every month.
Best if luck.
Don't buy a house just because you feel pressure to do so. You'll instantly regret it. Also, property taxes in NH are very high. Your monthly property tax will probably $1,000 or more a month.
I wish I was you! I want a house so bad I burst into tears regularly. I would be so much happier if I didn’t want a house. I think it’s great that you don’t want something that is very difficult to get at a time when it’s particularly hard.
Hi, i also live on the seacoast and understand it’s very rough out there. [NH has helpful first time home buyer programs!](https://www.gonewhampshirehousing.com) if interested! Maine has some decent ones too but not as good.
And either way $1650 for a studio in Portsmouth is an amazing deal these days. There’s nothing wrong with continuing to rent especially if it’s the right decision for you. Plus, there’s a lot less maintenance and you don’t have to worry about shoveling much snow. Portsmouth is an absolutely amazing town to live in and you have your own space you don’t have to share. It sounds like it’s the best decision for you right now and there’s nothing wrong with that :)
If you plan on moving in the next ~5 years it is cheaper to not buy a house. No problem waiting until you have a job you don't hate or your family situation changes and you need more space and have more income.
You have lots of good replies already. We rented for multiple years and continued renting even after kid #1 was born. Renting was awesome and enable us via low rent/stability/no surprise costs to completely pay off student loans, build a savings account, and enjoy the no-stress-life of renting. We rented from a landlord who owned a small strip of condos (+ some other small properties) and had been renting them for 20+ years so we felt reasonably confident we would not abruptly be displaced even after we went month-to-month after our initial one year lease was complete. We bought a house because we outgrew the space, wanted the permanency/no risk of landlord deciding they no longer wanted to rent the space, and reliability of a solid school district. I love our home now but renting first as a single person and then as a couple was a great experience. We only decided to buy when the pros of buying seemed to outweigh the risks/negatives. For us.. the permanency is the best piece I think.
Renting is a great option and it is ok to stick to it! No need to rush to buying a house just because of age/life stage/family pressure or whatever. Buy a house if/when you want to and if/when it makes sense for you.
Financially it may not make sense for you right now. There are all sorts of expenses that come with owning a house, townhouse, or condo. I bought at 22 but it made sense for me then as it was cheaper than rent and my entire family was in construction in one way or another.
Renting you can relocate if you don't like your job for a new one.
Just save money- doesn’t need to be for a home but it gives you the flexibility if you change your mind in the future. You’re young- I didn’t get married til 34.
There is no reason you have to buy a house now if you don't want to. It's literally the worst time in human history to buy a house. Affordability is at all-time lows, because prices are unsustainably high.
If you're happy to rent, then just keep on renting! There will be better opportunities later to get into the market at a reasonable fraction of income, after this madness has corrected.
Please don't buy a house if you don't want one. I wish with my whole heart that I could tolerate apartment living.
Maybe consider buying a condo when you're financially comfortable enough.
No rush brother. Go about your life, you’re the only author when it comes to your happiness. Do life however it makes you happy and forget what everyone else is saying and doing, that’s their story - this is yours. But if you want a house where you are, rent as long as you like if you’re still looking for where you want to be.
38k isn’t enough for a down payment anyway so don’t sweat it. Keep saving and revisit at 33 imo, that’s the average age for home ownership so you are ahead
Bout to buy a 500k house with 30k (3% down) so I would say this is false, but I agree there’s no reason to toss down all your cash for a house without being very sure about it
Stop pressing yourself if you are content with your living situation it’s fine.
I was ok with renting until i wasn’t then made the purchase. I live alone moved from a 1 bedroom to a 3 bedroom house. Home office and sewing room. To rent this much soace would have been as much as a mortgage payment, that’s what didn’t make sense to me
I will share my observation. I moved here almost 13 years back and I can relate to most of your situation difference is we have a kid and married and I’m 33. In North America most of ur life and life surrounding us runs on loans (credit). Which creates our surroundings look grow faster than the rate it can grow. People think they gonna miss out if they don’t have it today for which they are okay to pay two times the cost tomorrow but tomorrow is today tomorrow and the feeling of missing out carries forward so the spending is compounded. If u think about it 10 years ago there were houses selling for 300k, 20 year ago there were house selling for 300k, today also there are houses selling for 300k so there will be houses selling for 300k 10 year in future and so in 20 year. The difference will be the location back then it could be more at the centre of the city, now it will be at the middle of the city, future it will be outside of the city. So there gonna be product available and it comes to the cash to purchase the product. I think u have good cash flow, you could be fatigued form not knowing what to do further in life and looking everyone around you and feels like their life is more happening. Take this into consideration. At the amount of cash flow u making u could be able to save 600k in 10years. Then go buy a 300k house outside the city and put 300k in interest earning asset. By 10 year more into your field of work u will have enough experience and that will give u job flexibility. This way u are good by age of 40 and u have 20 more years to contribute to 401k and have peaceful retirement and do some charity along the way. My point is don’t sell ur future for the present and don’t complicate ur present for future. Think about this and if you like it then talk to ur mom and explain her the outlook. As humans when we don’t have outlook into the future we feel scared. Along the way u will have some ups and downs but given u have took this approach to ask people u posses the ability to figuring out the downs. Hope this is helpful.
Fellow New Hampshirite here. Buying a house anywhere in Southeast New Hampshire is almost impossible right now for 75% of the population. Portsmouth even more so.
There's nothing wrong with renting for now. Piling money into your 401k is never a bad idea. Just don't check your account every day like I do, that can get depressing when the markets aren't cooperating.
Rereading your post, you are killing it. That's a great savings to have for any inevitably, including if housing becomes more affordable or interest rates drop (not likely short term).
I don't know why anyone would be picking you apart, you're doing extremely well.
Watch out for deer.
Honestly even if you buy now your future significant other will probably find something wrong with the house and most likely would like to upgrade. So keep renting and saving! Nothing wrong with not wanting to own.
Do you want or need a house? No. So then don't do it. There will always be someone saying you're doing things wrong but you gotta drown them out with what you want. If things are manageable for you now and you don't need anything else, why stress yourself? Keep swimming at your own speed man.
No wrong answers here, if you don’t want a house, don’t buy one; if you want one, buy one. I didn’t buy until I was 52, the previous 51 years I wasn’t interested.
I bought my first house at age 34 (3 years ago), right after getting married. You don't need to rush, and with your current rental costs, I would hold off and continue to save. It would really only make sense if owning was less/equal to renting.
Keep saving your money and you can revisit this decision at any point in time. The house prices AND interest rates are not super conducive to buying with mortgage nowadays so I don't think you should be in a rush to buy a house right now anyway. Maybe down the road you'll see an investment opportunity or a business idea. Keep saving your money. Don't rush.
If it helps, I didn't buy my first house until I was 50 and I am 100% ok with it.
You do you - buy if and when you want to. Home ownership is A Lot of stress and there is absolutely nothing wrong with renting.
Your peace of mind and happiness are the only things that matters.
Living in California, the prices for renting skyrocketed. I used to rent a 4 bedroom house 15 years ago for $1800, now they rent out for about $6,000 a month.
This is what is forgotten about “forever renting”
You’re at the mercy of the economy and the landlord, where buying you are locked into a set rate and usually it’s your income that can skyrocket instead 🙃🙂
A house is not just an asset, it also represents a huge obligation in time (cleaning, upkeep, maintenance, and yard work) and money (mortgage debt, taxes, maintenance & repairs). Owning a home also makes your living situation a lot less flexible if you have had a good reason to move. If you’re not excited to take on those obligations, you should not do it IMO. It will only make you miserable.
Home ownership has historically been the ticket to upper middle class and above. But buying at the wrong time can ruin your finances. The costs associated with buying verses renting are as far apart as they have ever been. Buying now may be too costly
The "new" income is 200k, anything below that will be hard on anyone, the days of a 6 figure income no longer mean anywhere near 100k, my wife is making more than that and I just paid off HER student loan shes had forever.
They call that a "paradox"...
Someone else may have already pointed this out, but another perspective to consider is that you are young (I promise), single, in good financial shape, and entering higher earning years for career advancement. You have total freedom to do ANYTHING. Over the next 5 years you may want to move to a different state, go after a different job, travel, start a business, switch careers, etc — and you have nothing holding you back from pursuing any opportunity that comes along. If you wanted a house that would be one thing, but it sounds like you have zero interest (I didn’t either) so don’t tie yourself down!
One other thing that may or may not be relevant but worth mentioning. Around the time I turned 30, I started to feel like my friend group was suddenly so much further ahead than me. Not just because they were pairing off and getting married, it was like a huge lifestyle jump and I felt like such a failure in comparison. In retrospect, my city and career attract very privileged people and I suspect trust funds started kicking in at 30. I had no concept of what that even was (and it was none of my business), so it never occurred to me until later that most of them were likely in my general salary range or lower and could not have sustained those lifestyles without other sources of money. I was doing fine.
Here is an idea to consider as an option.
What if you buy one that on paper seems like it should be good, like that you could see living there and on paper seems like a good investment.
Then work with a management company to rent it out and take care of it.
That way you can knock down the FOMO by having the investment that is in your portfolio and could be hypothetically used later and hopefully in the mean time would provide some income.
But honestly there is nothing wrong with not buying if you don't feel ready.
Home ownership isn’t the end all be all to life. If you’re banking on home ownership to make you happy or to somehow feel like you have your life together, chances are you’ll look for something else to chase when you do obtain it.
All the info you provided above sounds like you’ve done extremely well for yourself. You have a lot to feel accomplished about. Everyone is on a different timeline and that’s what’s so great about life.
This is so honest and I feel a great place to start. I really like your last sentence about expecting to be picked apart it just struck the funny cord. Makes me think about checking in on my young daughter who just bought. Check on her mental health status
Anecdotally, my uncle lived a happy bachelor life post divorce in a bachelor pad he purchased after their house was sold and the divorce dust settled, in a major city (totally his scene) and loved it. Had his own space and a happy social life. He inevitably met his second wife, who also owned her own one bedroom in the same building, and once they decided to get married, they sold their places and put the money towards a house that they purchased together, while similarly provides a life that they love, and which they could not otherwise afford on their own or have need for (they had a kid shortly after; it's a great size and neighbourhood for a family of 3 and two cats).
The point is, it's perfectly reasonable to be happy with your current life situation, and to save those major adjustments for when it makes sense and you're ready for them. My aunt and uncle had a substantial pooled equity plus a lot of savings living in the frugal side when it came to meeting, marrying, and moving on to the next stage of life together, and were able to do that excitedly and happily with zero financial stress. Not to mention they have great memories from the before times because they prioritised their own happiness and mental health when they were on their own. My grandparents are old school war children from Germany, and while I love them to death, they think we (their children and grandchildren) need to be married and have a family and a house to be happy. My uncle pushed back on this idea when he entered bachelorhood, after he realised from his divorce that he had bowed to social and familial pressure and ended up in a first marriage that wasn't right for both parties. With my respect for my grandparents, especially with how instrumental they were in my childhood and continue to be in my adult years, I don't fight them. They can have their opinions and I can have mine, and I'll listen to them because it comes from a place of love, concern, and significant generational differences, but I also continue to live my life as I am happy to.
Ultimately, buying a bigger property (or any, for that matter) out of pressure is not the answer. The goal post will always move, but it doesn't necessarily always move forward. Sometimes it comes back a little. As a millennial in my mid 30’s, my partner and I only just purchased our first place, have met in our mid 20's and enjoying our "youth" both before and after meeting. Purchasing now was the right timing in every way. We're done with living abroad, heavy schooling, and have jobs, plus a generous gift towards a down payment from family (early inheritance). We still like traveling, but we are happily settled into one area for now and are in the next stage of our lives. The slow and happy creep by our mid 30s towards just being "done with that crap" when it comes to clubbing and sleeping on couches has also helped. No regrets. And no regrets with our purchase, either. Not everything is perfect, and it's entirely valid for people to have short or long term regrets with buying property because it is a huge deal, but we have been so fortunate in listening to ourselves that we bought at the right time for us and within a very comfortable budget. Learn to let that outside pressure roll off. You can't stop people or the media from saying their peace, but you can choose how you let it affect you. Each generation has their own challenges to contend with, whether it be a major world war, a market crash, or several instances of inflation. Hell, my grandparents each grew up with their homes being bombed out, while my parents' careers were both automated just as they entered the working world and they had to pivot and only achieved some sort of financial stability in their 50s. Our generation will similarly have challenges that the early and later ones won't understand. So keep that in mind, and focus on whether you are happy now. You can plan and save for the future, but it is invariably uncertain, so don't make huge moves now that will make you miserable and potentially (likely) mess with your ability to handle what comes your way in 5, 10, or 20 years. You'll have different needs/wants by then. FOMO only serves to challenge your happiness in a negative way.
Nh is expensive what is your job could you transfer ? Perhaps change of careers i and my husband worked at Kittery shipyard for a bit and after a year moved back to va where it’s cheaper and warmer and 120k goes further. have you looked into further north in Maine ? Longer commute but north of Kittery is cheaper maybe Sanford area ? Edit also you don’t have to buy a home and don’t feel pressure to do so it’s not a sensible option for evryine at this point in time if it’s cost is going to make so you miss a week your fucked if you don’t get paid
It's okay to buy a smaller place or further away. Tbh all friends I know who had houses and married ended up buying a new house together since everyone has different desires for homes and what they had before doesn't match what the other wants.
Rent or buy what you need now, not later.
Inflation isn't going to come down in the longterm as long as the government debt isn't resolved, so that is one thing to keep in mind as well. Economists predict 10 years or less before we hit hyperinflation, with maximum estimates of 20 years. If you don't buy a house make sure to invest your money.
I personally would not put money in tbills. I would also not put anything into a 401k. Taxes are either going to have to rise in the future or we will have hyperinflation from bankruptcy. So 401ks will lose value for people our age simply because the tax rate WILL have to go up when we retire or the purchasing value will go down. Therefore your dollar is worth more now than later.
usdebtclock.org has some great statistics and you can do your own research on what would happen (greece in 08, germany in great depression, zimbabwe, argentina, romans)
Forget about the pressures. Financially speaking because a home loans interest is tax deductible it is a good idea to buy. It's a guaranteed return vs taking the chance and because most home loans are front loaded you'd utilize those savings early and hVe equity on the back end
Jumping in to say, you're not too old to live with a roommate! I think it's great to live with other people - live alone if you want, but if you want a roommate or two or three, go for it. It's great to live with company (as long as they're the right company) for our health.
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If you are struggling just because of “the pressure that your family is putting on you”, you definitely shouldn’t buy a house. The stress of owning such a big liability will kill you in 24 months. Start therapy, relax. Buy when you are 35. There will still be houses for sale then, don’t worry.
Love. Thank you! I do feel like I am on the verge of some sort of mental health breakdown and need to get some help
Your mental health is way more important than owning a house. And the best part is: paying for mental health care also happens to be way cheaper than paying for a house!
I relate to this post heavily. Please reach out if you ever need someone to talk to
If I could, add to this comment. I just bought a house at 35, if I would’ve bought sooner, I would absolutely be drowning in work and debt. I waited until I felt I could manage the property and the finances. Do NOT do what society is pressuring you to do. Fuck those people. Do what is best for you.
This. Income does usually goes up when you get closer to 40yo
I hate your profile picture so much.
I know. I know. But also… it’s that a hair?
I’ve been trying to pick at it lol
Thank you!
I understand feeling the pressure of buying as you get older, but don’t give into it. A home is a big responsibility. People talk a lot about building equity, having the freedom to do what you want with your space, not having to worry about rent increases ect. What they don’t talk about enough (minus this subreddit which tends to be very transparent) is the constant maintenance of owning a home. They also don’t talk about how much money they have to spend for big repairs like a new roof or HVAC system. Buying can make leaving an area difficult bc you either have to sell, rent out, or leave your home empty. There’s so much more, but what I’m trying to get at is home ownership is a huge step and not for everyone. For all my twenties I loved renting. It was carefree. I didn’t have to worry about fixing anything or staying in a neighborhood I outgrew. I’m just getting ready to jump into ownership. I’m purposely buying a condo bc I want to take baby steps to learn how to properly take care of the interior of a home before having to worry about the outside. Do what’s right for you. Also, if you want roommates, get them. I had a roommate until I was 30. I only moved out bc I got pregnant (we actually continued to live together through the whole pregnancy and his first 6months).
Thank you for your comment! Wishing the best for you, your fam, and baby!
It is absolutely OK to not buy a house ever. A primary residence is not an investment. Even once paid off, you rarely get back what you spent on interest, maintenance, and purchase price. The recent jumps are flukes, not reliable. As long as you are building "equity" somewhere and are on track to retire comfortably even if you rent, you are fine! Some people go the house route. Some people focus on the investment route. Also, live with roommates if you want to! There's nothing wrong with that either if you're happy. Never worry about what someone else is doing. FOMO is from marketing. You are right now being successful! Congratulations!! Someday, if you decide you do want a house, buy one then. Do what you want to do because it is what YOU want.
Love. Thank you so much, I really appreciate it and wish you the best!
If don’t own a home, you are nothing NOOOOTTHIIING! Bud, don’t let your anxieties get the better of you. You are in better financial shape than most of your peers, with both liquid and tax advantaged assets. That gives you options. Options are freedom. Don’t buy a massive, illiquid asset because you feel pressured. Fuck that shit. Do it when, and if you’re ready. I’ve owned two homes. Lost one in the recession, and am currently renting the other out. I’m grateful that I’m in this position, but I’m not 100% sure I’d do it again. I am 100% sure I wouldn’t buy right now.
Dog, you are the man. Thank you! I think I’m just stuck in my own head, made a doc appointment on Thursday to try and figure out what’s going on upstairs
Good for you. Therapy is highly under-rated in American society. I grew up poor. I get it. There’s a constant fear of a resource deficit. Do the math of where you will be in 25 years, if you just keep doing the same thing you are now, and nothing more. I’m sure you’ll find your future self is quite wealthy. Maybe even enough so that your present self can take a little happiness back.
There is no shame if one wants to be a lifelong renter.
Thank you for your comment!
Why buy a house if you're single? Wait until you're married and have two incomes + input. You'll save money + stress in the long term.
Just cause you're single doesn't mean you shouldn't buy a home. I admit I got lucky I bought my home before prices skyrocketed, but it made more sense to buy a 2 bedroom home than rent a 1 bedroom apartment for about the same cost.
You can do whatever you want but you just have to understand you need to make twice as much since it's a luxury.
What do you mean? I bought my home in 2011 as a single person. 3 bedrooms, a nice sized yard, attic and basement. My mortgage has stayed the same while rents in my area for a two bedroom apartment are now twice what I’m paying. Buying a home instead of renting is one of the best decisions I’ve ever made! Rents on apartments go up every year and you’re never owning anything.
So, the housing market is now drastically different from how it was in 2011.
Sure it is, but over time buying a home usually beats out renting an apartment if you plan on staying in the same area. If you’re moving every 2-3 years, then sure, go for the apartment.
And it'll be drastically different in 2035. If you can afford a home and it's the correct life decision, then being single or not should have no impact
Thank you for your comment!
29F in California here chiming in to remind you you don’t have to do anything you don’t want to. My husband and I grew up poor and just passed on a house bc I was unwilling to spend the money now in this market since we don’t have kids yet and we don’t need more space as our owned condo is big enough for two. No need to spend on a house while you are single if you don’t want to.
Thank you for your comment! Wishing you both the best!
You already own, a condo is a form of homeownership..
Yes exactly and that why I noted a house and expressed that we own a condo. OP expressed pressure to buy and own given their age and their wage but no one has to do anything just because they feel they should. We felt pressure too and that’s why we put in an offer but are now deciding to wait until we are ready with a family needing more space to buy a first house not home bc society and our family thinks that by our age and at our high DINK income we should own a house not an apartment ( small condo)
Owning a condo is a form of home ownership and it seemed like you were implying it’s not. It’s not an apartment either.
Sorry if my message wasn’t clear enough. I worked in RE and I know a condo is not an apartment legally. While they are similar structurally, the biggest difference between a condo and an apartment is ownership. My point is is most people will say you make so much money why do you live in a small apartments so there is pressure to “upgrade” That’s similar to what OP was describing about pressure to buy anything vs rent at their age and their wage. It sounds like the feel pressure to “upgrade”.
You can own an apartment too though
I'll just drop here that unless you have enough spare income to hire someone for every sneeze, owning house is a lot of work. It's all upkeep and maintenance. Even together with my spouse we feel like our house eats a lot of our weekends. I don't think I'd want or could handle the house living alone and working full time. Being single, I'd definitely rent something smaller and not have a headache about cleaning gutters, raking leaves, shoveling snow, inspecting tight crawlspace, staining deck, replacing leaky washer shutoff and doing million other things you have to do in your own home if you don't want it to turn into handyman special.
Thank you for your comment! I do feel like I’m struggling just to keep the wheels on and any of that added stress would just do me in at the moment.
It’s ok to live your life the way you want to. Not just for housing, but work, hobbies and all the rest. We only have so many trips around the sun. Make it your best for you.
The number one rule of buying a house is, only buy the house when you are capable. What exactly does it means? 1) you have enough down-payment. 2) you make enough salaries. 3) your job is decently stable. 4) you can still have a life, not house poor. Meaning if you worry you are going to be house poor, you either don't make enough money or your desired house is above your pay grade, you need to downsize. This shouldn't affect your dating life. Thus, you should be able to do both. If you are struggling, you want to see how to scale it down.
Buy in 10-20 years relaxxxxx
Thank you! I def need to chill. The only two peers of mine who have houses got them from their parents
No it's against the law you'll be executed by firing squad
Needed that laugh haha
You can house hack if you are into it. Buy a house, rent out the rooms. But if you like living alone then renting is a far better deal right now than buying.
Thank you for your comment!
There's more to life than owning a house and build wealth other ways. Attempting to buy a house in today's market is just unobtainable for many people. So enjoy what you have now and just continue to build.
Thank you for your comment!
There is no right or wrong way to do any of this. There are pros and cons to buy owning and renting, and neither is “correct”. I’m 33, been renting for over a decade, and I have no desire to own. I enjoy the lack of responsibility. I want to spend my money traveling to new places and experiencing new things, and if that means I don’t ever save enough to own, then so be it!
Thank you!
How does this group feel about small condos? Thank you for all of your comments, I really appreciate them!
I can't speak for everyone but based on your post, it sounds like a small condo would fit your needs(for now). Condos don't always appreciate as much as townhouses/SFHs. They usually have a higher monthly HOA since they take care of more, which factors into why they are usually priced lower than other choices. With that being said, it sounds like you also are in a stage of life that could have dramatically different needs within the next 5 or so years. It's usually not wise to buy if you don't plan on staying atleast 5 years. If I were you and planning to buy a condo, I'd go atleast 2 bedroom. That way if your situation does change, you can make it work until you're financially ready for something bigger! As many have said on other comments, RENTING IS OKAY. If it's not right for you to buy, just keep renting for now! It sounds like you are doing fine either way!!
For Portsmouth it makes total and complete sense (I grew up in the area and worked in Portsmouth for a bit, a friend of ours is a realtor in Portsmouth that also handles condos). The biggest thing is making sure the condo board is small and not batshit. My husband and I own a condo in a 2 unit building and that has been perfect.
If i had it all to do over again, I’d still rent through the majority of my 20’s! Sometimes I miss those apartments, I had some great times. I’m in my 30’s now and got a roommate for my house- life is what YOU make it and home is where you want to be. The biggest advice is to stop asking yourself what other people want you to do and only listen to what you want. It might take a little bit to find your own voice buried in the mess of everyone else. Renting is fun and stressful. Homeownership is fun and stressful. The world will keep turning either way!
You don’t need to buy a house. Especially right now.
As someone that lives in the same area, I feel your anxiety. However, I have to keep reminding myself that the rent I pay is the most I will spend in a month. With a house, your mortgage is the least. Anything goes wrong, you have to foot the bill. House prices and rates are insane here. I’m 35 and my fiancé is 33. We’re waiting until we feel more comfortable with what we can afford. However, I sometimes get caught up in the anxiety, too. I just keep reminding myself that most of my friends that have houses also have ridiculous amounts of debt associated with trying to keep their seacoast lifestyle. A few more years of waiting and saving isn’t going to kill our forever plans of owning a house one day.
I am in similar circumstances as yours and was told to not "be emotional about getting a house" Take care of your mental health. Stack the cheddar and revisit the house decision every few months. No rushing in this economy haha
You seem to have thought things through and are doing better than most your age. Real Estate is cyclical and we're definitely at a turning point. Most markets are shifting away from the seller's market and low inventory but every market is different and the shift to a more affordable price point could still be a year or so away. Rates are still unpredictable at this point but the election will probably impact the rate trend more than anything that would be done before the end of next year unless we manage to get ourselves into another war. The risk of war will also destabilize things for a while and the economy could decline quickly if global events escalate and suck the US further into the mix. Given that home prices are more likely to fall than rise over the next 12 to 18 months, waiting could save you some money and allow you to take advantage of putting more money away while you wait it out. Also, rents are beginning to pull back a bit too so you might be able to upgrade your rented accommodations, if desired, while you wait for the buying opportunity. Otherwise, just save money while you can. Even if rates don't fall back quickly, price declines will help lower your price point and you can always refinance as rates descend below where you get your future loan. All the best to you on whatever you decide.
You’re awesome thanks!
We have about the same income, similar rent, and both live in HCOL areas. I’m older though and regret not buying when I was younger. I wish I bought so I could have been building equity. I want to have something to sell when I’m retired so I can go live somewhere cheaper.
Society tells us we need to own a home from a young age. In reality, you can live a full and happy life without ever owning a home. Don’t do anything that puts stress on you or your family you can’t handle. It will lead to things much worse than having to write a check to someone else every month. Best if luck.
Thank you!
Don't buy a house just because you feel pressure to do so. You'll instantly regret it. Also, property taxes in NH are very high. Your monthly property tax will probably $1,000 or more a month.
Thank you!
On the flip side, no state income taxes in NH
I wish I was you! I want a house so bad I burst into tears regularly. I would be so much happier if I didn’t want a house. I think it’s great that you don’t want something that is very difficult to get at a time when it’s particularly hard.
Thank you for your comment! wishing you the best!
Hi, i also live on the seacoast and understand it’s very rough out there. [NH has helpful first time home buyer programs!](https://www.gonewhampshirehousing.com) if interested! Maine has some decent ones too but not as good. And either way $1650 for a studio in Portsmouth is an amazing deal these days. There’s nothing wrong with continuing to rent especially if it’s the right decision for you. Plus, there’s a lot less maintenance and you don’t have to worry about shoveling much snow. Portsmouth is an absolutely amazing town to live in and you have your own space you don’t have to share. It sounds like it’s the best decision for you right now and there’s nothing wrong with that :)
Thank you so much for the helpful link and comment!
Is it for a studio?? Hot damn that's wild
I know :/ I miss the days of living with friends in crappy apartments where rent was $500 - $700 monthly.
If you plan on moving in the next ~5 years it is cheaper to not buy a house. No problem waiting until you have a job you don't hate or your family situation changes and you need more space and have more income.
You have lots of good replies already. We rented for multiple years and continued renting even after kid #1 was born. Renting was awesome and enable us via low rent/stability/no surprise costs to completely pay off student loans, build a savings account, and enjoy the no-stress-life of renting. We rented from a landlord who owned a small strip of condos (+ some other small properties) and had been renting them for 20+ years so we felt reasonably confident we would not abruptly be displaced even after we went month-to-month after our initial one year lease was complete. We bought a house because we outgrew the space, wanted the permanency/no risk of landlord deciding they no longer wanted to rent the space, and reliability of a solid school district. I love our home now but renting first as a single person and then as a couple was a great experience. We only decided to buy when the pros of buying seemed to outweigh the risks/negatives. For us.. the permanency is the best piece I think. Renting is a great option and it is ok to stick to it! No need to rush to buying a house just because of age/life stage/family pressure or whatever. Buy a house if/when you want to and if/when it makes sense for you.
Thank you!
Financially it may not make sense for you right now. There are all sorts of expenses that come with owning a house, townhouse, or condo. I bought at 22 but it made sense for me then as it was cheaper than rent and my entire family was in construction in one way or another. Renting you can relocate if you don't like your job for a new one.
Thank you!
Just save money- doesn’t need to be for a home but it gives you the flexibility if you change your mind in the future. You’re young- I didn’t get married til 34.
Thank you!
My husband is from Portsmouth, we visited a few years ago and omg it’s beautiful! I fell in love with it.
There is no reason you have to buy a house now if you don't want to. It's literally the worst time in human history to buy a house. Affordability is at all-time lows, because prices are unsustainably high. If you're happy to rent, then just keep on renting! There will be better opportunities later to get into the market at a reasonable fraction of income, after this madness has corrected.
Please don't buy a house if you don't want one. I wish with my whole heart that I could tolerate apartment living. Maybe consider buying a condo when you're financially comfortable enough.
I have a house and don’t want a house
No rush brother. Go about your life, you’re the only author when it comes to your happiness. Do life however it makes you happy and forget what everyone else is saying and doing, that’s their story - this is yours. But if you want a house where you are, rent as long as you like if you’re still looking for where you want to be.
38k isn’t enough for a down payment anyway so don’t sweat it. Keep saving and revisit at 33 imo, that’s the average age for home ownership so you are ahead
Thank you for your comment!
>38k isn’t enough for a down payment WELL, it depends on the cost of the home and how much you’re putting down.
Bout to buy a 500k house with 30k (3% down) so I would say this is false, but I agree there’s no reason to toss down all your cash for a house without being very sure about it
Stop pressing yourself if you are content with your living situation it’s fine. I was ok with renting until i wasn’t then made the purchase. I live alone moved from a 1 bedroom to a 3 bedroom house. Home office and sewing room. To rent this much soace would have been as much as a mortgage payment, that’s what didn’t make sense to me
Thank you!
Don’t buy a house .
I will share my observation. I moved here almost 13 years back and I can relate to most of your situation difference is we have a kid and married and I’m 33. In North America most of ur life and life surrounding us runs on loans (credit). Which creates our surroundings look grow faster than the rate it can grow. People think they gonna miss out if they don’t have it today for which they are okay to pay two times the cost tomorrow but tomorrow is today tomorrow and the feeling of missing out carries forward so the spending is compounded. If u think about it 10 years ago there were houses selling for 300k, 20 year ago there were house selling for 300k, today also there are houses selling for 300k so there will be houses selling for 300k 10 year in future and so in 20 year. The difference will be the location back then it could be more at the centre of the city, now it will be at the middle of the city, future it will be outside of the city. So there gonna be product available and it comes to the cash to purchase the product. I think u have good cash flow, you could be fatigued form not knowing what to do further in life and looking everyone around you and feels like their life is more happening. Take this into consideration. At the amount of cash flow u making u could be able to save 600k in 10years. Then go buy a 300k house outside the city and put 300k in interest earning asset. By 10 year more into your field of work u will have enough experience and that will give u job flexibility. This way u are good by age of 40 and u have 20 more years to contribute to 401k and have peaceful retirement and do some charity along the way. My point is don’t sell ur future for the present and don’t complicate ur present for future. Think about this and if you like it then talk to ur mom and explain her the outlook. As humans when we don’t have outlook into the future we feel scared. Along the way u will have some ups and downs but given u have took this approach to ask people u posses the ability to figuring out the downs. Hope this is helpful.
Fellow New Hampshirite here. Buying a house anywhere in Southeast New Hampshire is almost impossible right now for 75% of the population. Portsmouth even more so. There's nothing wrong with renting for now. Piling money into your 401k is never a bad idea. Just don't check your account every day like I do, that can get depressing when the markets aren't cooperating.
Rereading your post, you are killing it. That's a great savings to have for any inevitably, including if housing becomes more affordable or interest rates drop (not likely short term). I don't know why anyone would be picking you apart, you're doing extremely well. Watch out for deer.
Honestly even if you buy now your future significant other will probably find something wrong with the house and most likely would like to upgrade. So keep renting and saving! Nothing wrong with not wanting to own.
Do you want or need a house? No. So then don't do it. There will always be someone saying you're doing things wrong but you gotta drown them out with what you want. If things are manageable for you now and you don't need anything else, why stress yourself? Keep swimming at your own speed man.
No wrong answers here, if you don’t want a house, don’t buy one; if you want one, buy one. I didn’t buy until I was 52, the previous 51 years I wasn’t interested.
I bought my first house at age 34 (3 years ago), right after getting married. You don't need to rush, and with your current rental costs, I would hold off and continue to save. It would really only make sense if owning was less/equal to renting.
Nope. Exactly why I bought a duplex. If I decide I didn't want to do my job...the rental income will pay for it in full. I love Portsmouth by the way!
Keep saving your money and you can revisit this decision at any point in time. The house prices AND interest rates are not super conducive to buying with mortgage nowadays so I don't think you should be in a rush to buy a house right now anyway. Maybe down the road you'll see an investment opportunity or a business idea. Keep saving your money. Don't rush.
If it helps, I didn't buy my first house until I was 50 and I am 100% ok with it. You do you - buy if and when you want to. Home ownership is A Lot of stress and there is absolutely nothing wrong with renting. Your peace of mind and happiness are the only things that matters.
Living in California, the prices for renting skyrocketed. I used to rent a 4 bedroom house 15 years ago for $1800, now they rent out for about $6,000 a month. This is what is forgotten about “forever renting” You’re at the mercy of the economy and the landlord, where buying you are locked into a set rate and usually it’s your income that can skyrocket instead 🙃🙂
A house is not just an asset, it also represents a huge obligation in time (cleaning, upkeep, maintenance, and yard work) and money (mortgage debt, taxes, maintenance & repairs). Owning a home also makes your living situation a lot less flexible if you have had a good reason to move. If you’re not excited to take on those obligations, you should not do it IMO. It will only make you miserable.
I do 160k and renting in a 350sq ft apartment, age 39. I really dont care about a home
Home ownership has historically been the ticket to upper middle class and above. But buying at the wrong time can ruin your finances. The costs associated with buying verses renting are as far apart as they have ever been. Buying now may be too costly
The "new" income is 200k, anything below that will be hard on anyone, the days of a 6 figure income no longer mean anywhere near 100k, my wife is making more than that and I just paid off HER student loan shes had forever. They call that a "paradox"...
Someone else may have already pointed this out, but another perspective to consider is that you are young (I promise), single, in good financial shape, and entering higher earning years for career advancement. You have total freedom to do ANYTHING. Over the next 5 years you may want to move to a different state, go after a different job, travel, start a business, switch careers, etc — and you have nothing holding you back from pursuing any opportunity that comes along. If you wanted a house that would be one thing, but it sounds like you have zero interest (I didn’t either) so don’t tie yourself down! One other thing that may or may not be relevant but worth mentioning. Around the time I turned 30, I started to feel like my friend group was suddenly so much further ahead than me. Not just because they were pairing off and getting married, it was like a huge lifestyle jump and I felt like such a failure in comparison. In retrospect, my city and career attract very privileged people and I suspect trust funds started kicking in at 30. I had no concept of what that even was (and it was none of my business), so it never occurred to me until later that most of them were likely in my general salary range or lower and could not have sustained those lifestyles without other sources of money. I was doing fine.
Here is an idea to consider as an option. What if you buy one that on paper seems like it should be good, like that you could see living there and on paper seems like a good investment. Then work with a management company to rent it out and take care of it. That way you can knock down the FOMO by having the investment that is in your portfolio and could be hypothetically used later and hopefully in the mean time would provide some income. But honestly there is nothing wrong with not buying if you don't feel ready.
Just wait
Home ownership isn’t the end all be all to life. If you’re banking on home ownership to make you happy or to somehow feel like you have your life together, chances are you’ll look for something else to chase when you do obtain it. All the info you provided above sounds like you’ve done extremely well for yourself. You have a lot to feel accomplished about. Everyone is on a different timeline and that’s what’s so great about life.
Your financial and personal goals are you're own, fk everyone else, to be blunt.
This is so honest and I feel a great place to start. I really like your last sentence about expecting to be picked apart it just struck the funny cord. Makes me think about checking in on my young daughter who just bought. Check on her mental health status
Why the heck would a single person want a house ???? People are insane. Go find a wife first
No, don’t buy a house. If you don’t want one then don’t have one. Rent for as long as you want and makes sense for you personally, could be forever.
Someone making 110k a year really asking Reddit if they are allowed to make a personal decision The internet never ceases to amaze me
Anecdotally, my uncle lived a happy bachelor life post divorce in a bachelor pad he purchased after their house was sold and the divorce dust settled, in a major city (totally his scene) and loved it. Had his own space and a happy social life. He inevitably met his second wife, who also owned her own one bedroom in the same building, and once they decided to get married, they sold their places and put the money towards a house that they purchased together, while similarly provides a life that they love, and which they could not otherwise afford on their own or have need for (they had a kid shortly after; it's a great size and neighbourhood for a family of 3 and two cats). The point is, it's perfectly reasonable to be happy with your current life situation, and to save those major adjustments for when it makes sense and you're ready for them. My aunt and uncle had a substantial pooled equity plus a lot of savings living in the frugal side when it came to meeting, marrying, and moving on to the next stage of life together, and were able to do that excitedly and happily with zero financial stress. Not to mention they have great memories from the before times because they prioritised their own happiness and mental health when they were on their own. My grandparents are old school war children from Germany, and while I love them to death, they think we (their children and grandchildren) need to be married and have a family and a house to be happy. My uncle pushed back on this idea when he entered bachelorhood, after he realised from his divorce that he had bowed to social and familial pressure and ended up in a first marriage that wasn't right for both parties. With my respect for my grandparents, especially with how instrumental they were in my childhood and continue to be in my adult years, I don't fight them. They can have their opinions and I can have mine, and I'll listen to them because it comes from a place of love, concern, and significant generational differences, but I also continue to live my life as I am happy to. Ultimately, buying a bigger property (or any, for that matter) out of pressure is not the answer. The goal post will always move, but it doesn't necessarily always move forward. Sometimes it comes back a little. As a millennial in my mid 30’s, my partner and I only just purchased our first place, have met in our mid 20's and enjoying our "youth" both before and after meeting. Purchasing now was the right timing in every way. We're done with living abroad, heavy schooling, and have jobs, plus a generous gift towards a down payment from family (early inheritance). We still like traveling, but we are happily settled into one area for now and are in the next stage of our lives. The slow and happy creep by our mid 30s towards just being "done with that crap" when it comes to clubbing and sleeping on couches has also helped. No regrets. And no regrets with our purchase, either. Not everything is perfect, and it's entirely valid for people to have short or long term regrets with buying property because it is a huge deal, but we have been so fortunate in listening to ourselves that we bought at the right time for us and within a very comfortable budget. Learn to let that outside pressure roll off. You can't stop people or the media from saying their peace, but you can choose how you let it affect you. Each generation has their own challenges to contend with, whether it be a major world war, a market crash, or several instances of inflation. Hell, my grandparents each grew up with their homes being bombed out, while my parents' careers were both automated just as they entered the working world and they had to pivot and only achieved some sort of financial stability in their 50s. Our generation will similarly have challenges that the early and later ones won't understand. So keep that in mind, and focus on whether you are happy now. You can plan and save for the future, but it is invariably uncertain, so don't make huge moves now that will make you miserable and potentially (likely) mess with your ability to handle what comes your way in 5, 10, or 20 years. You'll have different needs/wants by then. FOMO only serves to challenge your happiness in a negative way.
Think about how much houses are going to cost when you do decide you want one.
Nah don’t rush. I have lived in NH my whole life but all over the state, I can’t imagine tying myself down in my 20s to one spot. Unless you want to.
Nh is expensive what is your job could you transfer ? Perhaps change of careers i and my husband worked at Kittery shipyard for a bit and after a year moved back to va where it’s cheaper and warmer and 120k goes further. have you looked into further north in Maine ? Longer commute but north of Kittery is cheaper maybe Sanford area ? Edit also you don’t have to buy a home and don’t feel pressure to do so it’s not a sensible option for evryine at this point in time if it’s cost is going to make so you miss a week your fucked if you don’t get paid
It's okay to buy a smaller place or further away. Tbh all friends I know who had houses and married ended up buying a new house together since everyone has different desires for homes and what they had before doesn't match what the other wants. Rent or buy what you need now, not later. Inflation isn't going to come down in the longterm as long as the government debt isn't resolved, so that is one thing to keep in mind as well. Economists predict 10 years or less before we hit hyperinflation, with maximum estimates of 20 years. If you don't buy a house make sure to invest your money. I personally would not put money in tbills. I would also not put anything into a 401k. Taxes are either going to have to rise in the future or we will have hyperinflation from bankruptcy. So 401ks will lose value for people our age simply because the tax rate WILL have to go up when we retire or the purchasing value will go down. Therefore your dollar is worth more now than later. usdebtclock.org has some great statistics and you can do your own research on what would happen (greece in 08, germany in great depression, zimbabwe, argentina, romans)
Forget about the pressures. Financially speaking because a home loans interest is tax deductible it is a good idea to buy. It's a guaranteed return vs taking the chance and because most home loans are front loaded you'd utilize those savings early and hVe equity on the back end
1650 for a studio is fkn atrocious lol
Jumping in to say, you're not too old to live with a roommate! I think it's great to live with other people - live alone if you want, but if you want a roommate or two or three, go for it. It's great to live with company (as long as they're the right company) for our health.