BG consensus: Living at home.

[Cantih]

Edit: Also what the fuck is with this obsession where you gotta own a home when you move out?

Money paid to rent goes to the void.
Money paid to mortgage goes to equity.

Granted it depends on the interest rates and the difference between rent prices and monthly nuts that determines which is the best course of action, but if prices are the same, it would be wise to look to buying if you can manage it.

Hell, I was out walking this morning, and saw a sign for a modest house for rent, in a retirement development (62+), and it was $2,500 a month.

[archibaldcrane]

I was paying (splitting with my gf) $1325 a month for a 1-bedroom apartment in a nicer part of Koreatown in LA.

Just bought a 3 bedroom house in a (slightly) better neighborhood with 20% (80k) down, 30-year fixed mortgage at 3.75% is $1481 a month. Tax savings on interest basically cancel out the cost of homeowner insurance and property taxes (which are fixed for the duration of my ownership in CA).

[Penthesilea]

At times I get bummed because financially it's a good 800$ bucks out of my pocket, but then I realize it's just keeping me from blowing it on booze/food/clothes and I don't have to deal with an hour commute and I don't care.

Plus I've got a killer deal on my place now, 620$ month + 80-120$ in utilities for a pretty fucking sweet place.

[Thoronas]

Money paid to rent goes to the void.
Money paid to mortgage goes to equity.

Granted it depends on the interest rates and the difference between rent prices and monthly nuts that determines which is the best course of action, but if prices are the same, it would be wise to look to buying if you can manage it.

Hell, I was out walking this morning, and saw a sign for a modest house for rent, in a retirement development (62+), and it was $2,500 a month.

In Vancouver it's the opposite. People are spending 70% of pretax income on housing costs in some cases. Guess it depends on the area, I forgot how retarded this city is sometimes.

[Xerlic]

Like others have said stay at home as long as you feel comfortable and keep saving up money. You've obviously become accustomed to living with your parents in terms of having a social life and/or love life. If you're happy with how things are, just keep saving money. I pretty much moved out within several months once I got a stable job in 2009 and now rent an apartment with my wife. Now that we're saving up for a down payment for a house, I wish that I had taken advantage of having free room and board with my parents for at least another year and just continued to save since it's not like my parents were pressuring me to get out.

Honestly though at 40k/year or even 80k/year, I don't think you'll be able to afford the cost of living in Westchester on your own unless you look at areas like Yonkers or Mt. Vernon which it sounds like you're trying to avoid. I currently rent a 1 bedroom apartment in Eastchester, but I know for a fact that once I start looking to buy a home that it won't be here between the property prices and the crazy high property taxes.

[crazyrabbit]

24 living with parents because i studied the last 4 years and didn't have the money, will be moving out as soon as i have the money for it though, just to have a little more freedom for hobbys and crazy stuff my parents wouldn't approve. My brother (23) is living here too, he probably could get a realy tiny apartment, but there is just no reason. He has a 5minute walk to work from here and can soon afford one of his dreams, a 2+ week trip through japan because he can save-up almost all of the money he gets. This also means that i can talk with my brother every day and we can have fun together, watch tv or play games and all that stuff.
One of my uncles lived together with his grandma until he was 30+, for money reasons as well as to help her with daily live. Another uncle of mine is 27 and also living with his parents, again because of money and to help them a little, as his mother is disabled.

Moving out can mean a huge strain on money and just a lot of loneliness and boring days for many people. And that just to be able to say "Ofcourse I have my own place" ? The social stigma is stupid, as long as you and your family are happy it shouldn't matter at all.

[Cantih]

and property taxes (which are fixed for the duration of my ownership in CA).

God, once you're free and clear, your overhead is going to be glorious. Just a shame 300-400k is probably the best deal you'll find in the county =/

[Odesseiron]

Money paid to rent goes to the void.
Money paid to mortgage goes to equity.

Granted it depends on the interest rates and the difference between rent prices and monthly nuts that determines which is the best course of action, but if prices are the same, it would be wise to look to buying if you can manage it.

Hell, I was out walking this morning, and saw a sign for a modest house for rent, in a retirement development (62+), and it was $2,500 a month.

This is my mindset. Like hell I'm going to be paying off somebody else's mortgage. Would rather save a bit longer and then be able to afford a decent apartment. Considering buying a one bedroom, even though resale on them is awful.

[Cantih]

In Vancouver it's the opposite. People are spending 70% of pretax income on housing costs in some cases.

THE BLOODY FUCK.

[Drex]

I was 31 when I finally moved out of my parent's home. reason? Money. I waited until I financially secure enough to put 20% down on a home and only spend half of my monthly paycheck on the mortgage/utilities. Bottom line is if you have a decent enough relationship with your immediate family (and are not being a leech), there is not much pressure to move out except what you place upon yourself to do so. Move out when you choose to do so or if there is some kind of fallout with family.


Edit: Renting in most cases is just throwing money away. In most non big city areas it costs as much to rent an apartment as to pay a mortgage (if not more). A house is an investment and can actually make you money.

Tell that to the people who had to walk away from their houses after the market crashed. It's not 2005 anymore, we all know better. Renting has its benefits and paying rent is no more "throwing money to the void" than buying food or clothing. Treat it as a consumable. Just going out and buying a house isn't practical for everybody, and it's not even always a good idea. Most people with a mortgage will lose their houses if they lose their jobs, and it's still not exactly a stable job market right now. Try shoveling money into a house's equity for 5-10 years and then having to default because your company decides to downsize. It happens, it's not really anyone's fault.

How can you have 18 years and not be ready? I moved out at 17 make less then 40k a year and own my own home.

Oh, well if jamesfk did it, obviously anyone can do it! I got my dream job right out of college, how can anyone else not do that? Plebs.

[Mazmaz]

In Vancouver it's the opposite. People are spending 70% of pretax income on housing costs in some cases. Guess it depends on the area, I forgot how retarded this city is sometimes.

It's cause of the fucking Chinese.

[archibaldcrane]

God, once you're free and clear, your overhead is going to be glorious. Just a shame 300-400k is probably the best deal you'll find in the county =/

lol i won't be free and clear until I'm 61 (I highly doubt I'll still be living there then) but I know what you mean. It's just a way to build equity in a stable situation and hopefully will be my first married home.

[archibaldcrane]

Tell that to the people who had to walk away from their houses after the market crashed. It's not 2005 anymore, we all know better.

Right - unlike 2005, buying actually makes sense with rock-bottom interest rates and depressed housing prices that compare admirably to rent.

[Nevex]

Unless you have a strong reason to move out (shitty familiy, desire for freedom, etc.), there is nothing wrong with staying at your first home until you're economically and emotionally ready to leave.
There is no such thing as "leeching from your parents" because the instant they give you birth is the instant they sign a contract where they agree with sustaining you as long as you desire without asking anything material (read: money) back.
Don't like it? That's what birth control and abortion are for.

[Ketsuri]

I don't think living with your family is bad at all. However, I do think that there comes a time where you should move out. I apologize for any offense, but you should have been able to move out by now. IMO, you are currently leeching off your parents so that you can buy a house. Unless you are paying half of what your parents are paying and doing half the chores/maintence, you are leeching off them. I have several friends who tried the "living at home till i can buy a house idea" all but one of them blew the money on stupid stuff like TV, computers, video games, and cars. The other bought a house but is in danger of losing it because he got fired from him job. I think you should live with your parents to start saving up money => get an apartment once you get a decent job and can afford it => buy a house when you saved up enough money and you have a career type job that you wouldn't mind doing forever.

[Trinsie]

I look at it a lot of different ways. I moved out at 17 and couldn't wait to get out. I don't look down upon people who stay at home while going to college. I do look down on those who are like 25+ out of college and still living at home. I am not saying it is bad, I am just saying I can't help myself from looking down upon them. Kind of like there is nothing wrong with wearing a flat bill baseball cap with the stickers still on it. I will look down upon you for it though.

Do you bring girls back and ask them to stay quiet so you mom doesn't wake up?

If you are asian (this includes SW asia like india and the middle east) then it is fine, because people automatically assume you are going to live at home until you are 50.

[Cantih]

Right - unlike 2005, buying actually makes sense with rock-bottom interest rates and depressed housing prices that compare admirably to rent.

It's true, treating a home as a monymaker is a very bad idea. Drex is right if he means people buying more home than they can afford, or are betting on property values / flipping property.
The investment in a home isn't to make you money, but to SAVE money in the long run, reduce your overhead.

But even that's not the main point. You may spend most of your life paying it's cost. Then, you GIVE it to your children, so they never have to struggle through the whole rigamarole themselves. They can save the money they earn early on, and instead of buying a home, they can invest or start a business to make more money, and better THEIR children's lots in life even further.

[Meresgi]

I see nothing wrong with living at home with the parents, especially if it helps you out with getting back out of bad debt choices and a foot in the world. I lived with my mom and stepfather till I as 24, I moved out to got to college and had a lot of shit happen in my life where I had to drop out and move back in, moved out again when I was 26 which turned out to be a disaster and got a lot of debt..moved back in, moved out again with my fiance and then finally had to move down to MD to stay with her family because of the job situation and economy imploding on itself. Now i'm just trying to finish my education and finally strike out again, hopefully this time for the final time.

It's a good thing I think for a family structure to stay together and help each other out in bad times. I know because of all this, it has taught me a big lesson and when my mother and step father are elderly, I will in turn refurnish my basement or something to allow them to live with me as opposed to sending them to a nursing home or something.

[archibaldcrane]

But even that's not the main point. You may spend most of your life paying it's cost. Then, you GIVE it to your children, so they never have to struggle through the whole rigamarole themselves. They can save the money they earn early on, and instead of buying a home, they can invest or start a business to make more money, and better THEIR children's lots in life even further.

Problem there of course being that you're likely to live until your kids are 50+ years old. Shit, I'm 31 and still have 3 grandparents alive.

Owning a home does allow you to save up money for your retirement/kids college/trust fund in a more stable way though, yeah.

[Penthesilea]

Do you bring girls back and ask them to stay quiet so you mom doesn't wake up?

When I was at home I didn't give a fuck either way, my parent's and siblings all are adults and understand that sex is normal and it's going to happen. Plus it leads to hilarious mornings when you and your girl have been making a racket all night.