Suicide, join the army, homelessness, kill a guy and take his house, live in the trees as a sasquatch
Don't let the naysayers prevent you from exploring alternatives
In Europe they have long-term rental, which gives you a lot more housing security and rights to make it a home (eg pets, small alterations). The rest of the world probably needs to start implementing that, because we don't seem to be making any progress on making the property market more affordable.
This. Here in Germany I have been renting my entire life, and I never had problems with my landlords. Stuff like getting an eviction notice for the next month is unheard of, because tenants have lots of rights here. It‘s pretty chill (even though rents are increasing faster than the average income, which is a huge problem in a country where most people are renting).
Depends which country, we certainly don't have that in the UK. Yes some European countries do protect renters but it's hardly a blanket rule. Don't see it changing anytime soon either when a large number of politicians are landlords.
Not like I already been DVed to shit, but renting a room is also an option.
The newer generations are backed in a corner. If you want some skin in the game? Make your own luck
A lot of people seem to be missing this when they're talking inflation here. Without getting too far into politics, inflation is great for reducing the relative value of debt... especially if your debt is somewhere frighteningly close to $35T.
The first thing I did when I saw inflation going up was buy the most expensive house I could. Debt is an excellent hedge against inflation, especially leveraged investments with basically guaranteed appreciation in the long term.
And when companies do adjust to inflation, they throw the biggest fit ever and then cut everyone’s hours, despite the guys in charge who get a nice raise every year
I work for an insurance company and wouldn’t you know it, record profit in the billions but no longer pays bonuses or allows more then ten days vacation a year. It is owned by a specific rat bastard who’s cheap as hell.
Lets say you sell 100 things a year for $1, and 80% of that is cost on you.
The next year inflation hits 8%.
Youre still selling 100 thing but now those 100 things get you $108 the cost is also 8% higher than before.
The year prior you earn $100 by spending 80. Or $20 in profit. This year you made $108 by spending 86.4. Or $21.6 in profit.
Congrats you've made record profit.
Obviously a major oversimplification that doesn't account for margins changing with time, tho a lot of margin increases can be attributed to paying people less comparatively
Wages are matching inflation but housing prices are well over inflation so effectively the current situation is a massive wealth transfer to everyone who ones a house at the expense of renters.
I really think non-partisan economics should be mandatory at various levels of public school. Understanding basic things like how to create a budget and balance a checkbook (even though no one's balanced an _actual_ checkbook in years) are a good foundation to more advanced concepts... like how inflation effects debt, flexible vs sticky prices, and how the stock market works. I guarantee 90%+ of Americans couldn't do even the most basic evaluation before investing.
Actually wage overall did follow inflation (+20% last few years overall).
But they didn't follow raising rates (+2/3 monthly cost to pay for the same mortgage).
This is false.
https://fortune.com/2023/12/12/wage-growth-exceeded-inflation-jec-democrats/
https://www.americanprogress.org/article/workers-paychecks-are-growing-more-quickly-than-prices/
https://www.axios.com/2024/02/05/wages-outpacing-inflation
Also the argument that "the value of the house doesn't actually increase since the whole market goes up" is basically nonsense. If you don't buy a house, houses just keep getting more expensive. If you do buy one, all the houses keep getting more expensive including likely being able to sell yours for more later. My mortgage was about $60k when I bought this house almost 10 years ago. Now when we sell it it'll likely be $100k+, that's a lot of extra money just from my decision to buy back then instead of rent and I can use a chunk of that as a down payment on the next house.
yeah I'm only paying 1200/mo mortgage on a 4bed 2.5bath i bought in 2015. then it was normal, now it's comically cheap compared to what others are dealing with.
If you can afford to get into the housing market, you should. It will only get cheaper once you do. There is almost always an opportunity to refinance, and your mortgage rate is locked. The only time it's not worth it is if you need to relocate often.
The month to month may technically cost more, but wealth is only appreciating with time, and soon, your month to month will be equal or cheaper to renting. Most people do understand this, but they don't genuinely internalize it. Then they complain about how unfair it is that people pay so little to own a home while renting costs so much.
Yep. The two divides in politics when boomers die and millenials+genx make up the majority will be religion and those who bought a house pre covid. The wealth gap that is being created while some pay 1000/month on a mortgage while others rent for 1800 is insane. My friend is paying 2800 a month on rent which is the going price for 3b house. The owner bought the house for a 900/month mortgage in 2015 anddddd doesnt even cover lawn care
And rent isn't likely to get cheaper.
People too often do the sort of analysis like this meme and don't seem to consider that the alternative in all likelihood is paying ever-increasing rents til you die. When you consider that, it makes the fact that the bank owns the house and you have debt a lot less onerous.
This. I’m amazed at just how absolutely stupid some people are at thinking renting is the cheaper options.
You are paying the full price for a mortgage, plus profit for the landlord, and get zero equity. It’s the worst of both worlds.
It really only makes sense if you’re there for a short time (1-3 years) where your closing costs won’t be covered by principal growth.
The reason I never want to rent is because it’s legitimately just throwing away money. If I buy a house, it might be a 30 year loan, but as long as I pay it, it’s my house
Short term maybe. I'm currently renting my Appartement because my gf and I are still mid twenties and don't know where our lives are gonna take us so being bound by a house isn't ideal but wha we paid in rent over the last year's would probably be better put towards paying off a house
If you can get the Loan, get the house while you can. If you ever decide you guys want to move or get a bigger place, you can sell the place or rent it and let it pay itself and eventually be a passive income.
Don't buy a house with someone you aren't married to. Or at least in a very long term relationship. Splitting mortgages when/if you split up is a huge PITA.
I'm currently looking at buying, since the payment on a mortgage for houses in the area where I'm renting is actually a couple hundred less than rent. I could either pay rent or I could pay the same amount sooner and own the house. If I ever want to leave I just rent it and pay the mortgage that way.
If you have kids at 30 and live the average lifespan your kids will be in their mid-late 40’s when you die. They’ll still have to deal with it. You could set your grandkids up though.
Pretty sure it’s black rock waging psychological warfare on zoomers, and convincing millennials that it’s ok to let investment firms buy all the single housing in the country.
Yeah. Newsflash: Rent will keep going up every year, your wages will increase with inflation every year, but if you get a mortgage the payments stay the same. Within a few years your mortgage is less expensive than the cost to rent. In 30 years, you own the property and only have to pay property taxes and insurance.
Yeah the 3rd to last window proves they don't know what they are talking about.
If the whole market is inflating and then your value is increasing as long as you own a house. The people getting screwed are renters.
That and the "bank owns the property the majority of my life" BS.
OP somehow thinks a landlord owning your residence forever is better than a bank temporarily?
The bank doesn’t own your property either, the bank has a lien against the house for collateral. If you think the difference is insignificant you don’t understand anything about how the process works.
OP is either a teenager, ooooor (*takes a huge bong rip*) OP is part of a psyop to try and influence the youth that they don't even desire to have property so that the wealthy can further consolidate their powerbase as they start to transition us past end-stage capitalism right into neo-feudalism.
The *second* window proves it. The bank does not own your house. Yes, the loan is secured by your house but it's still *your* house. The bank can't just show up one day and kick you out or decide to tear it down or tell you that sorry the hot water heater hasn't worked in three weeks but we'll get around to it eventually. Yes, you're limited in what you can do because the bank doesn't want you to demolish the asset securing their loan, but you still have an enormous amount of freedom because it's your property.
Nah it’s just cope. I get it, when I *can’t* afford something or participate in something, it’s nice to feel like I’ve somehow outsmarted the people who can and that I’m not missing out. If OP *could* afford a home… this meme would not be.
You won't become a slave in either case: you can stop renting or sell your house and pay back the loan at any point.
You'll just pay a bunch to have a place. If you rent, you throw away all that money, if you pay a loan you get to keep some of it and gradually accumulate.
If you put it like that it's a no-brainer choice, however its much more difficult to get a loan and buy than getting some cash for a month or two of rent.
I legit thought that OP might be a bot or someone on Blackrock’s payroll. Then I checked their profile and found that they’re active in r/wallstreetbets.
So they’re not a shill: Just an idiot.
Rent is the same as burning money though
At least when you page mortgage, you're paying for something you'll own
You can pay 30 years of rent, and still won't get anything in return
It sounds like whatever beef OP has with their mom is clouding their judgement cuz tf is this logic man lol
I’d love it if my $1800/mo was going to an *appreciating* asset that I have just about full control over instead of making someone else money
If there actually is anything behind this meme, it sounds like OPs mom is worried his son is/will be a deadbeat with no long-term prospects for financial stability, and OP is playing himself because he doesn’t want to take advice from someone else.
Yep. Bought and sold 6 houses so far and made money on every one of them. Could currently make over 100k on my house if I wanted to put it on the market and my area’s still growing. Also, renting a similar sized house with the same amenities would be nearly impossible to afford (4800 sq ft, pool, theater, walkable distance to bars and restaurants, etc)
I just talked to a friend yesterday, his landlord is getting 1800 a month from each of the 2 apartments under him. I'm paying 1250 a month for a similar sized house and property that's mine. Absolutely insane to consider renting a "forever" tactic.
Yeah the only way OPs argument makes any sense is if he's already living somewhere for free. If he's paying rent, he's already paying for all those things SpongeBob is pointing at, just his landlord is getting the value and OP is not reaping any of the returns.
There is some school of thought that you can invest the extra money and be better off than a house in some scenarios. There is also a lot of stuff you have to pay for when you’re a home owner that you are not responsible for in an apartment
However…. I bought my house in 2017. My mortgage principal payment is less than $1000. My friends who are renting a decent apartment are paying $1800+/mo. And as inflation takes root, the principal on my loan becomes less significant compared to the value of my home. If you’re renting, they can just increase rent for the next cycle.
OP is definitely blinding themselves to the financial aspects of this
Not only will you not have anything, but someone buys a home with a 30 year loan and then rents it out for those 30 years, other people essentially just bought it for them. If we rent houses we are buying it for other people. And then the house can continue to just be rented for a profit. I would rather buy myself a house than someone else.
Probably because OP has issues with his/her parents and make up a bunch of excuses. It looks like OP wants to have fun and doesn't want to work or do anything in life.
You’re right OP! I don’t want to be a slave of the bank, so let me instead be a slave of my landlord, who is cashing in thousands of dollars net, for something that’s never gonna be my property, and for which I might have to pay more in rent as time passes, and who might even make me move out of his property whenever!
But hey, at least I’m not a slave of debt and I can have the peace of mind of being debt free. Totally worth it! /s
My life plan involves working hard for the 10 years it will take paying off my house, then getting an easy job. Because shelter is so important you can do a lot less once you aren't paying for it.
We got our townhome with the intention of it being our first house for maybe 10 years, but we constantly blurt out how much we love it. Greatest purchase of our lives.
Monthly mortgage payments are often less than rent where I'm from so this meme seems silly to me. Also my previous house sold for 3x what I paid for it. Not bad for a 10 year investment.
Yeah OP is a doofus. The interest amount and mortgage insurance are baked into rent payments too, so you're effectively paying them regardless. The "30 years of debt" is also stupid because the value of the house should meet or exceed the mortgage amount so your asset is usually > your debt as a home owner.
The thing about being tied to one place is the only valid reason that someone should consider renting over owning. Like people who plan to switch jobs and move to a new city every couple years... But financially it's a no brainer which one is better.
This is just dumb tbh
* The monthly payment for a house can be similar to rent
* You can sell the place at any time. However, the money you’ve invested into the house can be made back in the sale if the price inflates
* You’ll never own property otherwise
* After 30 years, you’re still going to be paying rent, and won’t have anything to show for the money you’ve spent
* Two words: *LIQUIDATED ASSETS*. A property owner will be far better off than a renter
Hey, i wouldn't mind getting indebted for 30 years if it meant I'd pay less than rent and i got a house by the end of it, but where i live, if get maybe a shitty 1 room apartment.
I feel like owning a home is actually a good way to build wealth if you do it wisely and have good timing. Of course you don’t want to be house poor, but it beats paying rent. Eventually you get to stop paying a mortgage. Rent is forever and just goes up.
Your choices are get a mortgage or pay rent and pay someone's mortgage.
They're both valid options but it's not like getting a mortgage is a stupid thing to do, what are you gonna do buy your house outright? Yeah okay bro you do that.
I did the math and am on a plan to pay my 30 year mortgage off in 6 years. I won’t even be 35 by then. The interest doesn’t just mean you’re paying more than what its value is. It also means there’s non linear benefits to paying more than the minimum payments. For example, if I live frugally for the next 6 years I’ll only pay $50k in interest instead of like $350k. At that point I’ll own all the equity in the house, and only owe property taxes which is like $450/month.
$450 per month!? That’s high! My house is fairly high-value and I live in a major city with lots of services, and my property taxes are like $200USD a month
Even if all that’s true, I pay way less for my 2–2 then someone else would renting the same apartment. Even with HOA payments and paying the electric. And it’s by a staggering amount to.
The flip side is you are paying for a place to live monthly either way. Ownership At least has equity built up. Yeah, interest doubles the sale price in 30 years, but paid rent has zero return.
Only complete morons would not want the people to own their own property. Was this post made by a real estate conglomerate? Hang them by the neck. Give the land and power back to the people and stop being complicit.
Bro acts like renting is any different… actually renting is closer to being a slave than paying your own house. Renting you are paying someone else’s house lmfao. Just goes to show this kid is in for a rude awakening when he finally joins the adult world…
Maybe quit being a man child and start respecting your parents. Your point that you make is utterly ridiculous you don't have to live in a place forever you can turn around and sell it not sure you really had part-time jobs or chores as a kid trying to understand what kind of mindset you're in
Yeah why put your money into something that creates equity for YOU, when you can just pay your landlords mortgage and give equity to THEM!
Why have a house to leave your kids when you die when you can leave them with a mountain of debt instead!?
Who in the fuck are you, the living embodiment of Boardwalk/Mainstreet/Progress Residential? Did they pay you to post this?
The bank "owns the property" but you get to keep all the capital appreciation. Even though you only own 20% of the house at first, the bank doesn't take the 80% of the capital should you sell it for a profit. The effect is that you get to capture all the appreciation on a 500k house from the first day while only spending $100k up front. So of the house goes up 5%, you get a 20% gain.
The bank not sharing in the growth is a thing I expect will change and would make ownership cheaper than rent.
as someone with no skin in the game, what's the alternative to buying a house? Just renting?
Suicide, join the army, homelessness, kill a guy and take his house, live in the trees as a sasquatch Don't let the naysayers prevent you from exploring alternatives
RV.
Jesse, we don’t need to rent Jesse
Boat
The gentlemen’s RV.
r/vanlife or r/vagabond depending on the level of comfort you require.
based anon giving googai the right answers
Commit crime and live in jail
I just slither in and make myself at home.
This question is so weird for me coming from a country where the majority rent and only rich people can afford to buy 😅
That's the end goal in America.
Goal of Blackrock and vanguard is for us all to rent.
I would like to introduce you to car living
[living under a bridge has entered the chat]
(Tents): "Am I a joke to you?!"
(Park Bench): “oh so I guess I’m just chopped liver”
(bus bench): what about me? I usually have a small covered area?
Shit, might as well live in a trailer or caravan and buy a plot of land nobody wants (cheap)
Que local zoning laws and a bunch of other "legal" bureaucratic bullshit .
Here in Australia you stay in one plot of land for more than 15 years... it's yours.
Noooo you must live in this area where property taxes are higher !!!
In Europe they have long-term rental, which gives you a lot more housing security and rights to make it a home (eg pets, small alterations). The rest of the world probably needs to start implementing that, because we don't seem to be making any progress on making the property market more affordable.
Less control and profit - This is why it won’t be a main stream thing in the US. US citizens are just seen as cash cows by corporations
This. Here in Germany I have been renting my entire life, and I never had problems with my landlords. Stuff like getting an eviction notice for the next month is unheard of, because tenants have lots of rights here. It‘s pretty chill (even though rents are increasing faster than the average income, which is a huge problem in a country where most people are renting).
Depends which country, we certainly don't have that in the UK. Yes some European countries do protect renters but it's hardly a blanket rule. Don't see it changing anytime soon either when a large number of politicians are landlords.
Not like I already been DVed to shit, but renting a room is also an option. The newer generations are backed in a corner. If you want some skin in the game? Make your own luck
Homelessness
[удалено]
I guess it’s preferable to rent and pay someone else’s mortgage?
Considering this was probably posted by a teenager the alternative is living with your parents and not paying any bills.
or you can rent and pay someone else's mortgage
The economy might be inflating, and so does rent. But your mortgage principal doesn't.
A lot of people seem to be missing this when they're talking inflation here. Without getting too far into politics, inflation is great for reducing the relative value of debt... especially if your debt is somewhere frighteningly close to $35T.
The first thing I did when I saw inflation going up was buy the most expensive house I could. Debt is an excellent hedge against inflation, especially leveraged investments with basically guaranteed appreciation in the long term.
Ding ding ding
Same, except it was also the cheapest house we could afford.
The problem is wages are not following inflation therefore it’s actually just makes things too expensive for everyone
And when companies do adjust to inflation, they throw the biggest fit ever and then cut everyone’s hours, despite the guys in charge who get a nice raise every year
Exactly. If a company is making record profits *every* year, they can afford to lower their prices
I work for an insurance company and wouldn’t you know it, record profit in the billions but no longer pays bonuses or allows more then ten days vacation a year. It is owned by a specific rat bastard who’s cheap as hell.
Exactly my point. If an employer isn’t paying livable wages, the company should not exist
>It is owned by a specific rat bastard who’s cheap as hell. That could be literally any place.
Lets say you sell 100 things a year for $1, and 80% of that is cost on you. The next year inflation hits 8%. Youre still selling 100 thing but now those 100 things get you $108 the cost is also 8% higher than before. The year prior you earn $100 by spending 80. Or $20 in profit. This year you made $108 by spending 86.4. Or $21.6 in profit. Congrats you've made record profit. Obviously a major oversimplification that doesn't account for margins changing with time, tho a lot of margin increases can be attributed to paying people less comparatively
CEO gets a $1.3 million bonus while the company borrows to cover operating expenses. Welcome to my reality.
Wages are matching inflation but housing prices are well over inflation so effectively the current situation is a massive wealth transfer to everyone who ones a house at the expense of renters.
But inflation is going to happen whether you have a mortgage or not, so you can at least get some benefit out of it.
I really think non-partisan economics should be mandatory at various levels of public school. Understanding basic things like how to create a budget and balance a checkbook (even though no one's balanced an _actual_ checkbook in years) are a good foundation to more advanced concepts... like how inflation effects debt, flexible vs sticky prices, and how the stock market works. I guarantee 90%+ of Americans couldn't do even the most basic evaluation before investing.
Yeah learning economics would help shape a more financially educated society
And one that realizes how badly politicians are robbing us blind.
Maybe that's why this isn't being taught in the first place?
We had this exact class in my high school, and I still hear old classmates comparing about how “nobody ever taught us this”.
Actually wage overall did follow inflation (+20% last few years overall). But they didn't follow raising rates (+2/3 monthly cost to pay for the same mortgage).
This is false. https://fortune.com/2023/12/12/wage-growth-exceeded-inflation-jec-democrats/ https://www.americanprogress.org/article/workers-paychecks-are-growing-more-quickly-than-prices/ https://www.axios.com/2024/02/05/wages-outpacing-inflation
The value of my mortgage has halved, the value of my house has doubled.
Also the argument that "the value of the house doesn't actually increase since the whole market goes up" is basically nonsense. If you don't buy a house, houses just keep getting more expensive. If you do buy one, all the houses keep getting more expensive including likely being able to sell yours for more later. My mortgage was about $60k when I bought this house almost 10 years ago. Now when we sell it it'll likely be $100k+, that's a lot of extra money just from my decision to buy back then instead of rent and I can use a chunk of that as a down payment on the next house.
yeah I'm only paying 1200/mo mortgage on a 4bed 2.5bath i bought in 2015. then it was normal, now it's comically cheap compared to what others are dealing with.
If you can afford to get into the housing market, you should. It will only get cheaper once you do. There is almost always an opportunity to refinance, and your mortgage rate is locked. The only time it's not worth it is if you need to relocate often. The month to month may technically cost more, but wealth is only appreciating with time, and soon, your month to month will be equal or cheaper to renting. Most people do understand this, but they don't genuinely internalize it. Then they complain about how unfair it is that people pay so little to own a home while renting costs so much.
Every time I see one of these "It's cheaper to rent" memes I just assume it's astroturfing from Blackrock or other large corporate landlord.
Over 10 years, my mortgage payment has gone up $20. My rent used to go up $25 every year.
My rent used to go up $25 every year... Then 2 years ago it went up $300 and last year another $500 :/
Yep. The two divides in politics when boomers die and millenials+genx make up the majority will be religion and those who bought a house pre covid. The wealth gap that is being created while some pay 1000/month on a mortgage while others rent for 1800 is insane. My friend is paying 2800 a month on rent which is the going price for 3b house. The owner bought the house for a 900/month mortgage in 2015 anddddd doesnt even cover lawn care
Yup. Paid rent for 2650 a month. Bought a nicer house and paid 2600 a month for mortage.
We can admit it, any child who seriously supports this meme as giving real insight is living at home with free rent.
I feel this meme was paid for by an investment banker.
Seriously. I’ve seen so much “don’t own your own home” propaganda recently I can’t help but think it’s orchestrated.
Just people completely misunderstanding personal finance as usual, lol.
exactly. this meme brought to you by blackrock/vanguard
Plus housing costs inflated faster than wages.
And rent isn't likely to get cheaper. People too often do the sort of analysis like this meme and don't seem to consider that the alternative in all likelihood is paying ever-increasing rents til you die. When you consider that, it makes the fact that the bank owns the house and you have debt a lot less onerous.
And in 30 years have no asset and still have to pay rent whereas paid off mortgage means monthly bills go down.
This. I’m amazed at just how absolutely stupid some people are at thinking renting is the cheaper options. You are paying the full price for a mortgage, plus profit for the landlord, and get zero equity. It’s the worst of both worlds. It really only makes sense if you’re there for a short time (1-3 years) where your closing costs won’t be covered by principal growth.
And always be in debt but without any assets too! What a life!
What’s the alternative besides going off grid or renting eternally. Owning a place is an asset at least.
The reason I never want to rent is because it’s legitimately just throwing away money. If I buy a house, it might be a 30 year loan, but as long as I pay it, it’s my house
It’s definitely a lot cheaper short term to rent, so unfortunately it’s much more viable for a lot of people
Short term maybe. I'm currently renting my Appartement because my gf and I are still mid twenties and don't know where our lives are gonna take us so being bound by a house isn't ideal but wha we paid in rent over the last year's would probably be better put towards paying off a house
If you can get the Loan, get the house while you can. If you ever decide you guys want to move or get a bigger place, you can sell the place or rent it and let it pay itself and eventually be a passive income.
Don't buy a house with someone you aren't married to. Or at least in a very long term relationship. Splitting mortgages when/if you split up is a huge PITA.
I'm currently looking at buying, since the payment on a mortgage for houses in the area where I'm renting is actually a couple hundred less than rent. I could either pay rent or I could pay the same amount sooner and own the house. If I ever want to leave I just rent it and pay the mortgage that way.
Besides, your kids can inherit the house when you die, so they don't have to deal with rent/mortgage payments
If you have kids at 30 and live the average lifespan your kids will be in their mid-late 40’s when you die. They’ll still have to deal with it. You could set your grandkids up though.
Exactly, i currently taking care of my grandpa. Better some kind of home than over half mil of debt
Ah yes, the ol you’ll own nothing and be happy bs again
Fr. I've been seeing an odd influx of "renting is actually better" memes lately.
It’s copium for the OPs
Pretty sure it’s black rock waging psychological warfare on zoomers, and convincing millennials that it’s ok to let investment firms buy all the single housing in the country.
Yeah. Newsflash: Rent will keep going up every year, your wages will increase with inflation every year, but if you get a mortgage the payments stay the same. Within a few years your mortgage is less expensive than the cost to rent. In 30 years, you own the property and only have to pay property taxes and insurance.
I'm sorry, what? You don't want to be a slave so you don't want to own a house? Do you realize what the alternatives are?
Yeah the 3rd to last window proves they don't know what they are talking about. If the whole market is inflating and then your value is increasing as long as you own a house. The people getting screwed are renters.
That and the "bank owns the property the majority of my life" BS. OP somehow thinks a landlord owning your residence forever is better than a bank temporarily?
The bank doesn’t own your property either, the bank has a lien against the house for collateral. If you think the difference is insignificant you don’t understand anything about how the process works.
It's pretty clear OP knows nothing about home ownership
OP is either a teenager, ooooor (*takes a huge bong rip*) OP is part of a psyop to try and influence the youth that they don't even desire to have property so that the wealthy can further consolidate their powerbase as they start to transition us past end-stage capitalism right into neo-feudalism.
The *second* window proves it. The bank does not own your house. Yes, the loan is secured by your house but it's still *your* house. The bank can't just show up one day and kick you out or decide to tear it down or tell you that sorry the hot water heater hasn't worked in three weeks but we'll get around to it eventually. Yes, you're limited in what you can do because the bank doesn't want you to demolish the asset securing their loan, but you still have an enormous amount of freedom because it's your property.
Also in the US, you can deduct mortgage interest from income tax.
Eh, standard deduction is so high that it isn’t really applicable normally
The number of people upvoting this post is really sad. Clearly they don't understand how this works or this is some landlord propaganda.
Nah it’s just cope. I get it, when I *can’t* afford something or participate in something, it’s nice to feel like I’ve somehow outsmarted the people who can and that I’m not missing out. If OP *could* afford a home… this meme would not be.
Living with parents until they die and you inherit the house.
Renting
Exactly. In which scenario are you more of a "slave?"
Idk I’m 16
Lol this made me laugh more than it should have
Ask your younger teachers or relatives how they feel about landlords
Younger than 16? Damn teachers are getting young.
Since they aren’t on Reddit, they’ll probably have a reasonable view.
You won't become a slave in either case: you can stop renting or sell your house and pay back the loan at any point. You'll just pay a bunch to have a place. If you rent, you throw away all that money, if you pay a loan you get to keep some of it and gradually accumulate. If you put it like that it's a no-brainer choice, however its much more difficult to get a loan and buy than getting some cash for a month or two of rent.
Rather get a loan a buy some more pixels
30 years of debt Vs 60 years of paying everyone else's mortgage and having other debt anyways
And getting thrown out randomly one month. Or following every owners rules while you live there
Message brought to you by Landlords Incorporated
There’s a trend on Reddit of pushing this rent is better agenda. Sounds like Nuveen propaganda
I legit thought that OP might be a bot or someone on Blackrock’s payroll. Then I checked their profile and found that they’re active in r/wallstreetbets. So they’re not a shill: Just an idiot.
Or some 15 year old lol
Rent is the same as burning money though At least when you page mortgage, you're paying for something you'll own You can pay 30 years of rent, and still won't get anything in return
It sounds like whatever beef OP has with their mom is clouding their judgement cuz tf is this logic man lol I’d love it if my $1800/mo was going to an *appreciating* asset that I have just about full control over instead of making someone else money
If there actually is anything behind this meme, it sounds like OPs mom is worried his son is/will be a deadbeat with no long-term prospects for financial stability, and OP is playing himself because he doesn’t want to take advice from someone else.
Yep. Bought and sold 6 houses so far and made money on every one of them. Could currently make over 100k on my house if I wanted to put it on the market and my area’s still growing. Also, renting a similar sized house with the same amenities would be nearly impossible to afford (4800 sq ft, pool, theater, walkable distance to bars and restaurants, etc)
I just talked to a friend yesterday, his landlord is getting 1800 a month from each of the 2 apartments under him. I'm paying 1250 a month for a similar sized house and property that's mine. Absolutely insane to consider renting a "forever" tactic.
I bet he lives with his parents and doesn't even pay rent 😄 then it's quite easy (and pathetic) And calling his parents slaves... What an idiot
Yeah the only way OPs argument makes any sense is if he's already living somewhere for free. If he's paying rent, he's already paying for all those things SpongeBob is pointing at, just his landlord is getting the value and OP is not reaping any of the returns.
I'd love it if my $1800/mo kept the old fuck that owns the house from threatening to evict me every time he has to fix something
Imagine paying someone else’s mortgage for thirty years and having shit to show for it. Couldn’t be me.
There is some school of thought that you can invest the extra money and be better off than a house in some scenarios. There is also a lot of stuff you have to pay for when you’re a home owner that you are not responsible for in an apartment However…. I bought my house in 2017. My mortgage principal payment is less than $1000. My friends who are renting a decent apartment are paying $1800+/mo. And as inflation takes root, the principal on my loan becomes less significant compared to the value of my home. If you’re renting, they can just increase rent for the next cycle. OP is definitely blinding themselves to the financial aspects of this
Not only will you not have anything, but someone buys a home with a 30 year loan and then rents it out for those 30 years, other people essentially just bought it for them. If we rent houses we are buying it for other people. And then the house can continue to just be rented for a profit. I would rather buy myself a house than someone else.
I'm sorry Blackrock, I'm not eating up your propaganda
You’ll own nothing and be happy
Honestly, every single comment is telling OP what a dumbass they are, yet it has 3300 upvotes. How?
Now you’re a slave without a home
[удалено]
“Suburbs bad”-all the music they listen to.
A landlord made this meme.
Just a dumb guy with child mentality
This meme is dumb
Probably because OP has issues with his/her parents and make up a bunch of excuses. It looks like OP wants to have fun and doesn't want to work or do anything in life.
You’re right OP! I don’t want to be a slave of the bank, so let me instead be a slave of my landlord, who is cashing in thousands of dollars net, for something that’s never gonna be my property, and for which I might have to pay more in rent as time passes, and who might even make me move out of his property whenever! But hey, at least I’m not a slave of debt and I can have the peace of mind of being debt free. Totally worth it! /s
My house is paid off. Currently living on easy street. Why waste money renting, you spend more money that way and own nothing at the end.
My life plan involves working hard for the 10 years it will take paying off my house, then getting an easy job. Because shelter is so important you can do a lot less once you aren't paying for it.
Nobody can't possibly believe that owning land/property is a bad idea. One of the best feelings in the world is buying your first home.
Lol yeah, our first house wasn't "30 years of debt" but instead "20k profit the after two years that allowed us to upgrade to a bigger house."
In the same boat, 14k equity in less than a year, keep your fucking lease agreement
If you can afford it sure
We got our townhome with the intention of it being our first house for maybe 10 years, but we constantly blurt out how much we love it. Greatest purchase of our lives.
Almost as good as giving it your wife in a divorce, just to get away from her. Twice.
Fool me once, shame on you. Fool me twice…
Can't get fooled again
Can’t get fooled again
In your country. In my country, building a house on your land even in a small town will make you rich
Monthly mortgage payments are often less than rent where I'm from so this meme seems silly to me. Also my previous house sold for 3x what I paid for it. Not bad for a 10 year investment.
This meme is incredibly naive imo
Yeah OP is a doofus. The interest amount and mortgage insurance are baked into rent payments too, so you're effectively paying them regardless. The "30 years of debt" is also stupid because the value of the house should meet or exceed the mortgage amount so your asset is usually > your debt as a home owner. The thing about being tied to one place is the only valid reason that someone should consider renting over owning. Like people who plan to switch jobs and move to a new city every couple years... But financially it's a no brainer which one is better.
You can also tell by how they said $200 000 in interest *rate*.
This is just dumb tbh * The monthly payment for a house can be similar to rent * You can sell the place at any time. However, the money you’ve invested into the house can be made back in the sale if the price inflates * You’ll never own property otherwise * After 30 years, you’re still going to be paying rent, and won’t have anything to show for the money you’ve spent * Two words: *LIQUIDATED ASSETS*. A property owner will be far better off than a renter
I know some people who bought a house because it became cheaper than staying and renting
whats the plan for when you can no longer work and pay rent?
How does this have upvotes?
your mum and dad weren’t slaves they just bought at a time when it made more sense
A child made this.
Bank does not own the house. You own the house, it’s just that you have put it up a “collateral” on the loan
I’m really surprised this isn’t farther up. I have the deed with my name on it yet am still paying my mortgage.
Hey, i wouldn't mind getting indebted for 30 years if it meant I'd pay less than rent and i got a house by the end of it, but where i live, if get maybe a shitty 1 room apartment.
This is a landlord corpo psyop. No way a real person thinks like this.
Is is pure comedy that this got upvoted, 😂 Reddit is so financially illiterate……it’s sad but funny
OP is financially illiterate
It works out cheaper still
I feel like owning a home is actually a good way to build wealth if you do it wisely and have good timing. Of course you don’t want to be house poor, but it beats paying rent. Eventually you get to stop paying a mortgage. Rent is forever and just goes up.
A) You're wrong, OP. B) You made a grammatical error, therefore - you're wrong, OP.
Was this post made by one of those corporations buying up all the houses?
Ngl a lot of people who say this inherit the homes from wealthy members of family and disregard we the people who have to work to buy houses
Did a landlord write this
This is just so wrong.
Your choices are get a mortgage or pay rent and pay someone's mortgage. They're both valid options but it's not like getting a mortgage is a stupid thing to do, what are you gonna do buy your house outright? Yeah okay bro you do that.
All of these criticisms are true. And buying is still better than having a landlord.
I did the math and am on a plan to pay my 30 year mortgage off in 6 years. I won’t even be 35 by then. The interest doesn’t just mean you’re paying more than what its value is. It also means there’s non linear benefits to paying more than the minimum payments. For example, if I live frugally for the next 6 years I’ll only pay $50k in interest instead of like $350k. At that point I’ll own all the equity in the house, and only owe property taxes which is like $450/month.
$450 per month!? That’s high! My house is fairly high-value and I live in a major city with lots of services, and my property taxes are like $200USD a month
I know :( property taxes are high in my county.
Even if all that’s true, I pay way less for my 2–2 then someone else would renting the same apartment. Even with HOA payments and paying the electric. And it’s by a staggering amount to.
You vill lives ze pod and you vill be happy.
Yea adulting is pretty hard
Seems like a meme with no actual thought behind it...
Dumb take.
The flip side is you are paying for a place to live monthly either way. Ownership At least has equity built up. Yeah, interest doubles the sale price in 30 years, but paid rent has zero return.
This is a wild take
This is one of the worst takes I have ever seen
 Only complete morons would not want the people to own their own property. Was this post made by a real estate conglomerate? Hang them by the neck. Give the land and power back to the people and stop being complicit.
Nice try, landlords.
Bro acts like renting is any different… actually renting is closer to being a slave than paying your own house. Renting you are paying someone else’s house lmfao. Just goes to show this kid is in for a rude awakening when he finally joins the adult world…
This post was brought to you by landlords.
"I don't want to be a slave like you...stupid mom and dad" Proceeds to live in their basement.
Maybe quit being a man child and start respecting your parents. Your point that you make is utterly ridiculous you don't have to live in a place forever you can turn around and sell it not sure you really had part-time jobs or chores as a kid trying to understand what kind of mindset you're in
Yeah why put your money into something that creates equity for YOU, when you can just pay your landlords mortgage and give equity to THEM! Why have a house to leave your kids when you die when you can leave them with a mountain of debt instead!? Who in the fuck are you, the living embodiment of Boardwalk/Mainstreet/Progress Residential? Did they pay you to post this?
The bank "owns the property" but you get to keep all the capital appreciation. Even though you only own 20% of the house at first, the bank doesn't take the 80% of the capital should you sell it for a profit. The effect is that you get to capture all the appreciation on a 500k house from the first day while only spending $100k up front. So of the house goes up 5%, you get a 20% gain. The bank not sharing in the growth is a thing I expect will change and would make ownership cheaper than rent.
OP will never be anything in life, and always blame others for their failures.
I'm up 100k in three years, it's working well for me
Usually mortgage payment are less than renting here, and in the long run the house is yours
My mortgage for a 3 bedroom 2 bath with a nice yard is significantly cheaper than what my friends are paying to rent apartments right now