What do you think of people who don't own a house/condo/townhouse etc?

[Anonymous]

Anonymous wrote:Not sure. All of my friends still renting seem to live large. I only have one friend who I'm convinced truly socks his money away and that renting is truly a choice for him.

I have one married friend living in a more expensive city who spends an enormous amount of money on travel, clothing and jewelery. I'm talking purchasing multiple pairs of 1k shoes a year, 1k plus a night hotel rooms, dining out at the most expensive restaurants, two fancy cars etc. however, they live in an old run down apartment and have mentioned how expensive it is to buy. Seems to me they are spending all of their money and aren't choosing to rent because they think it will allow them to invest more money.

The rest of my friends who rent also live in DC or more expensive cities. I don't get the impression that any of them are investing heavily or even have the money set aside for a downpayment but choose to rent. Instead, they seem to spend all of their money on dining out and travel.

It reminds me of the student loan people who claim it's better to keep the loans because they can earn more in the market. However, I'm not so certain they are really investing in the market. I'm also not convinced the renters are investing in something else other than real estate. I think they just spend all of their money.

My friends still renting seem to not be worried about this but it's not like it's something I discuss with them. I want to have a paid off residence in my 40s and wouldn't feel comfortable going into retirement renting. Not to mention their rent goes up every year and their rent is either more or the same as buying when you take into account the tax deduction.

I may be out of the norm (I don't know anything about anyone else's finances, just my own), but I am one of those "student loan people." I have about $120k remaining in student loans at interest rates of 2.5-3.5%. I have about $150k in a brokerage account earning annual returns that outpace that. I put another $15-20k in my brokerage account each year. (That's in addition to my 401(k)). I could pay off my loans tomorrow, but I choose not to. I could divert my $15-20k per year toward paying my loans early, but I choose not to.

[Anonymous]

Anonymous wrote:In their mid 30s. Professional/white collar job. Single - no kids. STILL living in a 1 bedroom apartment.

(No I'm not judging others -- this is MY situation and I'd like to know what impressions others have of me bc from the questions/comments I've gotten, I have a feeling people DO have an opinion about this.)

I would think you're either lazy or scared and don't have any interest in getting your life together. It's not just the house thing but also the fact that you're single at this age with no kids. You're delaying the most important experiences of the average person's life, and probably building wealth more slowly. I have a relative like this, and she is scared of making any important decisions in life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Personally, I think the Single part is more out of the norm than the apartment part. Plenty of mid-30s people live in apartments, but most people couple up by then.

You must not live in DC.

PP here. I've lived in the District for over 10 years now, and I'm 34.

Then you must not go out much - there are lots of single people in DC in their 30s +

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Personally, I think the Single part is more out of the norm than the apartment part. Plenty of mid-30s people live in apartments, but most people couple up by then.

You must not live in DC.

PP here. I've lived in the District for over 10 years now, and I'm 34.

Then you must not go out much - there are lots of single people in DC in their 30s +

Yeah I definitely go out less now than I did 10 years ago, for sure. Maybe that's it. But, to be clear, I never said that single 30-somethings were rare, I just said that I think most 30-somethings aren't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In their mid 30s. Professional/white collar job. Single - no kids. STILL living in a 1 bedroom apartment.

(No I'm not judging others -- this is MY situation and I'd like to know what impressions others have of me bc from the questions/comments I've gotten, I have a feeling people DO have an opinion about this.)

I would think you're either lazy or scared and don't have any interest in getting your life together. It's not just the house thing but also the fact that you're single at this age with no kids. You're delaying the most important experiences of the average person's life, and probably building wealth more slowly. I have a relative like this, and she is scared of making any important decisions in life.

You don't know that OP is intentionally delaying anything. She or he might not have met the one yet. It happens.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not sure. All of my friends still renting seem to live large. I only have one friend who I'm convinced truly socks his money away and that renting is truly a choice for him.

I have one married friend living in a more expensive city who spends an enormous amount of money on travel, clothing and jewelery. I'm talking purchasing multiple pairs of 1k shoes a year, 1k plus a night hotel rooms, dining out at the most expensive restaurants, two fancy cars etc. however, they live in an old run down apartment and have mentioned how expensive it is to buy. Seems to me they are spending all of their money and aren't choosing to rent because they think it will allow them to invest more money.

The rest of my friends who rent also live in DC or more expensive cities. I don't get the impression that any of them are investing heavily or even have the money set aside for a downpayment but choose to rent. Instead, they seem to spend all of their money on dining out and travel.

It reminds me of the student loan people who claim it's better to keep the loans because they can earn more in the market. However, I'm not so certain they are really investing in the market. I'm also not convinced the renters are investing in something else other than real estate. I think they just spend all of their money.

My friends still renting seem to not be worried about this but it's not like it's something I discuss with them. I want to have a paid off residence in my 40s and wouldn't feel comfortable going into retirement renting. Not to mention their rent goes up every year and their rent is either more or the same as buying when you take into account the tax deduction.

I may be out of the norm (I don't know anything about anyone else's finances, just my own), but I am one of those "student loan people." I have about $120k remaining in student loans at interest rates of 2.5-3.5%. I have about $150k in a brokerage account earning annual returns that outpace that. I put another $15-20k in my brokerage account each year. (That's in addition to my 401(k)). I could pay off my loans tomorrow, but I choose not to. I could divert my $15-20k per year toward paying my loans early, but I choose not to.

This is me exactly - another one of those "student loan people." I don't think we're super rare - but not super common either. When I first graduated law school I was making double payments bc I didn't want tons of debt hanging over me. But now in my mid 30s with it down to 25k at 2.8% -- I am in NO rush and I put down the same amounts as the PP into a brokerage account.

[Anonymous]

Anonymous wrote:Not sure. All of my friends still renting seem to live large. I only have one friend who I'm convinced truly socks his money away and that renting is truly a choice for him.

I have one married friend living in a more expensive city who spends an enormous amount of money on travel, clothing and jewelery. I'm talking purchasing multiple pairs of 1k shoes a year, 1k plus a night hotel rooms, dining out at the most expensive restaurants, two fancy cars etc. however, they live in an old run down apartment and have mentioned how expensive it is to buy. Seems to me they are spending all of their money and aren't choosing to rent because they think it will allow them to invest more money.

The rest of my friends who rent also live in DC or more expensive cities. I don't get the impression that any of them are investing heavily or even have the money set aside for a downpayment but choose to rent. Instead, they seem to spend all of their money on dining out and travel.

It reminds me of the student loan people who claim it's better to keep the loans because they can earn more in the market. However, I'm not so certain they are really investing in the market. I'm also not convinced the renters are investing in something else other than real estate. I think they just spend all of their money.

My friends still renting seem to not be worried about this but it's not like it's something I discuss with them. I want to have a paid off residence in my 40s and wouldn't feel comfortable going into retirement renting. Not to mention their rent goes up every year and their rent is either more or the same as buying when you take into account the tax deduction.

you sound like a swell friend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not sure. All of my friends still renting seem to live large. I only have one friend who I'm convinced truly socks his money away and that renting is truly a choice for him.

I have one married friend living in a more expensive city who spends an enormous amount of money on travel, clothing and jewelery. I'm talking purchasing multiple pairs of 1k shoes a year, 1k plus a night hotel rooms, dining out at the most expensive restaurants, two fancy cars etc. however, they live in an old run down apartment and have mentioned how expensive it is to buy. Seems to me they are spending all of their money and aren't choosing to rent because they think it will allow them to invest more money.

The rest of my friends who rent also live in DC or more expensive cities. I don't get the impression that any of them are investing heavily or even have the money set aside for a downpayment but choose to rent. Instead, they seem to spend all of their money on dining out and travel.

It reminds me of the student loan people who claim it's better to keep the loans because they can earn more in the market. However, I'm not so certain they are really investing in the market. I'm also not convinced the renters are investing in something else other than real estate. I think they just spend all of their money.

My friends still renting seem to not be worried about this but it's not like it's something I discuss with them. I want to have a paid off residence in my 40s and wouldn't feel comfortable going into retirement renting. Not to mention their rent goes up every year and their rent is either more or the same as buying when you take into account the tax deduction.

you sound like a swell friend.

Seriously. Bet PP is a hoot at cocktail parties.

[Anonymous]

Anonymous wrote:Not sure. All of my friends still renting seem to live large. I only have one friend who I'm convinced truly socks his money away and that renting is truly a choice for him.

I have one married friend living in a more expensive city who spends an enormous amount of money on travel, clothing and jewelery. I'm talking purchasing multiple pairs of 1k shoes a year, 1k plus a night hotel rooms, dining out at the most expensive restaurants, two fancy cars etc. however, they live in an old run down apartment and have mentioned how expensive it is to buy. Seems to me they are spending all of their money and aren't choosing to rent because they think it will allow them to invest more money.

The rest of my friends who rent also live in DC or more expensive cities. I don't get the impression that any of them are investing heavily or even have the money set aside for a downpayment but choose to rent. Instead, they seem to spend all of their money on dining out and travel.

It reminds me of the student loan people who claim it's better to keep the loans because they can earn more in the market. However, I'm not so certain they are really investing in the market. I'm also not convinced the renters are investing in something else other than real estate. I think they just spend all of their money.

My friends still renting seem to not be worried about this but it's not like it's something I discuss with them. I want to have a paid off residence in my 40s and wouldn't feel comfortable going into retirement renting. Not to mention their rent goes up every year and their rent is either more or the same as buying when you take into account the tax deduction.

wow you spend a lot of time analyzing your friends financial situations!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not sure. All of my friends still renting seem to live large. I only have one friend who I'm convinced truly socks his money away and that renting is truly a choice for him.

I have one married friend living in a more expensive city who spends an enormous amount of money on travel, clothing and jewelery. I'm talking purchasing multiple pairs of 1k shoes a year, 1k plus a night hotel rooms, dining out at the most expensive restaurants, two fancy cars etc. however, they live in an old run down apartment and have mentioned how expensive it is to buy. Seems to me they are spending all of their money and aren't choosing to rent because they think it will allow them to invest more money.

The rest of my friends who rent also live in DC or more expensive cities. I don't get the impression that any of them are investing heavily or even have the money set aside for a downpayment but choose to rent. Instead, they seem to spend all of their money on dining out and travel.

It reminds me of the student loan people who claim it's better to keep the loans because they can earn more in the market. However, I'm not so certain they are really investing in the market. I'm also not convinced the renters are investing in something else other than real estate. I think they just spend all of their money.

My friends still renting seem to not be worried about this but it's not like it's something I discuss with them. I want to have a paid off residence in my 40s and wouldn't feel comfortable going into retirement renting. Not to mention their rent goes up every year and their rent is either more or the same as buying when you take into account the tax deduction.

you sound like a swell friend.

Seriously. Bet PP is a hoot at cocktail parties.

Every cocktail party is full of these types -OMG my way is THE BEST.

Op plenty of my coworkers are your age and don't own. My impressions are that they live nicely but not flashy. I have always envied how they are keeping options open - not in the nefarious ways PPs seem to think - but if they get a great offer in Chicago or even an hr away, they'd go without worrying about whether it's worth selling a house. They're all smart and some of them are big investors (I don't ask but I can tell by the way some of them know every detail re the market - we don't work in finance). They'll end up being fine. I think all of them will buy later w only a 15 yr mortgage or maybe even all cash/almost cash purchases.

There's isn't just 1 way to live life.

[Anonymous]

I wouldn't think anything of the fact you are living in an apartment. I would speculate if you are lacking in emotional intelligence and that's why you can't sustain a relationship or you are homosexual and still in the closet.

[Anonymous]

Anonymous wrote:I wouldn't think anything of the fact you are living in an apartment. I would speculate if you are lacking in emotional intelligence and that's why you can't sustain a relationship or you are homosexual and still in the closet.

wow. I'm single at 48 (one kid) and I can only imagine what you must think of me!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I wouldn't think anything of the fact you are living in an apartment. I would speculate if you are lacking in emotional intelligence and that's why you can't sustain a relationship or you are homosexual and still in the closet.

wow. I'm single at 48 (one kid) and I can only imagine what you must think of me!

I would assume you had a bad experience in a previous relationship and are happy with the status quo and your child.

[Anonymous]

What a bizzaro commentary on why someone is single on the Money forum?! Maybe she hasn't met the one? Maybe she wants to be single. Maybe she's divorced w/o kids?! Wtf?!

[Anonymous]

Why would your single friend live anywhere but an apartment? Real estate is not the only investment, and it definitely isn't a good one if you want to remain flexible, which is a huge benefit of being single.