Anonymous
Post 09/28/2016 17:10     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
Op you have some strange friends or you are severely insecure if you are worried about what others think about your living situation. Why do you compare yourself to others? People need to stop doing that. YOUR LIFE YOUR WORK YOUR MONEY YOUR RULES. Do what ever makes you happy. If your current living situation works for you and keeps you happy then keep on with it. I'm a single mid 30s female with a white collar job, living in a 1 bedroom apt, saving up like crazy. I'm in no hurry to be stuck with a mortgage for 30 years. I've switched jobs like 10 times in the past 10 years, move around when I feel like it, and I've finally landed my dream job with an nice solid pension plan. So my retirement is all set. My priorities now are paying off my school loans, spending leisure time with my awesome friend & family, traveling ( I have 3 trips planned next year), and dating until I meet the Mr. Right worthy of settling down with. Life is good. I don't worry about how others perceive me because I am living my dream life.
Anonymous
Post 09/28/2016 17:08     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
How can you tell they aren't investing? I invest like it's my full time job (it's not). You wouldn't know it by looking at me, my things, or my rental and I never discuss it. So how do you know?!


Same here. (I am the poster above who identified himself as one of the "student loan people".) I invest a large percent of my income, but I don't discuss it publicly with anyone. I only discuss it in anonymous online forums.
Anonymous
Post 09/28/2016 16:58     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
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.


How can you tell they aren't investing? I invest like it's my full time job (it's not). You wouldn't know it by looking at me, my things, or my rental and I never discuss it. So how do you know?!
Anonymous
Post 09/28/2016 16:55     Subject: What do you think of people who don't own a house/condo/townhouse etc?
Anonymous wrote:
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.


Not everyone has the same goals or desires that you do.


Yes but that is not relevant. If I met OP somewhere and what he/she posted are the only things I knew about them, I would think the above things. I don't know what OP's angle is here. They asked the question, opening themselves up to judgment, but isn't it just common sense as to what the answers would be? Some people won't think anything but others will judge. Duh!
Anonymous
Post 09/28/2016 16:47     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
Anonymous wrote:
Anonymous wrote:
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.


I would never discuss any of this at a party!


You REALLY think your judgment NEVER comes through? What about when one of these friends starts talking about an expensive trip they're planning? Or starts saying they're moving bc their landlord won't renew? Or starts saying their rent went up? You're really soooo smooth that you don't make any subtle comment re renting rather than buying and none of your judgments re how they spend come out? I don't believe it. I've been around plenty of people like you who think they no one realizes their judgment but 99% they're not as subtle as they think.


Nope. I really don't let it show. For one, I like hearing about their awesome vacations. I also enjoy luxury goods so like hearing about whatever it is they've purchased. I've never really had a friend discuss rental renewal with me.
Anonymous
Post 09/28/2016 16:45     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
Anonymous wrote:
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.


I would never discuss any of this at a party!


You REALLY think your judgment NEVER comes through? What about when one of these friends starts talking about an expensive trip they're planning? Or starts saying they're moving bc their landlord won't renew? Or starts saying their rent went up? You're really soooo smooth that you don't make any subtle comment re renting rather than buying and none of your judgments re how they spend come out? I don't believe it. I've been around plenty of people like you who think they no one realizes their judgment but 99% they're not as subtle as they think.
Anonymous
Post 09/28/2016 16:38     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
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.


I would never discuss any of this at a party!
Anonymous
Post 09/28/2016 16:37     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
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.


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


Not really. It's pretty easy to pick up on this stuff without having to analyze.
Anonymous
Post 09/28/2016 15:30     Subject: What do you think of people who don't own a house/condo/townhouse etc?
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 think you may be onto something. Owning isn't necessarily a bad thing, but my financial philosophy is influenced by people like Ramit Sethi and James Altucher. The idea that one is "throwing away money on rent" is widely held, but housing has historically been a lousy investment.

https://mic.com/articles/149552/should-i-buy-a-home-investing-in-real-estate-buying-versus-renting-robert-shiller-investment-inflation#.kvW9ewxwL
http://www.iwillteachyoutoberich.com/buying-a-house/
http://www.jamesaltucher.com/2015/10/own-house/

While DC has experienced a boom in housing values due to a multitude of factors (eastward gentrification and desire for urban living and easier commutes being a few), I think it's only a matter of time until things cool off and the bubble I perceive to be forming pops. Even though people make gobs of money in the DMV, it seems like values have increased more than salaries. I'd rather invest the same money that would go towards a downpayment in low-fee index funds and write one check a month that covers rent, maintenance, taxes, and so on. I like the flexibility of renting and am not committed to DC for the long term. YMMV.
Anonymous
Post 09/28/2016 15:19     Subject: Re:What do you think of people who don't own a house/condo/townhouse etc?
Anonymous wrote:
Anonymous wrote:Unless you're clearly living way beyond your means (i.e. flashy car, very expensive clothes, going out all the time), I would think you're either:
a. hoarding cash
b. not wanting to stick around


Yup, this is what I would think too.


Same. I'd assume one/both of these. No judgement.
Anonymous
Post 09/28/2016 15:01     Subject: What do you think of people who don't own a house/condo/townhouse etc?
I wouldn't care OP. Most of my friends who are single and in their mid and late 30s and even early 40s are spending their money on travel or other things. A couple have kids from previous relationships, but most are child free.

I only bought my place because I was sick of rent increasing every year. I'm still not sure I'll stick around DC so I bought a place I could sell or rent easily, but with a child on the way, it looks like I'll be sticking around a bit longer than I anticipated.

But yes, there are clowns everywhere who will judge you because your choice is not their choice. Maybe home ownership is for you and maybe it's not. You'll know when you're ready to head down that road. Just PLEASE stay away from DCUM when you're ready to make that decision or you'll come away with a pretty twisted view of what's "normal" (whatever that's supposed to mean).

TL;DR: You do you and screw the judgy mc judgersons.
Anonymous
Post 09/28/2016 14:56     Subject: What do you think of people who don't own a house/condo/townhouse etc?
Anonymous wrote:
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.


Not everyone has the same goals or desires that you do.


Agreed. Being single doesn't mean that you don't have your shit together.

Being married doesn't mean that you do.

Especially in DCUM-land - my guess is that there are a lot of couples that are only a paycheck away from being broke, and likewise a lot of women who are a divorce away from being broke.
Anonymous
Post 09/28/2016 14:56     Subject: What do you think of people who don't own a house/condo/townhouse etc?
Could be several things:

1. Transient
2. Not in a hurry to buy
3. Hoping to meet someone and build a life together
4. saving for downpayment (don't have funds yet)
Anonymous
Post 09/28/2016 14:54     Subject: What do you think of people who don't own a house/condo/townhouse etc?
Anonymous wrote: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?!


The poster asked what people think. That's what I would think.

Would I gossip about this? No. Would I tell the poster this to their face? No. But I would speculate on it if I knew them.
Anonymous
Post 09/28/2016 14:53     Subject: What do you think of people who don't own a house/condo/townhouse etc?
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.


Not everyone has the same goals or desires that you do.