Anonymous
04/25/2016 17:24
Subject: Re:Do you know people who have money but aren't buying a home?
I definitely see upsides and downsides to both. I can understand not wanting to tie all your money up in the housing market - millennials came of age during the housing crash and fallout, and are wary. Mobility and lack of responsibility for repairs and upkeep is great too. On the other hand, the uncertainty of renting really sucks (the LL could raise the rent, decide they want to sell, tell you to leave for other reasons), and if you want to "nest", it can be frustrating to not be able to do what you want to the house. Financially, it's hard to know which is better - housing appreciation isn't a sure thing, but neither is investing in the stock market.
After weighing these factors, we ultimately bought - but I could certainly see how people could come out another way.
After weighing these factors, we ultimately bought - but I could certainly see how people could come out another way.
Anonymous
04/25/2016 16:48
Subject: Re:Do you know people who have money but aren't buying a home?
We are listing our home and will likely rent next. We've owned our home for 8 years and I've found it suffocating. I think back to all of the opportunities we've had to turn down because we are so tied to our place and how much money we've had to put in just to get to the point where we somewhat like it. I will feel so free when we are rid of this place. Frankly I don't know if owning is for us.
Anonymous
04/25/2016 16:01
Subject: Re:Do you know people who have money but aren't buying a home?
When I was working in Biglaw in my late 20's, I was very tent renting. DH and I got married at 30 and still rented.
One of my colleagues at work was in mid mid-20's and eager to buy a condo. When I asked why he was so eager to buy at such a young age, he explained that he was Jewish and that it's been a strong tradition in his community to buy. I gather that he meant that you never have to worry about a landlord trying to evict you for whatever reason.
I hadn't really thought of it that way.
DH and I ended up buying. I was reluctant at first, and we ended up buying a modest house that was not as nice as our beautiful apartment had been. However, I remember being surprised at how much I loved being able to paint and make changes to the interior. Also, as much as I thought I loved living in an apartment in DC with the kids, it was really a lot more comfortable in the close-in burbs in a single-family house.
One of my colleagues at work was in mid mid-20's and eager to buy a condo. When I asked why he was so eager to buy at such a young age, he explained that he was Jewish and that it's been a strong tradition in his community to buy. I gather that he meant that you never have to worry about a landlord trying to evict you for whatever reason.
I hadn't really thought of it that way.
DH and I ended up buying. I was reluctant at first, and we ended up buying a modest house that was not as nice as our beautiful apartment had been. However, I remember being surprised at how much I loved being able to paint and make changes to the interior. Also, as much as I thought I loved living in an apartment in DC with the kids, it was really a lot more comfortable in the close-in burbs in a single-family house.