Of course people can but that is easier said than done at 18 years old with little to no work experience. It obviously can be done but I wouldnt call it easy.
75% Of Parents Helping Their Adult Children Pay Bills
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Of course people can but that is easier said than done at 18 years old with little to no work experience. It obviously can be done but I wouldnt call it easy.
That's the perfect time to move IMO. Wish I just went to FL with my friends years ago when they did. The older you get, the harder it is to just say F it & do shit like that.
I definitely see where everyone is coming from for the benefits of renting, but it's nearly impossible to REALLY save money when you're rent is $1200+ a month in most situations not including what you need to just survive.
That's true, as far as responsibilities are concerned, that would be the easiest time to go. More than likely you aren't married or have kids at that age. Still, I think that's a tall order to expect everyone born in southern California or other expensive states to just move at 18 so they can live on their own. Doesn't seem realistic.
Tis true, but then where do we live, in our car? COL is INSANE today. Wages are not keeping up.
No different than going to college out of state.
Didn't the new tax plan get rid of that?
Most young adults who go to college out of state I would imagine are not paying for their schooling by themselves. Good luck going to school out of state and working and somehow managing to survive all on your own. Can it be done? I'm sure people have done it but it is by no means easy or even the preferred way to learn money management.
I dont see why so many people think you have to learn money management the "hard way" EX being thrown out on your own regardless if you're ready. Isn't it better to teach your kids from an early age to be responsible with their money so they choose to leave on their own at a decent age?
Parents don't seem to know how to parent anymore. It's sad.
I believe Property Tax deduction is now capped at $10k. We paid $13k this year so it will hit us next year.
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Most people I currently hang around with are at the opposite end of this article. Most are 30 somethings that are very responsible with money, have good jobs and are homeowners.
A lot of these people are actually supporting their baby boomer parents who have been financially irresponsible their entire lives. I know of several friends/coworkers who are paying bills or lending money.
A lot of these people are actually supporting their baby boomer parents who have been financially irresponsible their entire lives. I know of several friends/coworkers who are paying bills or lending money.
No it didn't get rid of it. I don't know the specifics of the new tax plan but I itemized this year (first time I've done that since I got married). If I couldn't claim the interest, it would never be beneficial to itemize over using the standard deduction for me.
As I stated earlier, this is my plan. I will coach my children through managing money as they grow up and hope to Hell it sticks. If they choose to ignore my lessons and end up being stupid with their money, I won't be the one to bail them out.
I'm also well aware about big ticket items taking a dump. That has all been added into my savings cost towards a house. I plan for 30-40k down and the other 30-40k towards repairs.
Edit: Nvm huge math brain fart
Id occasionally need help when I was in CA from my old man. No joke, its ludicrous how much CA steals from your paycheck. Since Ive moved to the free state of AZ, life has gotten much easier.
I think most have covered it, but the answer is mostly property taxes and insurance. If I move just one county over (or about 5-10 miles), the property taxes go down about 60%--again, over the life of a 30 year mortgage, that's about $108k (or $300 per month). Love the area where I live, which made me blind to the higher taxes--live and learn (although I'd still probably pick the higher taxes...).
As someone that has had many apartments at moved out before I turned 21, renting is not a great option.
Pros:
You don't pay to maintain it unless you intentionally destroy or break something.
Usually cheaper than paying a mortgage
You have a place to stay/sleep
Cons:
It is not your house. You cannot change it without going through red tape.
When you leave, you get nothing. You paid for a temporary home, that you really can't call home.
Your landlord could be a complete twat waffle and make your life a living hell
No equity unless you have in writing a "rent-to-buy" option and you've given credit toward a down payment.
Dealing with people on top, below and next to you and not controlling how they behave at all.
Pros of owning a home:
It is your house. Break the walls if you want, with no penalty from another person.
You can change it how you see fit, albeit association approval if exterior, or city/village approval if exterior, etc.
You truly can call it a home if you plan on staying their the rest of your life.
Neighbors are not within a sheet of wall between/above/below you
You earn equity the longer you live there and if you ever sell it, you can make some money on it, depending on your equity of course.
Cons:
PMI
Property Taxes
Repairs/Maintenance
At the end of the day, if you put 50K into an apartment and decide to leave, you really won't get anything back. If you put 50K into a house and sell it, you have a greater chance of getting your money back and then some.
We pay $1,800 for a 185K house. 10K down, 3.25%, PMI and a fixed 30 year loan. Right now, we owe about 160K, and the market has moved up and worse condition houses that do not have the upgrades we do sold recently for over 230K. See my point about that equity? We've been here going on 5 years now and will stay another 4-5 years and most likely have even more positive equity available to us.
Living with your parents doesn't teach you money management, humility, making the tough decisions. Just about everyone I know that lives with their parents well into their 20's and 30's are kind of stuck up ****heads. We get criticized for not having a lot of money because we've had our own places for over 13 years. It's because we didn't and do not have the ability to have someone support us as an adult, nor, would want to be supported.
Once you're into your mid 20's, you should have been on your own living your own life. Not having your parents that have already raised you for 20+ years still "wiping your ass" so to say.
Pros:
You don't pay to maintain it unless you intentionally destroy or break something.
Usually cheaper than paying a mortgage
You have a place to stay/sleep
Cons:
It is not your house. You cannot change it without going through red tape.
When you leave, you get nothing. You paid for a temporary home, that you really can't call home.
Your landlord could be a complete twat waffle and make your life a living hell
No equity unless you have in writing a "rent-to-buy" option and you've given credit toward a down payment.
Dealing with people on top, below and next to you and not controlling how they behave at all.
Pros of owning a home:
It is your house. Break the walls if you want, with no penalty from another person.
You can change it how you see fit, albeit association approval if exterior, or city/village approval if exterior, etc.
You truly can call it a home if you plan on staying their the rest of your life.
Neighbors are not within a sheet of wall between/above/below you
You earn equity the longer you live there and if you ever sell it, you can make some money on it, depending on your equity of course.
Cons:
PMI
Property Taxes
Repairs/Maintenance
At the end of the day, if you put 50K into an apartment and decide to leave, you really won't get anything back. If you put 50K into a house and sell it, you have a greater chance of getting your money back and then some.
We pay $1,800 for a 185K house. 10K down, 3.25%, PMI and a fixed 30 year loan. Right now, we owe about 160K, and the market has moved up and worse condition houses that do not have the upgrades we do sold recently for over 230K. See my point about that equity? We've been here going on 5 years now and will stay another 4-5 years and most likely have even more positive equity available to us.
Living with your parents doesn't teach you money management, humility, making the tough decisions. Just about everyone I know that lives with their parents well into their 20's and 30's are kind of stuck up ****heads. We get criticized for not having a lot of money because we've had our own places for over 13 years. It's because we didn't and do not have the ability to have someone support us as an adult, nor, would want to be supported.
Once you're into your mid 20's, you should have been on your own living your own life. Not having your parents that have already raised you for 20+ years still "wiping your ass" so to say.
I don't think anyone is denying the facts you state here... I think you also mention what everyone is trying to say... living with your parents possibly adds to you not learning money management, humility, and tough decisions.
Sounds like you may have bought around the same time as me. We were home shopping in 2010--the market was nearly at the bottom. We got into our house for very low $200s. The houses in our neighborhood are now selling for $390k to $410k--with many of them selling above the asking price. It's a sellers market. I'd have a tough time buying a house right now vs renting. This is a huge consideration that has not really been discussed in this thread.
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