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/biz/ - Business & Finance

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8035658 No.8035658 [Reply] [Original]

Should saving for a down payment on a home be top priority out of college? I just graduated (age 24) and want to become a home owner as soon as possible. Am I fucked?

>> No.8035700

>>8035658
Depends where you live, where you can find work and how willing you are to move. If it's a high enough priority for you, you'll be able to find somewhere you can afford to buy.

>> No.8035712

Bad time to buy my friend. It's a complete sellers market. Only upside is low interest rates on home loans. I would rent for another year if I were you.

>> No.8035715
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8035715

>>8035658
No. Finding a stable job is.

Unless you want to fall into the 20% equity meme you only have to put down 3/3.5/5%

>muh MI/PMI
Just pay it upfront so total,depending on the home price 5% down plus like $4/5k for the upfront PMI total. Beats 20%

Actually 1st should be paying off any loans you may have

>> No.8035734

>>8035658
No one owns a home. It’s called property tax aka rent.

>> No.8035758

>>8035658
Interest rates are about to skyrocket, I'd honestly save the money to invest in something, a mortgage would be more than rent. If you live in the NE corridor or in California you're probably never going to be a home owner.

>> No.8035762

>>8035658
buy a condo as your first home

>> No.8035813

>>8035758
I live in Southern California. Is there no hope?

>> No.8035831

>>8035762
Gotta make sure HOA doesn't fuck you

>>8035813
Find a job in another state if you want to buy real estate. California is awful for first time buyers

>> No.8035866
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8035866

>>8035734
this is true
If you owned your home and property
then council would have no authority

>> No.8035868

>>8035658
You want to own property because of MDE Ep 1, don't you

>> No.8036030

>>8035868
or he's older than 21 years old

>> No.8036094

>>8035813
I agree with >>8035831
unfortunately you're going to have to move, but I wouldn't move to Denver or anywhere near Seattle either since their home prices are already in a bubble. Whats your degree in?

>> No.8036132

>>8036094
I studied Business Admin., and I have a job lined up that will begin in June of this year. I'll be making around $55k annually.

>> No.8036215

>>8035658
you can google it but there are some who argue (with math) that it's actually not worth owning a home and instead better to just rent and invest the money you would have used to purchase the home (since your annual rent will generally be much less than your mortgage + property tax + home maintenance costs, etc.) plus then you have mobility.

The whole "must buy ASAP to build equity" thing only made sense when we weren't in this constant fucking housing bubble with inflated prices nearly everywhere in North America and Europe

sure there are some more remote/rural areas where you can buy a $50k-100k small home, and where it would be better than paying rent, and if those are the areas you're living in then it's worth considering, but for most major metro/popular areas where housing prices are out of control, it may not be worth rushing to buy

>> No.8036219

>>8036132
55K is CA is like 20k in heartland states. You're in poverty unless you reach 100k in CA. As a fellow CA anon, I'm considering a move to Nevada, Arizona, or Texas. This place is fucked, dude. American is dream is here.

>> No.8036326

>>8036219
is dead here*