usctrojanman29_IHB
New member
[quote author="no_vaseline" date=1245321317][quote author="Joe33" date=1245293423]But the sense of entitlement coming from the 'i am going to wait until i can afford a 3,000 sf house in one of the best markets in SoCal on a median income' crowd are showing an even greater sense of entitlement.</blockquote>
There is a stigma (overt or otherwise) if you're a certain age and don't own a home. Personally, I could give a spit about it, but some people really care.
And some of us are just trying to not overpay to own compared to what they can rent. For example, prices in my Orange neighborhood just about have reached a point where it only costs 20% more to own than rent. Three years ago, it cost roughly 3 times the price to own as it did rent. The nice folks next door fell into the trap I mentioned above, and they will likely not own again for a decade because they are stuck $400K in negative equity in a home that sold for $700K at the peak and probably shouldn't of ever been over $210K had the no doc interest only option ARM not been invented.
Is wanting to maximize your housing dollars so bad?</blockquote>
So is it safe to say that once a home in your target area is at or below rental parity, you'll buy? That's my take on it. Why the hell should I pay more for my living expenses than I need to? After my IAC lease expires in Oct I figure that my rental costs will decrease by another 10% or so. The benefit that I have is that I don't have kids or a wife that would require me to add value for intangible things like location stability and being in an area with good school. I'll buy when two things happen...1) I security a full-time job (I'm actually enjoying the consulting side for now) and 2) the cost to own is below the cost of renting.
There is a stigma (overt or otherwise) if you're a certain age and don't own a home. Personally, I could give a spit about it, but some people really care.
And some of us are just trying to not overpay to own compared to what they can rent. For example, prices in my Orange neighborhood just about have reached a point where it only costs 20% more to own than rent. Three years ago, it cost roughly 3 times the price to own as it did rent. The nice folks next door fell into the trap I mentioned above, and they will likely not own again for a decade because they are stuck $400K in negative equity in a home that sold for $700K at the peak and probably shouldn't of ever been over $210K had the no doc interest only option ARM not been invented.
Is wanting to maximize your housing dollars so bad?</blockquote>
So is it safe to say that once a home in your target area is at or below rental parity, you'll buy? That's my take on it. Why the hell should I pay more for my living expenses than I need to? After my IAC lease expires in Oct I figure that my rental costs will decrease by another 10% or so. The benefit that I have is that I don't have kids or a wife that would require me to add value for intangible things like location stability and being in an area with good school. I'll buy when two things happen...1) I security a full-time job (I'm actually enjoying the consulting side for now) and 2) the cost to own is below the cost of renting.
