Home affordability

>what is the time value of money

>interest
>taxes
>maintenance
>not thrown away

If you are going to buy a house, make sure it's the right place. Most houses in the United States has equity/appreciation rates that don't keep up with the interest you're paying. Renting is for cucks. Live with a family member for free or very cheap.

It's not if the property value increases more than those costs. Property is an amazing opportunity to make money if you're a typical 4 chan autist. You can buy something shitty and spend all the weekends you used to spend on LOL and anime porn fixing the place up.

I'm curious.

I live in Houston, and I have the ability to buy a small house in an area that's growing.

I'm thinking about $160,000, 30-year mortgage.

That puts me at total mortgage around $900, which is much cheaper than renting here. Most apartments are around $900, not including utilities and whatnot.

I make about $46,000 a year, and my car is paid off. I intend to rent out a room to young professionals for about $500/month, all bills paid.

Should I swing it, Veeky Forums? I'm 24.

You should be able to pay off 160k in way fewer than 30 years desu.

I think it's likely, but I don't want to over-draw my current wages.

I'm set to get a solid raise here pretty soon, likely putting me over $52k.

Can't I re-finance it to a shorter term later, or just pay a little extra against the principle when convenient?

A big thing is that I'm 70% sure the value will go up, as Houston is rapidly expanding right now.

>buying an American house period
oh my god you people just never learn

How do you know he is American?

i know
we all know