From where did this "everyone should buy their own house" meme come from?

do you guys buy houses with cash or something? While renting, you aren't tied to one place. With loans, you are, and you have to pay it off for tens of years. So how is it worth it to invest decades hoping for profit when you are old and wrinkly?

Myth spread by real estate agents and mortgage lenders.

Same as Sydney, people can get in the ladder but they want in the middle of Sydney and London. Sorry but you don't get that right.

Why would I want to constantly move user? Worth thing before I bought. Also retirement, no more money needing to be spent on a place over my head.

>no more money needing to be spent on a place over my head
Except for taxes, insurance, and maintenance.

>Only a child lives at home forever
then I guess I'm a child

You can rent out a house you own if you want to move and what you collect in rent basically pays the mortgage. This is not a complicated concept. I normally buy at 25% down with fixed rate 15 year mortgages, fix them up a bit, then rent them out.

>do you guys buy houses with cash or something?
Sometimes, usually not (for leverage purposes since credit is cheap right now). Does it even matter?

>While renting, you aren't tied to one place.
Travelling, sure, but why would I move? I love my city! It has great quality of life. My family is here. My business is here. Why would I not tie myself down? Stability is nice and also much cheaper in both time and money (no moving constantly, no finding new places, no paying rent).

>So how is it worth it to invest decades hoping for profit when you are old and wrinkly?
How is it not? If one option is to rent for 20 years and then rent for the rest of my life. And the other option is I pay off a mortgage for 20 years and then live considerably cheaper for the rest of my life. How is this not worth it? Any investment works this way:
>Why would I invest into the stock market in my twenties and thirties hoping for profit when I'm old an wrinkly???
That's a short-sighted mentality and will lead to staying eternally poor.

Besides, you are only looking at cashflow. Yes, repaying a mortgage may cost me about as much as paying rent every month. But in addition to living there the mortgage payments create wealth. $500 towards the mortgage is ~$480 in house value that now belongs to me. $500 towards rent is $500 gone forever without any return. After 20 years I can sell the place and get most of my "rent" back to move elsewhere.

But I'll give you that: My kids will benefit from it far more than I do. Real estate can be a pretty good deal within your life-time, but it only truly shines as a massive boon when you inherit it. Real estate is a brilliant tool for generational wealth building.

Taxes and insurance is literally $1,500 a year.

If you can't maintain a house and improve it fuck off.

Compared to $24,000 a year in rent.

Renters keep me happy but, have 2 other properties with renters in paying a mortgage for me that will be debt free in 20 years.

If you can leverage the money and have someone else pay the debt without affecting your other investments doesn't make any sense not to.

boomers lived with their parents until very old age. in fact it was common to live in big family houses where the grandparents/cousins were next to you.
when housing was cheap people went and lived in their own affordable homes.
its funny how we started with big family homes with 5-10 people and ended up in 2 bedroom flats all alone.

What the fuck is wrong with you Swedes?

tfw mexican, i would be the 2nd generation. my dad laid down few pipes

never went through my mind this is why others have it better, those must be really shitty whites im around then

It's not a meme, but it's market dependent.

In most markets in the US, it's advantageous to own. The cost of ownership is less that the cost of renting. There's a tax benefit to deducting mortgage interest, so the effective rate of borrowing is less than the interest paid on the loan.

Also, in a lot of markets, it's difficult or impossible to find rental properties that are of equal quality to owner occupied homes. Rentals tend to get sequestered into less desirable neighborhoods with higher crime, lower quality schools, etc.

These things are generally not true in large urban areas like NYC, SAN Francisco, Boston, etc. But across the vast majority of the US it is true.

> Leases mean nothing if the property is sold
Hahaha. This story is fake as shit. You legally cannot sell a property if a lease exists.

>You legally cannot sell a property if a lease exists.
I dunno about where you live, but in the U.S. you can. The transfer of ownership does not automatically terminate a lease however, so if the new owner wants you out they would have to go through the normal eviction process.

> not realizing that homes are a liability, not an asset
> thinking that houses always go up in value
> not remembering Detroit
> thinking that renting properties is easy
After maintenance and hours spent cleaning toilets you don't even break even. Tenets often don't pay, will never pay as much as a 15 year mortgage, and aren't shy about breaking shit.

Home ownership is an American obsession, ever since our democracy was enacted and you needed land to vote. Almost as dangerous as their puritanical beliefs on sex.

I'm too much of an asshole to live in apartments and be around all those people. I can't stand listening to my neighbors fuck. I hate hearing it when they watch TV. I hate worrying about my dogs barking when I'm out.

I bought a house and have made money on it (plan on selling this year). It has been one of the major improvements of happiness in my life. Having a little bit of land that is your own. Having your monthly housing payment (at least partially) go to your own pocket (equity) rather than the landlord's. Sure, I can't move every year, but who the fuck wants to do that anyway?

This sadly.

Its also like playing russian rullet

I own my own home. Trips and sues. Now aomeone else owns your own home. Grats retard

Then why do u cucks still have laws on the books alowing a 30% tax write off on a lose if u are a normie faggot and property does not go up...

You can't get on the ladder for miles going out of london.

The reason that buying a house is so central to normies is vertical mobility.

Owning a home for most people is the main way that they are able to pass on wealth to their children.

This is the main reason that everyone always uses to explain why minorities in the US are financially shit compared to the white majority. I just read an article from The Atlantic that someone posted in another thread that summizes what I am referring to.

>property can only go up

>property can only go up

That's honestly the most autistic policy I've ever heard. Also it makes zero sense, wouldn't doing that create a shortage of housing, and thus form a bubble?

>Rentals tend to get sequestered into less desirable neighborhoods with higher crime, lower quality schools, etc.

This. If someone told me to rent, I would show them the rental properties around where I live. There are 0 good properties around for rent, but a shitload to buy.

...

>in fact it was common to live in big family houses where the grandparents/cousins were next to you.

this. though it isn't really true with boomers, most people born in the 50's were seemingly able to buy homes while working at gas stations from what I've gathered from working with them. My grandfather lived with his father, who paid for his schooling, up until finishing his residency at a hospital and wasn't "independent" until like 29 or so. The boomer "independent" meme was just an economic anomaly that existed for several decades postwar, we probably will never see anything comparable in our lifetimes. The life stages of debt thing is a really stupid cycle people get into, which could be avoided by more active family involvement

Fuck being chained to one place forever.

>boomer "independent" meme was just an economic anomaly that existed for several decades postwar

Exactly. It is simply an anomaly that my grandpa could raise 3 kids, have a wife and a home in the suburbs. On a truckers salary. The postwar boom that most boomers remember America as is not what it is the reality today.

>you literally get nothing back from rent

Apart from somewhere to fucking live.

no sshhh being on the hook for replacing a boiler or the colossal amount of yardwork you don't have to do isn't factored into the decision to rent

you definitely don't have an advantage in the absolute monthly cost of renting an apartment due to economies of scale in most of America, or the fact that these shitpile suburban huts have four bedrooms and three bathrooms but you only have one bed to sleep on and one dick to piss out of

Reading the Atlantic makes you dumber. quit taking advice from niggers and retards

>buy 1 house
>save up enough down payment for another house
>buy 2nd house
>rent out old house
>rent money pays for most or even all of the monthly payment

???

Fuck buying two houses instead of retiring in your 20s and becoming a Lambo Vagabond who spends every night in hotels and prowls out to execute homeless people and seal their bodies in the dumpsters they dove.

Mortgage payments are fixed (always always always borrow at a fixed rate) whereas rent will nearly always rise YOY.

However, if you do not need much space and do not plan on starting a family, leasing a small well-located old apartment unit is the way to go IMO, particularly if landlord is responsible for all plumbing, electrical, appliance repairs.

Which minorities? Asians seem to do pretty well

Aussie property can go down if lebs move into the area its not 100% safe

>only a child lives at home forever

t. *nglo

My grandparents (born 1930s) had a huge house. Two stories plus a partially finished basement. Five bedrooms, two and a half baths. Big two-car attached garage before that was the standard. While raising five girls. Both of them worked, but grandpa was the breadwinner. What did he do to afford such a house? He drove a truck hauling milk from the dairy to the creamery.

The past of even 40 years ago is, financially, an entirely different planet.

>property can only go up,
Except for when that was proven false many many times

>property can only go up
enough kangaroo cum for you

Owning is cheaper than renting if you live in the house long enough (every move has a transaction cost so it's most cost efficient to not move at all).

Was attempting to illustrate the thinking of the average cunt here

25 years?

I put down 20% and paid it off in ten years. On average wage.

U got s desent cpa and an llc? If not you are missing out