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Buy or Rent a House - Today's Market

JesasaurusRex said:
you forgot that it also includes state income tax, amongst other stupid sh*t

yawn

you're the one choosing to buy a house in a location with a ridiculously inflated "value" to pay that property tax on and also buying in a state with a ridiculously high income tax

You either want to talk numbers or you don't

You're not saving sh*t by not paying down your mortgage, no matter how many times you want to tell yourself that. The fallacy is all yours.
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Haters gonna hate :twofinger
 
mlm said:
Haters gonna hate :twofinger
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that's what i thought

any way you want to spin it, BEST case scenario you're spending a dollar to save 35 cents. People wanna justify paying these inflated prices and acting like some magical way they're saving money by not (being able to) pay it down and then come up with some bull sh*t about HAVING to pay a certain states income tax rate and HAVING to pay property taxes on a 1 bed 1 bath dump that appraised for a million dollars.

Get the f*ck outa here

[youtube]TMZkukOB8Ig[/youtube]
 
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You're funny. You should give financial advice on Jerry Springer
 
Not quite as simple as folks being "townies" unaware of the world outside the BA bubble. Especially with the internet nowaday, its trivial to do some research into markets ( jobs / real estate / whatever ) outside your local area. The problem often deep roots, familial ties, ect that keeps people stuck here.

That said, IMO, the smart way to go is to buy way below your budget a starter home that you can use as a rental later on.

Instead of looking at $1m homes because you have $200 cash, look for something in the $500k ( yes there's still those prices in the bay for starter homes ) and apply the same money that would have went to the $800k mortgage to pay off the $300k mortgage early.

Quick check of the amortization table here shows $800k @ 4% ( 30 yr fixed ) = roughly $3820 / mo in mortgage vs $300k @ 3.15% ( 15 yr fixed has lower rates ) = $2090 /mo.

Difference in mortgage only is $1730 which if paid on top of your monthly $2090 / mo to your mortgage company means you'll have a paid off unit generating rental income in 7 years to help you move to a bigger better home. Not to mention the cost saving on property taxes / insurances / ect.

My 2c.
 
phocup said:
Not quite as simple as folks being "townies" unaware of the world outside the BA bubble. Especially with the internet nowaday, its trivial to do some research into markets ( jobs / real estate / whatever ) outside your local area. The problem often deep roots, familial ties, ect that keeps people stuck here.

That said, IMO, the smart way to go is to buy way below your budget a starter home that you can use as a rental later on.

Instead of looking at $1m homes because you have $200 cash, look for something in the $500k ( yes there's still those prices in the bay for starter homes ) and apply the same money that would have went to the $800k mortgage to pay off the $300k mortgage early.

Quick check of the amortization table here shows $800k @ 4% ( 30 yr fixed ) = roughly $3820 / mo in mortgage vs $300k @ 3.15% ( 15 yr fixed has lower rates ) = $2090 /mo.

Difference in mortgage only is $1730 which if paid on top of your monthly $2090 / mo to your mortgage company means you'll have a paid off unit generating rental income in 7 years to help you move to a bigger better home. Not to mention the cost saving on property taxes / insurances / ect.

My 2c.
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Assuming during that time you came up with another down payment for the next home-approaching your primary residence as anything other than the place you want to live is going to end badly IMO.
 
MrIncredible said:
Assuming during that time you came up with another down payment for the next home-approaching your primary residence as anything other than the place you want to live is going to end badly IMO.
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Most folks will use the equity from the first house to fund the down payment on the second house.

You can lose it all if you're not careful, but with 200K on a 500K house, you're very well set as far as equity is concerned.
 
I love these threads where people who have bailed out of the BA slam it just because of the home prices. :laughing

Sure, I could go back to my hometown and buy a really nice house for $150k, but then I would be stuck with a job that sucks and nothing to do when I wasn't at work. But hey, that house price tho.

For me, BA is worth the cost of admission.
 
Reli said:
But, sheltered Bay Area residents can't deal with the snow, or the humidity in the summer. :laughing
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It's one of the reasons prices are high here: great weather.:thumbup

Southern Ohio might have great riding, but everyone's bike is in the garage today on a lift.:rofl
 
wazzuFreddo said:
I love these threads where people who have bailed out of the BA slam it just because of the home prices. :laughing

Sure, I could go back to my hometown and buy a really nice house for $150k, but then I would be stuck with a job that sucks and nothing to do when I wasn't at work. But hey, that house price tho.

For me, BA is worth the cost of admission.
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Sure. I get it. But the other poster was claiming you won't find cheaper housing in other desirable cities. That statement is bunko.

You can live essentially in Seattle for 1/2 the price of the BA or even less in Portland.

Live where you want but don't justify it by claiming you aren't paying a huge premium to reside in the Bay.
 
mrmarklin said:
It's one of the reasons prices are high here: great weather.:thumbup

Southern Ohio might have great riding, but everyone's bike is in the garage today on a lift.:rofl
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For maybe 4 months total, at the most. And even then, there are plenty of days within those 4 months where they COULD ride, if they WANTED to.

Honestly, great weather isn't why prices are so high here. It's because there's so many top-notch employers here, who pay well and hire from good schools.
 
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wazzuFreddo said:
I love these threads where people who have bailed out of the BA slam it just because of the home prices. :laughing

Sure, I could go back to my hometown and buy a really nice house for $150k, but then I would be stuck with a job that sucks and nothing to do when I wasn't at work. But hey, that house price tho.

For me, BA is worth the cost of admission.
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Literally every thread is wazzu going: "I don't agree, everyone else is dumb :x "
 
wazzuFreddo said:
I love these threads where people who have bailed out of the BA slam it just because of the home prices. :laughing

Sure, I could go back to my hometown and buy a really nice house for $150k, but then I would be stuck with a job that sucks and nothing to do when I wasn't at work. But hey, that house price tho.

For me, BA is worth the cost of admission.
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Do tell us about the long list of things to do in Hayward :twofinger
 
wazzuFreddo said:
I love these threads where people who have bailed out of the BA slam it just because of the home prices. :laughing

Sure, I could go back to my hometown and buy a really nice house for $150k, but then I would be stuck with a job that sucks and nothing to do when I wasn't at work. But hey, that house price tho.

For me, BA is worth the cost of admission.
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That's not why I slam the Bay Area-I dislike the aggressive attitudes, the traffic, and the general approach of being married to work all the time.
 
MrIncredible said:
That's not why I slam the Bay Area-I dislike the aggressive attitudes, the traffic, and the general approach of being married to work all the time.
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Yet you still live here when there are such great alternatives?
 
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