I think it's more because most people never really sat down and did financial planning. Unfortunately in our community, we're financially illiterate.
When you're 65 years old, on a fixed income, and your cost of living is higher than it is when you're in your 30s plus you're probably making less money; it makes no sense to have to pay an additional $1000/mo for the rest of your life in rent.
Eh, I'm not gonna call someone financially illiterate just cause they made a different choice than me, but I would definitely advise lifetime renters to weigh the options.
In theory. You still have to pay taxes, insurance, utilities are generally much higher in a house vs. apartment. You are responsible for all repairs. If the neighborhood suddenly turns to shyt, you are stuck there unless you willing to wash rinse and repeat. Since the neighborhood is shyt, you not gonna getr what u believe the house to be worth and a houses worth is only what someone is willingly to pay, not the appraisal value.
Lets be clear. Is ownership more expensive than renting? Absolutely, yes. But to look at it from the perspective of "monthly expenses" is a little short-sighted, imo. Think of homeownership not only as a way to live, but it's a tremendous investment.
Think about it like this.
Lets say we're both 25 years old right now. Lets say you decide to continue renting, and I decide to go the route of homeownership.
When I'm 55, I'll have 2 paid off properties, (hopefully) $800,000 in equity between those properties, rental income during retirement, a nominal monthly liability (probably a few hundred in taxes and insurance between the two homes), and my own house to live in.
When you're 55 you will have spent maybe $200k less than I over that time period (assuming I spend $555 a month more on home-maintenance / upkeep / utilities), but you'll
still have a monthly obligation around $2500 (inflation)...and a 2-3 bedroom apartment. Not only that, but you'll continue paying indefinitely, such that by the time we're both 61, your continued payments will wipe out that $200k difference, with absolutely nothing to show for it.
Imo, homeownership is a no-brainer.
what bank requires 720? No bank like chase or wells fargo thats for damn sure, yall must be going through a credit union? Banks only require 710 never heard of this 720 business and I sold cars and worked at chase after that
like they forgot what obesity looked like
