House Poor

[shedfinder7]

I’m currently debating giving up my 2.75% ($1650/mo) mortgage to build on some land. Problem is land prices are through the roof right now it’s ridiculous.

What’s even more ridiculous though, is building is still penciling about the same cost as buying someone else’s shit box in this current economy. (atleast for my area of the country) I’m also not talking a total custom home.

DONT DO IT!!

 

[NRA4LIFE]

We're in our late 20's. Lots of our acquaintances who were in the same grad program as my wife get help from family. We know of two separate couples our age who purchased 600-750k homes after grad school. They went to grad school with my wife, same career/wages, and we know the rough household income. They admitted they got help, and the parents paid for the 130k of grad school out of pocket as well. At a minimum, the parents gave them the 20% down for the homes otherwise, the payments wouldn't be possible. Absolutely insane. They're good people, and I don't fault them for taking the gift. I am certainly jealous, but it's bizarre how many parents just gift insane amounts of money to their children. Even if you can afford it, everyone needs to struggle a little in life to grow and learn ownership and responsibility. I'd have been so grateful if my parents could gift us 10k to help with a down payment or closing costs, but I also have a ton of pride about where my wife and I are at especially being made by ourselves. These folks are 28-30, never bought their own car, still on the parents phone plan, didn't pay for undergrad or grad school, never paid their own rent/groceries in college, and were gifted 100+ thousand for a house. That is one hell of a way to get ahead in life, and I sure hope they pay it forward to others.

And I wonder how many folks like this that get X amount of money (I think the untaxable limit is like $15K now) declare that on their taxes?

 

[Svivian]

DONT DO IT!!

Alright guy on 5 acres

 

[Alpineelk]

This thread blows my mind. I'm 27 and hoping to own my own house someday. Looking a little like a long shot in my area what do u guys do for jobs? It seems by some of the numbers I've seen on this thread I'm in the bottom percent of what most people make. Guess I need to up my game