Post # 1
I grew up with the belief that owning a home is a sign of success. I always assumed that my husband and I would own a home at some point. Sadly, the recession was awful to the both of us. My husband couldn’t find work for over a year and I had to return to college in order to train for a new career. We have a lot of debt and no assets, so no bank will give us a mortgage. We also live in a very expensive city, where a townhouse under 2,000 square feet is more than $600,000.
I feel so sad and ashamed when I hear women say that they would never marry a man who couldn’t buy a house. I loved my husband too much to walk away just because the company he worked for shut down and he could not find work. It just feels like we’re the renting losers while nearly every young couple around us is buying a home. I love our apartment because it is spacious (Over 1,000 square feet). Our building is undergoing a lot of renovations and it is starting to look like a gorgeous hotel. I just wish we could own a home….we don’t want to live in the suburbs or country so renters we will be.
Are there any apartment renters on the Bee? If so, do you feel less successful than your peers?
Post # 3
@PositiveThinking: Who cares what people think! Are you happy? Are you in love? Would you live in a shack if thats where your hubby was? I think renting is AWESOME!
Post # 4
@PositiveThinking: *HUGS* Honestly I think it’s very common for people in high cost real estate areas to rent. I’m originally from southern CA, where a single family home starts in the $700k+ range, and most of my friends still rent. The only two friends I know with homes had considerable help from their parents (i.e. parents purchased the home in the 80s).
Post # 5
@PositiveThinking: Oh hun, don’t feel bad! I rent as well and I can understand how you feel. Would I love for FI and I to be able to buy a house. Yes, but it just isn’t in our cards right now.
I think of it this way. I pay my landlord every month. When my air conditioning breaks, I call him and it is no longer my headache. The yardwork and snow removal is taken care of by someone else, which in turn allows me more quality time with my FI. With as busy as FI and I both are right now, if we owned a home all we would be spending time together doing is yardwork/maintenance.
Post # 6
I’m a renter. We hope to buy one day, but it won’t happen for a few years. I don’t really think this anything to beat yourself up over. You have a roof over your head, and an apartment that you adore. Be thankful for that. Measuring your own success based on where everyone else is with their life is a sure recipe for unhappiness.
Post # 7
Hmm…we are renting now although will buy once we’re done with our lease since houses aren’t insanely priced here (they’re pretty cheap!)
However, most of my friends don’t own their own homes yet. Most of them are single too though. The ones that do live in a town where houses are very cheap (2-3 bedroom under $100k) and another with a nice 5 bedroom $300k house was give a $50k deposit from her father. So no, I don’t feel behind. I could afford one of those cheaper under $100k homes right now but we’re saving up more because we’re in a more expensive area and we need some room for kids. We both have only been working full time for about 2 years so hence why we are still saving. Only within the past 1.5 years have I been able to save at all! Poor educational decision on my part…lol.
Life isn’t a race, plenty of people in high cost areas rent! I don’t think it’s anything to be depressed about.
Post # 8
@PositiveThinking: Yes right now we rent an apartment as well. The recession caused us both to switch jobs a lot. Not we own a successful business but we both went back to college. Once I’m finished with my degree we will buy a home but I wish it could be sooner. It’s difficult to find a position in my chosen career so we will buy a house or condo once I have a secure job position in my field and not before.
Although we are looking into buying an out-of-state rental property for the additional income.
Post # 9
We rent, and will for a while. And not just because my fiance can’t buy me house. Because I can’t buy me a house either. Saying you wouldn’t marry a man because they can’t buy a house is basically saying “Hi I’m a gold digger.”
But back to the point, where I live most people my age (20’s-early 30’s) rent. Many people well into their middle age rent, some do their whole lives. I’d like to own someday, but I also like that I can call the landlord when something is broken. Our rent is not much different than what our mortgage would be for a place we want, but we don’t have the $20,000+ for downpayment and closing costs.
Post # 10
Yes, we are happy and in love.
My BIL’s wife made some rude remarks about us renting. Nevermind that they live in a part of the country, where only $200,000 can buy a four bedroom home. My BIL is given to throwing tantrums and being so rude to his wife that she cries. She is jealous of how romantic and loving my husband is to me. You’re right…owning a home does not lead to happiness.
Post # 11
Anyone who says that clearly doesn’t live in a major city!
I always said I wanted to own a house before TTC/baby.
Then we moved to Boston!
Post # 12
We rent and don’t have any plans on purchasing a home in the near future. We do not want to be tied to a mortgage right now, we like to travel a lot and would rather spend money on that, and also his company can move us any place in the world when they need him. It wouldn’t be very smart for us to buy a home. I do not consider ourself less successful than our homeowning acquaintances or friends because we rent. We just have different priorities.
Post # 13
Everyone I know who owns lives in the suburbs or the boonies. They also stayed home until they married, so that they could save for a house. My husband and I were both too independent for that.
Post # 14
I love the way repairs cost us nothing too!
Post # 15
I’m still going to school, SO has been out of work for 2 months. Neither of us are ready to buy a home yet. We’re also planning on moving overseas within 3 years, so buying a home now wouldn’t make sense even if we had the money. I only know a few people my age (24-26) who own their homes and they’re either married or have had ajob with the same company for over 5 years. We’re all at different places in our lives. I would love to own a home one day, but it’s going to take me a while before I get financially stable enough to actually go out and do it.
Post # 16
@PositiveThinking: We rent!! you are not alone and I was taught the same thing,
having a home is part of your status. Unfortunately, its very unrealistic to own a home in the city we live bc a 1 family in my city starts at $700K!
There are other areas we can move too but I am not willing to pay over $400/mo in commuting expenses. Thats $400 for my husband and $400 for me, thats $800 total! ON top of that, a mortgage, utilities, car expense. Its ridiculous.
The other borough we can move too is out of the question bc the cancer rate is too high and people would have to pay a $13 toll. We can get a nice house for under $500K but husband won’t budge on that idea.
So since we love the city we are in so much, we are willing to save up for a Condo in the next few years.
But I am hoping to talk him into moving to the other borough.