I’m a new grad SDE1 who started at Amazon (Seattle) a year ago. 22 years old and TC 150. Should I focus on saving up to buy a house asap? I was looking around the Seattle area and theyre expensive af but its doable if I pour all my other investments into it. I’ve done the math many times and it feels like at these inflated prices its not worth it vs rent, when you consider the property taxes, maintenance, and mortgage interest. I always get advice to buy a house but its always from older people in their 50’s who bought a house and held on for 30 years and are now millionaires. Buying also holds me down to living in 1 neighborhood/city for a long time. I think im also too young to really tie myself down like that Financially Im doing well otherwise where Ive been making really good money in the stock market. So much so that on average Im beating the appreciation of real estate. The argument folks always give is my money to rent is being wasted. But I personally feel if you know what youre doing with extra money, it can be better invested elsewhere.
You can always rent it out. I bought young, and an now mortgage free in my 30s. Worked for me.
Too young. Give yourself a few more years when you know exactly where you want to be. I was lucky. Family helped and we paid in full. Then I took a loan and refinanced. Now the house value went from 450 to 850.
House ties you down to a place (or is a pita if you move). Maybe wait until you are married?
YES
Let me share you my story,I was 23 when I started my carrier and joined Microsoft making very good money .I saved a good portion of my salary but,always against buying a house.If I bought at least a condo in downtown area,it would have easily doubled or tripled its value.Even if you decided to leave somewhere else,you can rent it and the tenants will cover your mortgage while accumulating asset. Right now Seattle housing market is a bit high but,I dont see it going down anytime soon.Also,realstate is a long term investment and will definitely grow.
I got an eye sore reading this post with horrible grammar!
I'll let my 15 tenants know to teach me grammar.
Yes
Wait
Buy. I wish i bought a house 5 years ago.
If I had to give my 22 yr old self advise I'd say look for a multi family/commercial property in a state like Texas or even Tennessee. Aim for 12+ units. Stabilize it and have a good property manager (6-8% fee) . By the time you are 30, aim to have 100 units. At that point you will be able to live of your rental income and take a prolonged sabatical if you wish. Best of luck.. have a game plan and stick to it. Don't ever trust any company
You should save money anyway and decide when you think the time is right. Don’t be pressured by others