• 18 Posts
Joined 11 months ago
Cake day: July 1st, 2023


  • My mom keeps saying how unusual it is for it to be in the 90s right now where they are in Arkansas. They just moved there. I keep telling her that this is going to be more and more normal but I don’t think that is setting in. I think my dad is catching on though because in the background I heard him say it would get even hotter where they used to live and I agreed but also mentioned that doesn’t happen until August, not before summer even happens. You can guess how they vote.

  • With persistent deflation, that down payment would have to be 100% of the price of the house.

    As for right now, you don’t need a 20% down payment for a house. That just avoids mortgage insurance. You can get rid of that once the remaining mortgage is at ~80% of the current value of the house. We got rid of ours in 3 years with a 10% down payment but that was in a booming market in the fastest growing large city in the country. It may not even make financial sense to buy in your area. If it is going to be an extra $1000+/month to buy vs renting, stick to renting and make sure you are filling up your Roth IRA and if you have more, throw it into a savings account which actually bears interest now.

    And of course if you are doing something as lavish as eating avocado toast or getting coffee from a coffee shop…keep doing that of it makes you happy. It is not going to really amount to shit.

  • Not really. Many put off buying a house until it makes financial sense. If renting makes more sense (it does in many markets currently), you are going to continue to do that. Why buy something and deal with the hassle of ownership if you don’t have to? As someone with an 80 year old house, I can tell you that renting was a hell of a lot easier.

    It’s also a lot more difficult to afford when the bank has no reason to lend to anyone. They can just sit on the money they already have and make a return risk free.