News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
I bought a house when I was in college. It was a shitty 900 square foot 2 bedroom for 40k. My mortgage was $109 a month. After I graduated and moved away, I tried two rent to own contracts. First one was a disaster. They paid for a few months and then after a couple of court appearances, they got evicted and owe me several thousand dollars.
The second contract was "successful." It was a professor of mine that went through a nasty divorce and had credit problems. Dude took the full term to pay me off even though I suggested that he take a loan in an attempt to rebuild their credit. Nope. Just gave me money each month.
Three months after paying me off, he left the house and moved into on campus housing for adults. Let someone buy it at a tax sale or something.
I don't get it. I know I'm probably more aligned with boomers than I am with my millennials, but why wouldn't you want to own your house that you've been paying for? Renting is nice because it's not your problem if something breaks, but the vast majority of rental owners are shitty and are going to fix things the cheapest way possible.
Upkeep can be a PITA, mentally as well as financially.
I found out that local housing co-ops offer 3 bedroom 2 baths for rent at like 800, honestly I'd prefer that over owning a home.
I don't get how you don't get it. I mean that with no animosity of any kind. I'm genuinely curious when people talk about buying a house like it's a common sense option.
As a millennial in my early 30's, the only people I know my age that own a house are people with parents that essentially handed them a fully built life when they came of age. As in, paid for college, bought their first (or first few) cars, floated them after college, paid for their weddings, then paid half or the full deposit on their "starter" home. And that's not a specific person I have in mind. That's every friend I have who owns a house. Their parents had that kind of money. Every other person I know that doesn't have rich parents (I'm in this camp) is working themselves to the bone just to scrape by. After 16 years in the workforce, 14 of those years being in a highly niche (but terribly paid) tech role, I can barely afford to keep a car running doing all of the work myself, let alone scrape together an extra $200 to get a secured card so I can finally start building credit. My pay checks are already consumed by the time they hit my account, and there's a seemingly endless backlog of debt from decades of poverty. My parents are finally at a point were they can help their kids at times, but it's in small amounts and they can only help one or two of us at a time. But, they're boomers who might never retire, so even taking small loans from them feels bad. It's an incredibly disparaging state of existence. I'm leaving out a lot of details for the sake of not writing a novel, but, I'm not financially illiterate, and I'm not giving up. I've just accepted the bleakness of my reality while I slowly grind myself (hopefully) out of it over the next 2 to 3 decades.
I'm not trying to whine, or point out your privilege. What I'm saying is; this is my reality. One in which the concept of "extra money" you can put aside for smart investments is a nice delusion to entertain. The fact that people like you are out there wondering why someone our age wouldn't buy a house boggles my mind, but also shows a very stark contrast in the lives of working/povery-class people and middle class and up. That is a huge problem.
But that's just my perspective. As I said, I'm genuinely curious to hear yours. How are you in a position where buying a house is the obvious option when statistics show that is very much not the case for most people under 40?
Edit: spelling.
So I was you. I wasn't financially stable until well into my forties. I would say I wasn't raised by anybody. Forget about no parental money. I had no parental guidance, and from that I made a TON of beyond stupid decisions.
Fast forward, and I finally got my shit together. I was able to get my daughter through college without debt and her mother sold her a car for a reasonable price.
So now she's in her early twenties making more money than I do, and she's always concerned with mismanaging it. But being who she is, she's also constantly worried that she's not doing enough good for others.
Her first house will be with her own money, but I was fortunate enough to help her get into that position.
Just on principle, I'm hell bent on leaving an estate to her even if she won't need it. From there, I just hope it further supplies her with the tools to realize her ultimate altruistic ambitions.
This being Lemmy, I'm sure something about this is wrong or evil or selfish. I can't accommodate every random Internet criticism, so I do the best I can.
As to the daughter, I'm just so proud of her. Aside from the line of work, she's artistic and empathetic and caring. You know, an exponentially better person than I could ever hope to be.
I joined the army before I was 18. I saved money while I was in Baghdad. My first house was 40k in 2006. I live in a small town in the middle of corn and soy fields. I have a union job. My wife and I are good about not blowing money. I put $20 bucks a week into different savings accounts to help pay for big expenses.
I'd love to own. Problem is, I did the math recently. Mortgage payments on a house in my area start at more than double what I'm paying for rent. And that's only the mortgage, not PMI or or tax or home maintenance costs.
To be fair, I live in a relatively HCoL area (just outside Boston). But owning is still wildly more expensive than renting.
It might work if I was married and we had two nice incomes. But I've also priced it out with a multi-bedroom house and renting out the other rooms. I'd have to charge rent above market rate just to break even. It doesn't make any sense to me.
I'm not denying that I got very lucky with my timing. But also I chose a very low cost of living area.
How long ago was this? I wanted to do something like that in 2009, but banks refused to write a loan that small because (with laws limiting origination fees to a percentage of principal etc.) there wasn't any profit in it. (I ended up buying a 3-bedroom house for ~$100k instead, and the super-cheap house I wanted sold for cash to a flipper, who put an addition on it and sold it again a year later for ~$300k).
As the landlord/creditor, you could've reported the on-time payments to the credit bureaus yourself, I think.
It was 2006.
Yeah, I think you might have snuck in shortly before the origination fees regulations changed. Lucky!
I'm also in a small town and used a local bank.