Any of you move back with parents to save for a downpayment for a house?

[Rman]

with rent being nuts, i'm getting sick of renting. but i did the calculations and it would take me two years to save a DP on my own.  good thing my parents are sane and not crazy and we have good relationship.

i also looked at some properties and mortgage is cheaper than renting, even when calculating extras.

they've also told i'm crazy for renting so long.

thoughts? would it kill my dating life lol.

[tiesto]

I moved back home after college and saved up $$ for about 8 years. It was definitely a big hindrance on my dating life but also worth it to save a ton of cash.

[G The Resurrected]

Renting is just so much wasted money. I’m in the process of moving in with a family member because they’ve had some difficulties recently. But at the same time it’s gonna help reduce my outflow. That outflow from renting is basically wasted investment at the end of the day. I wish I had thought about it more like that 5 years ago. Owning real estate can make the difference in your ability to get good rates on future needed loans like cars.

I don’t know how your dating life would be impacted by that change. But Airbnb is always an options when you need a place. You can also go to their place as well, unless they too are in the same situation which they possibly could be.

[Nintex]

Do it, get yourself your own home as soon as possible.

Given the crises we have the costs of living will only increase.
About 5 years ago I set the goal to make ~$60k a year that would allow me to get a 250k - 300k mortgage to buy a nice place.
Housing prices have skyrocketed so now that I make that kind of cash, I need a 300k - 400k mortgage to get something decent.
And by decent I mean an ~860 square feet appartment.

You want to buy a house without an inheritance or beeg savings as a member of the middle class? Depending on your gender OnlyFans or Crypto are your "legal" options. 
The millenials are fucked and now the zoomers are too. They depleted the coffers in the 90's then pushed the bill of 2008 to us when we had no clue what was happening.
Now the boomers and Gen X have pushed the COVID bill to us and the zoomers, who will be forever stuck in the gig economy.

So make sure you own something before it is too late and if living with your parents is what it takes, so be it.
Because if the housing market does collapse Gen X will lose their wealth and they won't let that happen.

Welcome to the great reset. You will own nothing and you will be happy.

[Rman]

thanks for the vote of confidence.  i was wondering if was making a rational decision. rent keep rising and the juice isn't worth the squeeze anymore.

[bork]

I say go for it if you have a good relationship with the 'rents and there's enough space.  Someone at my old job did this (both her and her fiance)- they saved up for a few years and then went and bought a nice house. 

When I heard about this, I thought this was a good idea and suggested it to my wife, but she didn't want to do it, despite my parents basically never using the second floor of their house, so we would have had multiple rooms to use and plenty of privacy.  My dad was not exactly in favor of it either for whatever reason (we lived with them for a few years before we got our first apartment and it was fine).  At the time, the apartment complex we were in kept raising prices and also forced us out of our place and into a smaller one.  They were kicking people out to renovate units and the prices got jacked up even higher.  Really wanted to get out of there and prices in the area were all high.

Ended up getting some financial help from both my parents and her parents to get a down-payment on our current condo and got out of apartment hell, so it worked out in the end.  Monthly mortgage and other costs for this 1365 sq ft. 2.5 bed/2 bath condo are a few hundred dollars lower than the 800-something 1 bed/1 bath apartment we moved out of.

Been in this place for six years now and if we sell, we can make a very nice profit and use that to go get a bigger place or a house.  Leaning towards the latter for no more HOA stuff.  I am very much ready to move (we need more space) but this is a bad time for buying- apparently prices are up.

[Rman]

I say go for it if you have a good relationship with the 'rents and there's enough space.  Someone at my old job did this (both her and her fiance)- they saved up for a few years and then went and bought a nice house. 

When I heard about this, I thought this was a good idea and suggested it to my wife, but she didn't want to do it, despite my parents basically never using the second floor of their house, so we would have had multiple rooms to use and plenty of privacy.  My dad was not exactly in favor of it either for whatever reason (we lived with them for a few years before we got our first apartment and it was fine).  At the time, the apartment complex we were in kept raising prices and also forced us out of our place and into a smaller one.  They were kicking people out to renovate units and the prices got jacked up even higher.  Really wanted to get out of there and prices in the area were all high.

Ended up getting some financial help from both my parents and her parents to get a down-payment on our current condo and got out of apartment hell, so it worked out in the end.  Monthly mortgage and other costs for this 1365 sq ft. 2.5 bed/2 bath condo are a few hundred dollars lower than the 800-something 1 bed/1 bath apartment we moved out of.

Been in this place for six years now and if we sell, we can likely make a very nice profit and use that to go get a bigger place or a house.  Leaning towards the latter for no more HOA stuff.  I am very much ready to move (we need more space) but this is a bad time for buying- apparently prices are up.

Yeah my parents are cool, but they don't make enough to ever help with a DP, which is fine. Never expected it. But really getting tired of the rental circus.

[porkbun]

Prices are way up right now, at least in my area in the outer ring suburbs of Minneapolis.  Even crappy little 1 floor 2 BD 1 bath ramblers are going for over $300K + $25-50K to modernize appliances, plumbing, roofing, etc.

My wife and I live with her parents because we were saving up to get a house - but my stepson getting cancer twice in 5 years (3rd time overall) killed our savings and credit.  So now we are one big (somewhat) happy family.  It's an old split level hose so basically they have the upstairs and we have the downstairs, but we often do stuff together, usually eat dinner most nights.  My MIL is Filipino so it's common to have a big family in the house anyway and it's nice having them around too look after my son if we need a night off.  We probably will end up buying the house from them when they go into a home, which might not be too long in the future, given my MIL's health.

[Mr Gilhaney]

I moved in with my dad a year and a half ago. Mostly cause I'm ill though, and need someone to take care of me when I finally have my liver transplant. Been taking longer than I hoped though... I do pay rent, but not too much.

Hoping to buy a house after this. But might move into an apartment first if I can't find anything suitable. This house is decent so far though. It's just us two, and it's fairly big

[bork]

Yeah my parents are cool, but they don't make enough to ever help with a DP, which is fine.

[bork]

Prices are way up right now, at least in my area in the outer ring suburbs of Minneapolis.  Even crappy little 1 floor 2 BD 1 bath ramblers are going for over $300K + $25-50K to modernize appliances, plumbing, roofing, etc.   

This is where I'm confused- even in some of the better 'burb locations in ATL, I'm seeing 2-3 bedroom homes (even a four bedroom here and there) popping up for sale in the 250-325 range.  Can't see some of these being priced any lower. 

We weren't ready for the move, but a few months ago, a three bedroom townhouse, fully renovated, and including a large finished basement went for up sale in the neighborhood right across from us.  It sold super-fast.  Would have been perfect.

My wife and I live with her parents because we were saving up to get a house - but my stepson getting cancer twice in 5 years (3rd time overall) killed our savings and credit.  So now we are one big (somewhat) happy family.  It's an old split level hose so basically they have the upstairs and we have the downstairs, but we often do stuff together, usually eat dinner most nights.  My MIL is Filipino so it's common to have a big family in the house anyway and it's nice having them around too look after my son if we need a night off.  We probably will end up buying the house from them when they go into a home, which might not be too long in the future, given my MIL's health.

Sorry for what's happened/happening.  Hope everything goes well with your family.

[porkbun]

Thanks

 

Things might be different here because a lot of people are looking to get out of Minneapolis because there isn't a lot of single family housing available - any new development over the last 5+ years has been million dollar condos or $2000/month "microapartments" for yuppies or trust fund kids - also given the stuff that has gone on in the past year or so, a lot of people just don't feel safe raising a family in the city. 

And it's not just whitey, many of the people in my suburb and in my neighborhood moving in have been latino, black or Somali.  I'm all for it.  Maybe we can get some better restaurants/stores instead of the chain crap.  I'm cool with raising my kid in a multiracial community like I was.

(Ironically my Filipino MIL is very racist about all of them "why do they have to move here" but that's a whole different matter)

[Rman]

Thanks

 

Things might be different here because a lot of people are looking to get out of Minneapolis because there isn't a lot of single family housing available - any new development over the last 5+ years has been million dollar condos or $2000/month "microapartments" for yuppies or trust fund kids - also given the stuff that has gone on in the past year or so, a lot of people just don't feel safe raising a family in the city. 

And it's not just whitey, many of the people in my suburb and in my neighborhood moving in have been latino, black or Somali.  I'm all for it.  Maybe we can get some better restaurants/stores instead of the chain crap.  I'm cool with raising my kid in a multiracial community like I was.

(Ironically my Filipino MIL is very racist about all of them "why do they have to move here" but that's a whole different matter)

I never got those tiny, luxury apartments.  just a waste of money.

[porkbun]

I don't, either.  I don't even consider them "luxury".  I lived in a studio apartment for a few years, but it was cheap and actually decently sized (it was a converted 1930's hotel).  The ones I've seen are basically glorified wino apartments, down to having murphy beds and shared bathrooms.  If I'm paying $2K a month I would at least want to be able to take a dump in peace and sleep on something better than a pull-out couch.