Comment by IAmGraydon
8 days ago
You have $1M of net worth that isn’t a house (and is therefore likely to be liquid) and you can’t afford to buy a house? Where and how much?
8 days ago
You have $1M of net worth that isn’t a house (and is therefore likely to be liquid) and you can’t afford to buy a house? Where and how much?
I spend about $3.2k a month for a studio apartment in an HCOL area. I don’t even own a car.
You need to move, yesterday. Yes, moving sucks. No, ideally you wouldn't have to. But at the end of the day you are just plain shooting yourself in the foot if you continue to live in a place that absurdly expensive.
Like dude, you could buy an awesome house in just about any other part of the country if you truly have $1m in liquid wealth. You have options to own a house, you just have to act on them.
What’s this fixation on house ownership? It doesn’t make sense rationally. Stock markets always perform better, easily beating ownership and the hassle and associated risks of managing property.
5 replies →
Some people value other things than homeownership.
Some people value living in their area (regardless of what it costs) for reasons that make moving undesirable.
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It sounds more like you can afford to buy a house, just not in the area you want.
I bought a house in Canada with a liquid net worth of $75k (admittedly, 2 years ago, but still). 15 minute drive to a major city’s downtown, 0.3 acres, 3 bed 1 bath with an attached garage. Is it the nicest house? No, but it’s a house, and I’d much rather pay a mortgage than rent.
With a net worth of a million USD, I could buy a house pretty much anywhere in this country, comfortably, and we’re known to have one of the highest costs of living in major cities in the western world. If you move almost literally anywhere from where you currently live, you can definitely afford a house.