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Comments about ‘First house blues: Are 20-somethings ready to buy their first home?’

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Published: Monday, Jan. 27 2014 11:55 p.m. MST

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SillyRabbit
Layton, 00

The American dream is not home ownership. It is the dream that you can work hard and change your economic standing regardless of your roots.

Of course, anyone selling real estate is disagreeing, since that perspective makes their job harder.

Now, some "millenials" are trying really hard to fit into the mold that articles like this are defining as "normal" for early adulthood, but the truth is you should focus more on realistic education (non-liberal arts) than you should on finding your first house.

A house is an average investment; don't buy the hype that you'll make thousands by flipping.

Also: "Are 20-somethings ready to buy their first home?" Why should they be?

Gildas
LOGAN, UT

If you can afford it it is a good time to buy. I would buy something cheap and modest first and take out a fifteen year mortgage as the payments work out lower. Then pay it off as fast as you can, and never pay a mortgage again.

ImABeliever
Provo, UT

To: Silly Rabbit, of course Real Estate people will tell you different. Most of them will tell you about anything to close a deal. That was my experience with the new Townhome style Condo that I just bought. I love my new pad but the Real Estate process is a joke.

sisucas
San Bernardino, CA

It's funny how most of the "experts" in the article are people who sell real estate. Those are the last people you want to ask because they're always going to tell you to buy. Don't buy a house in your 20's, that will tie you down and limit opportunity. I didn't buy a house until I was 34. That allowed me to move to different states, change places quickly and follow money and oppontunity. My first home was 4000 square feet, with the payment costing 10% of my monthly income. I got way ahead of all my friends who put down roots early and thought they were making adult decisions. I seemed a little behind them as I rented, but my mobility allowed me to climb the ladder much more quickly and effectively. Stay free, seek opportunity and find your stability when you're getting old and tired.

Dr. Thom
Long Beach, CA

"In a recovering economy?"

Depends on your definition of recovery but to most people, it when you are back to were you were when the recession/depression hit which is impossible if you are 60 and possible when you are 20.

terra nova
Park City, UT

Those who buy real estate tend to be more stable financially than those who don't. But there is a time and place for everything.

I'd certainly advise my children to buy. The government has spent money so fast that inflation is virtually inevitable. It is simply a matter of when. Hard assets tend to rise when the value of currency is declining.

But buying is not without risk. Some should not buy.

Analyze with care, understand the market, try not to be greedy, and pick something up. Use a real estate broker who was referred to you by someone you trust. Some of them know a lot. Some don't. Some are well educated. Others are not. A good one can be a great help.

Generally, if you can buy for less than you are renting for, it should be an easy decision.

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