It seems to me that purchasing while living in a place that has high real estate prices can really bring out the implications of buying solo or jointly with someone else. For example, here in Cali, the median home price is 550,000 or so. Accordingly, many professionals that I know are still renting (as am I) or living with a roommate. It sseems like it's almost prohibitive if you don't have someone else to go in on the monthly payment with you. Even for a property in the 4s, when you add taxes at 1.25% (and the additional 400 per month that taxes brings), even at 6%, which apparently is a fairly good rate right now, you're at roughly 2400 (before taxes or HOAs or utilities)...and that's for a place that is 400,000 - which is usually not a very well maintained, older, 2 bedroom (yes 2 bedroom) house or an old one or two bedroom condo.
I have been very surprised at the number of young professionals that I have met in Cali who do not own.
Accordingly, in Cali, it *might* be helpful to get married, just to try to buy a place to live in. lol.
SC
|