Personal Finance on Yik Yak | 23M, make 78k year in MCOL area, have roughly 37k saved up. Currently live with parents to save up, on track to have roughly 65-67k saved by next July. I want to move out around that time, but not sure whether I want to rent or buy.

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Personal Finance 17w

23M, make 78k year in MCOL area, have roughly 37k saved up. Currently live with parents to save up, on track to have roughly 65-67k saved by next July. I want to move out around that time, but not sure whether I want to rent or buy.

#poll

Move out, rent

Move out, buy (townhome/condo)

Stay an extra year to save more

63 votes

Anonymous 17w

If you think I should stay an extra year, why

Anonymous 17w

Here’s the game, if you plan on staying anywhere less than a decade rent. The average house costs 400k you loose 10% of that every time you buy/sell through realtor’s fees and closing costs. If you can scrape together a 20% down payment, you suddenly get rid of PMI, which is like 1% of your loan annually. Or savings of $4k annually. That’s why it’s worth it to live with your parents for a year and save, it’s like getting a $4k raise.

Anonymous

OP 17w

Why not? 23 isn’t that old, idk when it became normal for ppl to shame anyone who’s younger than 30 for living with their parents, you stay, you save more money, so what’s the downside?