Los Angeles, CA
Followed by 0
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In United States
Registered Aug 24, 2011
joewestla's most recent comments:
- On 23 Aug 2011
Student Loan Debt Will Stifle Housing Market,
My wife and I are two "Millenials" who recently graduated from top So Cal business schools with near $200K in student debt.
We worked hard and the bump in pay from our previous positions, plus the increase in future earning potential, makes that expense worthwhile.
Even so, there is no question in our minds that it makes a lot more sense to rent than to own, until such time as we can afford to pay 20% down, with 6 months of our combined salary saved up.
Given these goals and our current savings rate, it will be 11 years before we can afford to purchase a home.
Note that our combined salary is more than double the median income for our area. Yet, due to our back end debt, it makes no sense to purchase a home. I joke with my parents that we already own a home - it's called an education.
This is no charity case and I don't expect anyone to shed tears because some b-school graduates making twice the median income can't afford a house. The point is that our purchase will be delayed.
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