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My dad said to put 20% down on a house back in 2019, and my buddy said rent forever and invest the rest
I put down $38,000 on a place in Columbus, he rented a cheap studio and dumped everything into index funds, and now I am house poor while he is sitting on a pile of cash, so which one of us actually got it right?
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emma_flores1mo ago
Ha, well I'm the guy who bought in 2019 too so clearly I'm the wrong person to ask since I'm basically you in this story. The thing nobody tells you is that a house is not an investment, it's a place to live that also happens to eat every spare dollar you have. New roof, water heater dies, property taxes go up, and suddenly that 38k down payment feels like it bought you a second job. Your buddy's studio probably sucks to live in but his money is liquid and he can move wherever he wants whenever he wants. That said, my mortgage payment is locked in while his rent keeps climbing every year, so ask me again in ten years and maybe I'll have a better answer.
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