[–] obvious_throwaway1 1 point 4 points 5 points (+5|-1) ago
Because the car is an ever-depreciating asset and the house at the very minimum holds it's value.
You rent both either way in the end, even if you "own" the house.
The house depreciates in other ways. Needs new roof, floors, gardening, property tax, new windows, remodel, update, etc. and you never know when the market will tank and you lose 30% of the value you paid for. Like when 2008 happened and 500k houses went down to 300k or less value almost overnight.
[–] hey_girls_pm_me_toes 0 points 1 point 1 point (+1|-0) ago
no. You can make a profit by selling your house
[–] obvious_throwaway1 0 points 5 points 5 points (+5|-0) ago (edited ago)
Generally speaking, in the typical case you need to spend money to renovate/modernize/maintain the house, and the traditional 30-year mortgage is mostly principle until the 10th year. Since the average home owner sells their house within 7 years of ownership, this means it's a minority that actually does end up making money selling their house.
Cost + appreciation - renovations/repairs/maintenance - sale price = net loss for most people.
[–] dontdoxxmebro 0 points 3 points 3 points (+3|-0) ago
I do not own a house, and I paid cash for my used car. I don't care how I seem, I care how financially solvent I am. Most people are abhorrent with money. I am not.
[–] FrostyTheSwoleMan ago (edited ago)
$200000 house
Poor as fuck
Where do I fall, renting a room from a dude on craigslist?
200,000K house in my neck of the woods makes you nearly homeless, you probably won't have a working roof. Even the crappy condo style attached houses that you see in condo complexes are closer to 300,000. Just remember kids, it's not the house you're buying anyway, it's the dirt below it. Shop smart.
[–] SocratesOP 0 points 1 point 1 point (+1|-0) ago (edited ago)
Fuck, I live in a sub 200k house am I considered poor now?? Someone call the IRS and have them move me down a couple tax brackets
[–] registerthis 0 points 1 point 1 point (+1|-0) ago
That's because most auto loans are paid off in 5 years. Most house mortgages are paid off in 20-30 years.
[–] hey_girls_pm_me_toes 0 points 30 points 30 points (+30|-0) ago
200k house is a pretty nice house in most places
[–] 10123411? 0 points 7 points 7 points (+7|-0) ago
Where I live it gets you a small townhouse. 45 miles outside Atlanta it gets you a 4000 Sq ft luxury house, in Fairfax it gets you a dump of an apartment.
[–] hey_girls_pm_me_toes 0 points 3 points 3 points (+3|-0) ago
I live 45 mins nw of Atl and have a 3000sq ft house. If i lived in Atl i might get a 1 room condo
[–] [deleted] ago
[–] totes_magotes 0 points 6 points 6 points (+6|-0) ago (edited ago)
Pretty much. I just bought a house and it's really fuckin' nice for being just less than $200,000. Better than most people's houses I know and given the age and care that's gone into it, it compares to larger houses worth far more. Built in 1940, the construction is unmatched today.
[–] a_random_sith ago
The flooring on the older houses is so much better than houses build within the last 20-30 years.
[–] CRKT_M16Z 0 points 3 points 3 points (+3|-0) ago
Most places?
Without revealing where I live, I'll just say that $200k might get you an okay home in a somewhat shady neighborhood, if you're lucky. If you want nice in a good neighborhood, you're looking at prices starting around $300k.
[–] SonOfRobin 0 points 3 points 3 points (+3|-0) ago
I concur and I'll state I live in Colorado. If it's a major city in Colorado with 10 miles then 300K+
The reason? All the Californians need to go back.
[–] hey_girls_pm_me_toes 0 points 1 point 1 point (+1|-0) ago
Well most places in my state
[–] hypercat ago
Yup, median cost of homes in US is 235k.