I’m 22, just graduated a semester early, and started working my first job a few weeks ago at 85K. I initially imagined that I’d live with my parents for a month or two, until I have enough for a downpayment on a 1BR rental, but my parents are strongly urging me live with them for a year and invest in buying a condo instead. I am very conflicted, because I have a very strong itch to live on my own, and frankly I’m a little embarrassed when I tell my peers at work that I live with my parents. I feel like since I’m working as an independent adult, I should live independently, too.
I would only be able to afford buying a 1BR condo, and I’m not sure where my future will go. I only expect to live in my first apartment for a year or so, and feel as though I’d get lonely and want to move in with roommates once they finish graduating and get their own jobs. My parents argue that I’m being too shortsighted and am going to regret this decision later on. If I want to move out, I can rent it out as an investment or just sell it.
Whereas, if I start renting now, and begin to regret it a year later, there will be no opportunity to change my situation because I would have been wasting my potential savings on rent. And after living alone for a year, there’s no chance I’d move back in with my parents, so I’d be stuck in a rental loop for the good part a decade.
What do you guys think? Are my parents right? I think it’s unheard of for recent grads to buy their own places, but then again, I don’t think most have jobs right out of college or make as high a salary as I do, so that may be the difference in decision to invest. They are making it seem like I’d be making a huge mistake by throwing money away on rent when I make enough to have the option to buy.
Submitted February 19, 2019 at 10:45PM by backg643 https://ift.tt/2EkErFO
