[mynameisash]

When my wife and I bought our house (Seattle area) six years ago, I was uneasy about spending $300k, and my family in the Midwest was aghast that we paid asking price.

Anyone in this area would now laugh at my previous situation; I certainly do. We briefly considered buying a slightly larger house in the area, but everything is going for about $800k now.

If I were just entering the job and housing market today here in the PNW, I would absolutely stay with my parents if I could. And I rather expect that my kids won't move out at 18.

[bozzcl]

I've been wanting to buy a house around Seattle for a while, but the asking prices are so ridiculous for what you get... it's just not worth it. Personally, I'm gonna continue renting for a while to see if the remote work situation opens new opportunities or brings prices down.

That being said, I learned recently that for the same prices you would pay here you can get a castle in Europe... so I made that my retirement goal.

[rufus_foreman]

It's hard enough to get contractors to work on my house as it is lately, I would hate to try to find someone to put a new roof on a castle.

[MeinBlutIstBlau]

Not to mention, a lot of older housing which ends up being cheaper, has just a myriad of problems with it. They become massive money pits or take well beyond 10+ years to even make a dent beyond the interest paid. Plus you need to fix them constantly or put up with a subpar experience. Over time, I guarantee you save more time renting than you ever will buying a home. People forget to factor that moving the law, blowing snow, paying property taxes and insurance all factor in as additional costs to maintaining property. That amounts to time lost. Unlike money, you can never get that back.

[01100011]

I try to tell this to kids having FOMO right now with the housing market going crazy(same feeling people had in '06, even if the causes were different).

I bought a house young(26) and spent a good part of the next 16 years working on it. Sure, I enjoyed some of it, but much of it I did not. I did make money with the appreciation, but I also spent a lot on repairs and improvements. If I had focused on my career and my hobbies, I'd be richer and happier now. That all said, I didn't have kids. Maybe if I did I'd think it was worth it. Society puts a high value on having a home though, and much of that is bullshit. The world wants you to think owning a home will complete your life and signify your success but it is much more complicated than that.

Homes tie you down. They're fairly illiquid assets. Transactional costs are huge. Neighborhood issues can significantly affect your quality of life and net worth while remaining nearly completely outside your control.

[MeinBlutIstBlau]

This is experience that nobody is told when they buy a house for the first time. Not to mention being tied down. Plus like you mentioned with your career and hobbies. They're just a shackle if your not committed to the lifestyle. Hopefully things worked out in the end.

For myself, I actually worked in the mortgage industry for a few years and nothing jaded me about homeownership more. It's a monumental scam unless you're a DINK family and maybe live in a condo. That's a bit smarter but the most expensive option out of all types of living usually.