?

Log in

Previous Entry | Next Entry

My Own Personal "Housing Crisis"

As I've observed on numerous occasions before, renting sucks. It's a miserable experience in myriad ways.

Getting out of it, however, is far from easy, even if you have the means. It's almost as if you have to run an obstacle course, or at least that's how it's starting to feel from my perspective.

One of the reasons I want to own instead of rent is that renting is spending a large sum of money every month with nothing to show for it, except not being homeless. If you're paying a mortgage, at least you're making progress towards something, rather than spinning your wheels.

However, with a bank loan, you're saddled with several expensive conditions to fulfill: chief among them being flood insurance (which ranges from "pricy" to "HOLY FUCK" here), homeowner's insurance, and mortgage insurance. The only way for those things to be optional (or in the case of the last, completely unnecessary) is to buy outright. Of course, in order to save enough in any sane time to buy outright even a modest home (let's say $70k, which is the rage I'm looking at currently) your cost of housing has to be almost nothing at the same time.

Assuming that's possible, the numbers say that $1500/mo would add up to $70k in 46.6 months. Rounded up to a full 48, four years isn't really all that long. But in order to sock away that much, I wouldn't be able to pay more than $300/mo or so in rent.

I keep churning over in my low-cost solutions for housing on a temporary basis for those four years that it would take, but the best I seem to be able to come up with is either buying a cheap RV and living in that, or buying a mobile home and paying lot rent… ideally split with someone renting one of the two bedrooms in order to further curb the costs.

It's fucking frustrating, all the hoops I have to jump through in order to make this happen.