Something needs to be done. I pulled into a rest stop in the middle of the day and couldn't find a parking spot. Everyone was living in their cars. And I'm not in a place this should be happening.
I love this and it describes me to a Tee!! However, i have explored all those ideas without success. I would go ourchase a camper right now but have no where to park it. My parents are in the next state and ive moved back in with them several times. Right now, they are too far away from the best paying job I've ever had. I would waste what im saving on time and gas travel. The majority of my state does not allow tiny homes unless you have a property that has an existing house. Or again, a town that is too far for me to commute. I keep adking for ideas, but cannot spend all my energy over thinking the situation or think my way out of it. So im asking for patience until the universe helps me find my way.
This is such an important lesson, especially for those just finishing college or starting out in life. The American Dream shouldn't be a big house, but big savings.
And totally agree on avoiding the McMansions! This became very apparent, after our family of 4 left Manhattan, and rented a typical 4BR house in the burbs. 2 years later, we've hardly bought anything new, the full basement is completely empty, as are many closets and kitchen cabinets. A lot of huge homes I see are filled with knickknacks, display cases of unused souvenir dishes, and 4-car garages crammed not with cars, but more "stuff." The more space you have, the more you spend to fill it up.
I love this Michelle! I just got married and buying a house in the UK is very difficult for couples like us under 30. We're st my mums saving up for a deposit but it's not easy. I like what you said about debts because we are now able to pay off all our student overdrafts before even committing to a mortgage. This substack was a breath of fresh air from all the boomer opinions I have around me telling me "Why can't I afford a mortgage by myself"
Yes, if you are able to live with your mom — pitching in on expenses and chores — and making giant payments to your debt and then saving huge amounts — you’ll really make progress. Hug your mom!
Yeah that's very true, we're really hoping to build up a deposit over the next year, so you don't think it's wise to get the highest value house you can afford?
Depends on your values, what your housing needs are, the size of your family, whether you expect your salaries to grow in the coming years, whether you want to have babies and stay home with them, etc.
Hmm that's very true. There are a large amount of considerations there to be held. I really appreciate your newsletter and how you don't shy away from how income inequality affects things
May 11·edited May 13Liked by Untrickled by Michelle Teheux
Con, Boomer here and I would NEVER ask someone WHY they could not afford a mortgage by themselves! Rude and inappropriate question to ask someone, none of my bees-wax! Renting has been fine for me, not everyone wants to own a home. I never formally married and did not have children. Not all Boomers would ask such a question . WEW
Thank you for your perspective and I respect and appreciate your honesty! I wish more people were like you and left their comments out of it. Exactly renting can be great. Sorry for the generalisation, just had lots of bad experiences
Con the Notioneer, thank you back! Each generation has their own challenges. My parents bought a home back in the late 1930's and hated being in debt so much that they paid off their mortgage in 15 years instead of 30 (both working). Of course their home was very modest and about $7000 or so, a basic two bedroom one bath with a garage. That being said, I knew when I left home, I did not have the intensity nor the focus to do all the requisite "stuff" required to buy a home. I was in the real estate business as a residential leasing agent for 17 years in San Francisco and decided to not be in sales because of the "sell-sell-sell" prerequisite. I do have the gift of gab...but selling people on such a HUGE investment that is so difficult, I knew also that I could not do that. What is called "PITI" in the real estate sales vernacular is so overwhelming: Principle, interest, taxes, insurance, that means so much is taken up with just the interest for quite awhile and on top of that is all the repairs and maintenance plus condominium fees if you buy a condo (homeowner's association fees). Just too much to deal with to simply have a roof over one's head. OK, end of rant! Renting is tough, too, but buying is overwhelming for so many. Blessings to you and yours for sticking with what works for you! WEW
Several parallels. Fourth house, third house rented to son, and his cousin just moved in. He has been a terrible renter, he took three years to turn it into a dump. But things are looking up, my niece who has lived there for three days has already painted one bedroom. I started earlier than you, bought my first house in 1972 for $18000and my second in 1977 for $ 77,000. My inlaws rented the first for 17 years. We are, like many Californians, house rich, but cash poor. I know most readers living outside of California don’t think they can afford a house here, but there are number of pockets with reasonable house prices!
I liked the questions in your "What if" paragraph. I always wonder what if there was a town or community in my country where even a 1 bdrm condo wasn't over $300K 😭 I'm continually on the lookout for such a place because now I do work remotely and CAN relocate but...to where?
I forgot you're in Canada. I would love to live in Canada except I am so fricking cold all the time and it would take my meager life's savings to pay my first month's rent.
Michelle, I love your house (have seen photos from various other posts) and adore the treehouse!!
Your husband does amazing work.
I like everything about this article. I too, live in a quiet, safe area in a big house that is affordable. My house is VERY well insulated; utility bills are reasonable and I have lots of shade. My neighbor rents a much smaller house and her utility bills are double what mine are.
I retired from Social Work and you are absolutely right; no money in it. There were several years when I worked in a more lucrative profession. However, having stellar credit is priceless, yeah?? I refinanced twice before the pandemic hit and my interest rate is SO low. I'm single, so everything I have has been obtained on my own (very bad taste in men, haha). I think I've got 6 years left on my mortgage. It is the greatest thing to know that my house is now worth $120,000 more than I paid for it!
Congratulations to you and Harrie for building such a beautiful life.
There are many Victorians here and I must say I like them - the rents here are atrocious as you may know - didn't make sense to rent and get nothing in return - it's great that your son is renting your former home - I would say the prices are very reasonable compared to here - a house with 2 bedrooms and a bath - easily close to/if not 7 figures
I should have also said another advantage of Illinois is it's a blue state -- even though there's plenty of "red" in my area, I know many cool, witty libs.
I cannot wrap my head around a "normal" house costing that!
We bought our first home in the early 90s and on our 3rd house now. We are still paying that mortgage, it is much less than rent. I have no idea how future generations can afford anything now. There are people living in tents and in cars one town over from us. We all look the other way and go on with busy lives. Being homeless can happen to anyone.
I love this. We're in a fortunate position now, but I haven't been for most of my life. We own a little house in a small town that we rent to friends for an affordable rent. We could easily get double but that's absurd for the size of the house. If more people did that, maybe rents would come down. Mostly it feels good to be able to.
I'm exploring many of these options right now. In fact, I was looking (online) at Rockford today, and at just the kind of houses you're describing. I've always been an adventurer (intrepid, I believe, was what one of my old college friends called me), and we've tried it all. We've bounced around, always willing to try Plan B, and C, and even D. We finally settled and bought a cute little burnt adobe house in SE Arizona seven years ago. It had everything we wanted and more. It was supposed to be our forever house. But now, big corporations are sucking up all the water, and they're thinking about selling out to a Lithium mine. It's far more dire than anyone wants to admit. So, we're looking for "where next." There have been some mighty lean times for us, and the opposite right now, where our wealth is in our health, our happiness, and our home. We only have to leave one of those behind. Thanks for these words. Sometimes I think we're a little bit crazy, but you have shown me that some of the alternatives we've considered are maybe not so crazy after all. Alternatives like moving abroad, or buying a tiny house, or even a motor home. You've inspired me to write a new post now.
Excellent suggestions! We've been casually looking for a place closer to the kids/grands and enjoy considering various options. It's hard to think about giving up our rock bottom interest rate and huge lot. What a great advantage not to be in a rush.
Something needs to be done. I pulled into a rest stop in the middle of the day and couldn't find a parking spot. Everyone was living in their cars. And I'm not in a place this should be happening.
That’s awful. I’d love to hear more.
I love this and it describes me to a Tee!! However, i have explored all those ideas without success. I would go ourchase a camper right now but have no where to park it. My parents are in the next state and ive moved back in with them several times. Right now, they are too far away from the best paying job I've ever had. I would waste what im saving on time and gas travel. The majority of my state does not allow tiny homes unless you have a property that has an existing house. Or again, a town that is too far for me to commute. I keep adking for ideas, but cannot spend all my energy over thinking the situation or think my way out of it. So im asking for patience until the universe helps me find my way.
I sincerely hope you find a personalized solution that gives you the life you want, need and deserve.
This is such an important lesson, especially for those just finishing college or starting out in life. The American Dream shouldn't be a big house, but big savings.
And totally agree on avoiding the McMansions! This became very apparent, after our family of 4 left Manhattan, and rented a typical 4BR house in the burbs. 2 years later, we've hardly bought anything new, the full basement is completely empty, as are many closets and kitchen cabinets. A lot of huge homes I see are filled with knickknacks, display cases of unused souvenir dishes, and 4-car garages crammed not with cars, but more "stuff." The more space you have, the more you spend to fill it up.
I love this Michelle! I just got married and buying a house in the UK is very difficult for couples like us under 30. We're st my mums saving up for a deposit but it's not easy. I like what you said about debts because we are now able to pay off all our student overdrafts before even committing to a mortgage. This substack was a breath of fresh air from all the boomer opinions I have around me telling me "Why can't I afford a mortgage by myself"
Yes, if you are able to live with your mom — pitching in on expenses and chores — and making giant payments to your debt and then saving huge amounts — you’ll really make progress. Hug your mom!
Yeah that's very true, we're really hoping to build up a deposit over the next year, so you don't think it's wise to get the highest value house you can afford?
Depends on your values, what your housing needs are, the size of your family, whether you expect your salaries to grow in the coming years, whether you want to have babies and stay home with them, etc.
Hmm that's very true. There are a large amount of considerations there to be held. I really appreciate your newsletter and how you don't shy away from how income inequality affects things
Thank you! I’m really trying to carve out a space where we can all think about these things.
I love that
Con, Boomer here and I would NEVER ask someone WHY they could not afford a mortgage by themselves! Rude and inappropriate question to ask someone, none of my bees-wax! Renting has been fine for me, not everyone wants to own a home. I never formally married and did not have children. Not all Boomers would ask such a question . WEW
Thank you for your perspective and I respect and appreciate your honesty! I wish more people were like you and left their comments out of it. Exactly renting can be great. Sorry for the generalisation, just had lots of bad experiences
Con the Notioneer, thank you back! Each generation has their own challenges. My parents bought a home back in the late 1930's and hated being in debt so much that they paid off their mortgage in 15 years instead of 30 (both working). Of course their home was very modest and about $7000 or so, a basic two bedroom one bath with a garage. That being said, I knew when I left home, I did not have the intensity nor the focus to do all the requisite "stuff" required to buy a home. I was in the real estate business as a residential leasing agent for 17 years in San Francisco and decided to not be in sales because of the "sell-sell-sell" prerequisite. I do have the gift of gab...but selling people on such a HUGE investment that is so difficult, I knew also that I could not do that. What is called "PITI" in the real estate sales vernacular is so overwhelming: Principle, interest, taxes, insurance, that means so much is taken up with just the interest for quite awhile and on top of that is all the repairs and maintenance plus condominium fees if you buy a condo (homeowner's association fees). Just too much to deal with to simply have a roof over one's head. OK, end of rant! Renting is tough, too, but buying is overwhelming for so many. Blessings to you and yours for sticking with what works for you! WEW
Several parallels. Fourth house, third house rented to son, and his cousin just moved in. He has been a terrible renter, he took three years to turn it into a dump. But things are looking up, my niece who has lived there for three days has already painted one bedroom. I started earlier than you, bought my first house in 1972 for $18000and my second in 1977 for $ 77,000. My inlaws rented the first for 17 years. We are, like many Californians, house rich, but cash poor. I know most readers living outside of California don’t think they can afford a house here, but there are number of pockets with reasonable house prices!
Deeply appreciate the clarity and openness of this piece and how your experience can reflect a broader story.
I liked the questions in your "What if" paragraph. I always wonder what if there was a town or community in my country where even a 1 bdrm condo wasn't over $300K 😭 I'm continually on the lookout for such a place because now I do work remotely and CAN relocate but...to where?
Central Illinois!
If you spend $300k here, you can get a mansion and probably have enough land for horses.
But as a Canadian I can't just pack my bags and move stateside. And even if I did, right now our dollar is in the toilet! I could buy a tent 😂
I forgot you're in Canada. I would love to live in Canada except I am so fricking cold all the time and it would take my meager life's savings to pay my first month's rent.
Yeah the weather is no joke lol. You must have your fair share of cold in Illinois though.
Yes. It does get cold here, but not as cold as in Canada. Today it's warm and I'm SO grateful!
Michelle, I love your house (have seen photos from various other posts) and adore the treehouse!!
Your husband does amazing work.
I like everything about this article. I too, live in a quiet, safe area in a big house that is affordable. My house is VERY well insulated; utility bills are reasonable and I have lots of shade. My neighbor rents a much smaller house and her utility bills are double what mine are.
I retired from Social Work and you are absolutely right; no money in it. There were several years when I worked in a more lucrative profession. However, having stellar credit is priceless, yeah?? I refinanced twice before the pandemic hit and my interest rate is SO low. I'm single, so everything I have has been obtained on my own (very bad taste in men, haha). I think I've got 6 years left on my mortgage. It is the greatest thing to know that my house is now worth $120,000 more than I paid for it!
Congratulations to you and Harrie for building such a beautiful life.
BTW, I LOVED Trailer Park Rules❤️
Thank you for reading my book! Is one of the reviews on there from you? If so, THANK YOU even more -- those reviews really help sell the book.
Thank you, thank you, thank you!
You are so welcome! I deleted my Amazon account last year because it got hacked. I'm working on a Goodreads review right now😊
Yay, thanks! :)
Wow Nice
There are many Victorians here and I must say I like them - the rents here are atrocious as you may know - didn't make sense to rent and get nothing in return - it's great that your son is renting your former home - I would say the prices are very reasonable compared to here - a house with 2 bedrooms and a bath - easily close to/if not 7 figures
I should have also said another advantage of Illinois is it's a blue state -- even though there's plenty of "red" in my area, I know many cool, witty libs.
I cannot wrap my head around a "normal" house costing that!
We bought our first home in the early 90s and on our 3rd house now. We are still paying that mortgage, it is much less than rent. I have no idea how future generations can afford anything now. There are people living in tents and in cars one town over from us. We all look the other way and go on with busy lives. Being homeless can happen to anyone.
If it’s that house, then yes, please!
I wish!
I love this. We're in a fortunate position now, but I haven't been for most of my life. We own a little house in a small town that we rent to friends for an affordable rent. We could easily get double but that's absurd for the size of the house. If more people did that, maybe rents would come down. Mostly it feels good to be able to.
Your friends are really lucky!
And the feeling you get by doing this is something money cannot buy.
I'm exploring many of these options right now. In fact, I was looking (online) at Rockford today, and at just the kind of houses you're describing. I've always been an adventurer (intrepid, I believe, was what one of my old college friends called me), and we've tried it all. We've bounced around, always willing to try Plan B, and C, and even D. We finally settled and bought a cute little burnt adobe house in SE Arizona seven years ago. It had everything we wanted and more. It was supposed to be our forever house. But now, big corporations are sucking up all the water, and they're thinking about selling out to a Lithium mine. It's far more dire than anyone wants to admit. So, we're looking for "where next." There have been some mighty lean times for us, and the opposite right now, where our wealth is in our health, our happiness, and our home. We only have to leave one of those behind. Thanks for these words. Sometimes I think we're a little bit crazy, but you have shown me that some of the alternatives we've considered are maybe not so crazy after all. Alternatives like moving abroad, or buying a tiny house, or even a motor home. You've inspired me to write a new post now.
I would love to read that post. That’s horrible that you have to move because the water is being appropriated!
Excellent suggestions! We've been casually looking for a place closer to the kids/grands and enjoy considering various options. It's hard to think about giving up our rock bottom interest rate and huge lot. What a great advantage not to be in a rush.
As a young person who may move out of her family's house in a couple of years, I loved this post! Thank you!!