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<p>If you’re planning on moving out, don’t you want to save money for that part first?</p>
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<p>Shouldn’t make any difference. The house is worth the same regardless of if you’re living in it or not. If you plan to move near your parents and they live in an area where rents and/or purchase prices are high, then yes, you’d save money. Which you could be saving to buy your own starter home eventually.</p>
<p>I will tell you like my parent told me, there are no “grown people” living in our house. </p>
<p>I agree that unless there some extenuating circumstances (medical issues, elderly parents, saving for grad/professional school, first home, wedding, etc.) you’re not grown, living in your parent’s house (even if it is a nice million dollar one).</p>
<p>Drive the car your parents gave you and live under your own roof, you’ll be happier.</p>
<p>But then again, I knew someone who wa driving a BMW while living in the projects with no furniture, smh.</p>
<p>“to be able to purchase a 50k car and still live comfortably?
At least 100k?” </p>
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<li>100k is very average income. I would say that to buy 50k car you need something like 250k+ income, assuming that car is NOT the most expensive purchase. People who buy 50K car, have at least 300k+ mortgage.</li>
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<p>Wow, if $100K is an “average income,” many people in HI are living on 1/2 or less of that, including teachers, most state employees, etc! Most people I know would be very happy to get that “average income” even now decades after their 1st job!</p>
<p>Around NYC area first year graduates are getting that, but they also pay 2-3000 in rent, net net it’s about the same. But I would imagine HI housing is pretty expensive too.</p>
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<p>Do you really think a girl is going to be impressed because your parents live in a million dollar house? In my area, million dollar houses are nice homes, but they aren’t a big deal and they aren’t movie star mansions. Aside from that, all the house says is that you’re sponging off your parents when there’s really no real need. I don’t think that gives you the kind of image you’re trying to project.</p>
<p>“Wow, if $100K is an “average income,” many people in HI are living on 1/2 or less of that, including teachers, most state employees, etc!”</p>
<p>You mean that their spouses do not work? That is their choice! And then they do not pay taxes and tuition payments because of need base tuition. Oh, yes, 100k is very average and 150K is also. And most families here have both spouses working (that is if they can find a job now).</p>
<p>I know people who make less than 100K and drive very expensive cars. Obviously, they value what they drive more than anything else, or the perception of what they drive.</p>
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<p>Same here. Completely agree.</p>
<p>I know plenty many families with income much above 150k and none (zero) of them own Mercedes. For that matter, forget Mercedes, we (my family) has never owned brand new car, and we have had lots of them. We do have nice cars (Lexus, Audi), none brand new and never Mercedes.</p>
<p>…However, in my area a million dollar house is a mension / palace that is rarely encountered in regular nice neighborhoods. 200k house is already plenty nice in very very nice neighborhood and definately much better than $800k co-op in NYC.</p>
<p>MiamiDAP, let’s just hope that the OP isn’t trying to impress one of your D’s. :D</p>
<p>According to wikipedia, the median household income in the US is $46,326. The median for dual-earner households is $67,348. Overall, about 85% of households have less than $100k gross income.</p>
<p>The value of your parent’s house really has nothing to do with your situation other than the fact that it would be comfortable to live there for awhile. Any financial planner would tell you that what you can afford is not about income, it’s about assets. There are people who are earning a miliion dollars this year who would have no business buying that car and others making 50K but with multi-million dollar trust accounts set aside for them for whom it would be entirely feasible. To me, someone who spends on depreciating luxury items of that scale (especially in these uncertain economic times) is not showing a great deal of financial savvy unless retirement is secure or well on its way to being secure.</p>
<p>Plus, the OP has not mentioned any spouse. That omission makes me bekieve he is not married, and has only his income to buy his dream car. I hope this topic doesn’t stray too far from what advice the Op seeks about his position with his anticipated life-style. Comments that stray too far aren’t of help to the Op.</p>
<p>You’re an unusual person ebeee. I disagreed with the opinion you offered to lilwayne, and you feel you were bashed. I give you personal compliments and you get miffed and leave.
It’s ok with me ebeee if you now agree with me after my explanation, it’s ok if you don’t.
Please don’t interpret a difference of opinion on lil wayne’s query as a personal attack on you.</p>
<p>^^^ Nobody here was ever trying to say that the OP literally can’t come up with the money if he lives with his parents. But “affording” it goes well beyond that to many people.</p>
<p>Say I buy that car when I’m 25 years old.</p>
<p>Which means I didn’t pay any rent for 4 years and saved up all that money.</p>
<p>Wouldn’t 4 years of saved up rent money make up the majority of that 50k anyways? Not to mention, I would still be making money going forward.</p>
<p>I think in that scenario, I’m more than capable of buying that car when I’m 25 and still live very comfortably.</p>
<p>Someone else who buys a cheap car but moves out at 21 and pays rent during those years wouldn’t be in any different of a financial situation than me.</p>
<p>well, for me, 4 years with the 'rents starting at age 21 would have felt like 10. But you know your situation better than all of us. Do whatever works for you.</p>
<p>Let me ask - are your parents aware of your plan - are they OK with it? A lot of people I know would say that if their child’s major goal after saving all that money for four years was for the relatively immediate gratification of a 25 yo owning a 50K car, then he would probably be better served by living somewhere other than home in the first place. I guess I’d rather see a kid live on his own, even if he did end up in the same exact financial position. That’s because for me it would not just be about the money - my hope would be that by the end of that time he’d have a much better appreciation for the value of a dollar, something that would put him in a better financial position for a lifetime, not just a moment in time.</p>
<p>My kid would be paying me rent and helping out with chores around the house, and no opposite sex sleeping over either.</p>