Don't believe these dumb arguments being put forth by the realtor industry, the mortgage industry, and your classmates to justify buying a home during residency.
# 1 Joe Did It and He Made Money
"I know a doc who is just finishing residency and made $100,000 on the house he bought." The problem with this argument? You won't own your house during the same 3 years Joe owned his house. You may not get the same rate of appreciation he enjoyed.
# 2 My Mortgage Payment Is Less Than Rent
Mortgage is the minimum amount you will pay for your housing and the rent is the maximum. Property taxes, Insurance, Maintenance, Repairs, Equipment, Snow removal, lawn care, rennovations, transaction fees, HOA fees.
# 3 I Don't Want to Live in an Apartment
Did you know you can rent a home? Renting does not mean you have to live in an apartment.
# 4 Renting is Throwing Money Away
It is exchanging money for housing. It's buying a roof over your head. Just like buying groceries is not throwing money away. It is exchanging money for food. Both are necessities of life and you should be willing to spend on them.
# 5 Owning Gives Better Tax Benefits
In 2024 the standard deduction for a married couple filing jointly is $29,200. That means that unless you have itemized deductions of more than $29,200, you'll be better off just taking the standard deduction, not property tax and mortgage interest deductions.
New residents are going to keep buying homes no matter what, but know that there is a very good chance that this will not turn out to be a smart financial decision, especially for a three year residency.
👀 Sneak a peek at the deepest & sharpest infrared image of the early universe ever taken — all in a day’s work for the Webb telescope. (Literally, capturing it took less than a day!) This is Webb’s first image released as we begin to #UnfoldTheUniverse: https://t.co/tlougFWg8B
Two weeks after launch, @NASAWebb has hit its next biggest milestone: the mirrors have completed deployment and the next-generation telescope has taken its final form.
Next up for Webb? Five months of alignment and calibration before we start getting images: