Quote:
Originally Posted by iheartthed
If someone can't afford to contribute to their 401k then they probably shouldn't own a house. Everybody should be contributing to their 401k before they go looking to buy a house.
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Depends on your income. My grandparents generated more wealth from their home than any savings or retirement. If you don't make a lot, you're probably not going to have much by the time you retire. A 100k doesn't go very far but buying a modest house and spreading the mortgage over 15-30 years is pretty accessible and likely will result in a bigger investment over time.
It's also why many in the black community are further behind the 8 ball in wealth accumulation due to their grandparents/ great-grandparents not having equity to pass on.