Reddit Post Warning Indian H-1B Holders Against Buying Homes In US Sparks Debate Online
"There's a tendency for Indian H1b holders to try to buy a house a few years after they're in the US, in their 30s or so, around the time they're starting a family. There's a strong cultural belief that buying a house is an investment and renting is throwing away money. It's not," the anonymous user wrote.
Please don't buy a house in this environment
by u/smokyskyline in h1b
The Redditor gave three key reasons to support his stance on owning a house while on a temporary work visa. "First, if you run the math on rent vs buy in this environment, rent usually comes on top. Remember, when you are buying, you are also throwing money away- to the bank as mortgage which is primarily interest in the early years. So it's really about the choice of throwing money to the bank vs landlord. Interest rates are high," they wrote.
Second, the original poster highlighted lifestyle inflation and its impact on work. "Houses in suburbs typically mean a lot of commute. Less time to work or relax, more time dealing with traffic. And now that you have a house, you'll spend money customising it. You'll look around at your neighbors and start subconsciously start buying more things and more services. And you will resist leaving cities because you don't want to abandon the house you purchased," the user wrote.
Lastly, the OP pointed to the instability in the tech sector and the unpredictable nature of US immigration policies as reasons for concern. "The tech environment is way too unstable. Politics follows the same environment. Before you know it, you may lose your job, or the country could be become unfriendlier to H1bs. The stress from a mortgage will be intense. Your company could change its tune any day and you are just a resource," they said.
"It feels wrong to not "own", but if you reframe it as paying for the privilege of flexibility and time, it seems a lot better to rent than own. And that is assuming that it's actually more expensive to rent, which it's usually not. Your kids will not care about the difference. And you will be happier," the Redditor concluded.
The post has caught the internet's attention, with many users agreeing with the OP.
"Even though few may have lucked out, still one of the dumbest move is to buy a house when in H1b and still have a chance to be moved or lose a job," wrote one user. "Listen to this guy! I am the exact guy he described in the post and regret my decision everyday," commented another.
"Finally someone said it right. Not worth it at least in the current administration," said a third user.
However, some Redditors disagreed, saying that the decision was dependent on the area where one lived or decided to rent vs buy, plus their financial condition, and the housing market.
"Owning a house is a necessity. Renting changing houses after every 2-3 years is a lot of work and trouble. Again rent keeps on increasing as per the state of the market. But if you buy a housing loan on a fixed structure with increasing salaries it becomes easier with time. After a certain point you want to settle live in a community," one user wrote.
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