A Reddit consumer has ignited debate by warning Indian H-1B visa holders towards shopping for houses within the US, citing monetary dangers and immigration uncertainty. Posting as “smokyskyline” beneath the thread “Please don’t purchase a home on this surroundings,” the consumer flagged rising mortgage prices, tech sector volatility, and life-style inflation as severe issues.
“Please don’t purchase a home on this surroundings. Simply my recommendation in fact. There’s an inclination for Indian H1b holders to attempt to purchase a home just a few years after they’re within the US, of their 30s or so, across the time they’re beginning a household,” the submit learn.
The consumer argued cultural expectations usually push Indians towards homeownership too rapidly.
“There’s a powerful cultural perception that purchasing a home is an funding and renting is throwing away cash. It’s not. First, if you happen to run the maths on hire vs purchase on this surroundings, hire often comes on prime. Keep in mind, when you’re shopping for, you’re additionally throwing cash away — to the financial institution as mortgage which is primarily curiosity within the early years. So it’s actually concerning the selection of throwing cash to the financial institution vs landlord. Rates of interest are excessive,” the consumer mentioned.
Past the financials, the submit warned of how proudly owning a home can gas pricey life-style creep.
“Second, you’re failing to contemplate the life-style inflation and influence on work. Homes in suburbs usually imply a number of commute. Much less time to work or chill out, extra time coping with site visitors. And now that you’ve a home, you’ll spend cash customising it. You’ll go searching at your neighbors and begin subconsciously begin shopping for extra issues and extra companies. And you’ll resist leaving cities since you don’t need to abandon the home you bought. You’ll improve to a snug SUV. You’ll enter to West Elm furnishings as a substitute of IKEA. You’ll rent a landscaper as a substitute of rising mint in a pot. You’ll rent contractors to rework your toilet so you possibly can have a heated bidet and a couple of particular person bathe.”
Job safety and shifting immigration insurance policies add one other layer of danger.
“Third, the tech surroundings is method too unstable. Politics follows the identical surroundings. Earlier than you understand it, you might lose your job, or the nation may turn into unfriendlier to H1bs. The stress from a mortgage will probably be intense. Your organization may change its tune any day and you’re only a useful resource.”
Calling for a mindset shift, the consumer urged H-1B holders to not equate renting with monetary loss.
“In the event you reframe it as paying for the privilege of flexibility and time, it appears quite a bit higher to hire than personal. And that’s assuming that it’s really dearer to hire, which it’s often not.”
“Your children won’t care concerning the distinction. And you can be happier,” the submit concluded.
How netizens reacted
The warning resonated with many Reddit customers who shared private regrets about shopping for houses whereas on H-1B visas.
“Regardless that few could have lucked out, nonetheless one of many dumbest transfer is to purchase a home when in H1b and nonetheless have an opportunity to be moved or lose a job,” wrote one consumer.
“Hearken to this man! I’m the precise man he described within the submit and remorse my choice on a regular basis,” mentioned one other.
“Lastly somebody mentioned it proper. Not price it a minimum of within the present administration,” added a 3rd consumer.
Nonetheless, some Redditors disagreed, stressing that homeownership could make sense relying on private funds, housing markets, and the will for stability.
“Proudly owning a home is a necessity. Renting altering homes after each 2-3 years is a number of work and hassle. Once more hire retains on rising as per the state of the market. However if you happen to purchase a housing mortgage on a hard and fast construction with rising salaries it turns into simpler with time. After a sure level you need to settle reside in a neighborhood,” one consumer wrote.
