Millennial mortgage payments

[Anonymous]

Live in chicago and bought a single family home on north side with only 20k down. Mortgage and taxes bring us to 2700.

[Anonymous]

Peak millennial age (36) and bought our first house 3 years ago in Bowie, MD. 5k sqft house for 600k. Our mortgage is 3400 and some change.

[Anonymous]

Anonymous wrote:Most of the pps are either 1. Liars. 2. Bought more than a decade ago or 3. Got major assistance from family/inheritance that they used toward down payment

Bought a small 650k bungalow in takoma with 20% down in 2016, refinanced in 2020 at 2.5%, that gives me a full PITI of 2500$. So the difference is that I didn’t buy an 850k home ( I could have, and considered it, andsometime s I regret I didn’t and picked the smaller house option) and I refinanced at the right time when I saw the rates go super low.

[Anonymous]

Old millennial here (1982). Bought first home in 2010. Two trades. Bought current home with spouse in 2016 and refinanced in 2020 to lock in 2.75% interest rate. Home value is $3.5m and monthly payment is $5.5k. I feel like we older millennials won the game by buying first home in 2010 and then refinancing current in 2020.

[Anonymous]

Born in 1983, bought first house in May of this year for $560K in far out no man's land VA. $3,700 mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most of the pps are either 1. Liars. 2. Bought more than a decade ago or 3. Got major assistance from family/inheritance that they used toward down payment

Or most of the posters here live in a bubble and are completely unaware of or unwilling to consider any house outside of a few of the most highly desirable and sought after areas. The majority of people cannot afford a 4000 a month mortgage. Where do you think they live? There are neighborhoods in Montgomery county where SFH do not cost 850k.

OP here. Are those people on DCUM, though? If you look at any of the threads citing HHI on this board our HHI of $250k sounds VERY middle of the road.

Yup, we are here. We paid under $400K for our house. We could now probably afford that much but with kids headed to college, college is our priority.

+2. Also live in Silver Spring and bought in 2017. Our PITI is $2250

[Anonymous]

Anonymous wrote:Elder Millennial. We bought a livable, but not fancy rowhouse in Burleith DC for $900K in 2017 (it was last renovated in the late 90s). Had only $100K downpayment, so we had a conforming + crappy piggyback mortgage that was around $4700/month when we bought. When rates started going up in 2018, I think our payment peaked at $4900. We’ve refinanced 3 times since then and or mortgage is now down to $3900 PITI at 2.75%. The first few years we rented out the basement and that helped a ton. We also increased our household income by about 40% since 2017.

I’m glad we stretched to buy this place. Best decision ever.

How much have all those refinances cost you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most of the pps are either 1. Liars. 2. Bought more than a decade ago or 3. Got major assistance from family/inheritance that they used toward down payment

Or most of the posters here live in a bubble and are completely unaware of or unwilling to consider any house outside of a few of the most highly desirable and sought after areas. The majority of people cannot afford a 4000 a month mortgage. Where do you think they live? There are neighborhoods in Montgomery county where SFH do not cost 850k.

OP here. Are those people on DCUM, though? If you look at any of the threads citing HHI on this board our HHI of $250k sounds VERY middle of the road.

Yup, we are here. We paid under $400K for our house. We could now probably afford that much but with kids headed to college, college is our priority.

+2. Also live in Silver Spring and bought in 2017. Our PITI is $2250

Similar, but bought in SS in 2013 and refinanced to a 20-year mortgage when rates were very low. It's not the best house ever but it's a decent combination of affordability, commute, and schools. We didn't want to be stressed out by a mortgage payment, particularly with the price of daycare.