Millennial mortgage payments

[Anonymous]

The recent long thread on mortgage payments made me feel like I live in an alternate universe, what with the vast majority of responses seeming to be $2500ish. Was everyone responding to that thread 50 years old? We’re in our early 30s and have a $650k mortgage on a small old house in Arlington we bought for $850k last year. I share these details because our payment is $4k and we are not getting much for it, so it seems nuts that we pay so much more than everyone. Do people our age have similar payments or does everyone have 50% down payments?

[Anonymous]

I assume everyone is older or lucky- e.g. my Gen X colleague grew up in the DC area, didnt have to move around and pay rent after college, and bought houses during two downturns. Now he and his wife have the same careers as me and mine, but they have a big beautiful home in Arlington, and we have a small townhouse in the far exurbs of Maryland. (Their timing was great and clearly they were smart with real estate, but I also get annoyed when said coworker says we should all come back to the office more because "people who live further out made that choice.")

Also the price rise has been significant. At lower interest rates $2500 = a $450-500k house depending on taxes and down payment, and up until just a few years ago that was a reasonable budget in the cheaper parts of the DMV.

[Anonymous]

That sucks Op- consider leaving DC

[Anonymous]

You bought in Arlington. We bought in Silver Spring and paid under $400K for a tiny 1000 square foot house that was a fixer upper.

[Anonymous]

Or they live out of state. I’m 32 and our monthly payment is 1900 on sfh just outside of Denver we bought for 375. I will say, we bought in 2017 just before prices started to go up in our area and homes in our neighborhood are closer 550-650 now.

Your situation doesn’t seem crazy for where you live; I’m sure a lot of the posters living in your area purchased homes when they were cheaper.

[Anonymous]

Same boat. Mid 30s, $4k a month mortgage.

[Anonymous]

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

[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

Also, no one on DCUM has an HHI under $350k, that has to help

[Anonymous]

I bought in Frederick county and my mortgage is $2500. We only put 3.5% down and bought during covid (2020).

For anyone close in, I would think their mortgage to be 3-4k with at least 20% down. Assuming no parental help.

[Anonymous]

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

Also, no one on DCUM has an HHI under $350k, that has to help

Not true. Many are over $100k but not making $350k

[Anonymous]

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

Also, no one on DCUM has an HHI under $350k, that has to help

Not true. Many are over $100k but not making $350k

This was a joke

[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

Also, no one on DCUM has an HHI under $350k, that has to help

Not true. Many are over $100k but not making $350k

This was a joke

[Anonymous]

Yeah same. Looking to buy a first house with 20% down and for an 700-800k house my mortgage will be like 4-5k. Fortunately we can afford it but it’s nuts in comparison

[Anonymous]

I am a geriatric millennial who pays 2,300 for a small town house in an undesirable suburb. It does depend on luck. Our house has appreciated far more than it should have in a very short amount of time. That said, when the time comes to sell, we will probably still end up with the same payment for the next house.

[Anonymous]

I am a millennial in a nice suburb of Cook County Illinois. Our mortgage payment is $750 a month and our property taxes are $1100 a month. We bought at the bottom of the market.