Millenial Money - House Poor in Fairfax

[Anonymous]

Typical Fairfax household right here folks!

[Anonymous]

I think someone like this knocked on my car window and yelled at me yesterday about my privilege.

I see you!

[Anonymous]

This is bonkers. Unless there’s family money or they anticipate high increase in income how are they going to afford kids? We have similar HHI and at today’s rates we don’t feel comfortable with buying for more than $900,000 at the very maximum with 20% down. And we will be done with childcare expenses this year once kid starts K.

[Anonymous]

I don't understand the math at all.

We make $260HHI. After all taxes and maxing out 401k, our take home is only about $9800/mo. How are they taking home $14k+ after taxes? Contributing small amounts to retirement?

Buying a $1.2M home with 6+% interest. Idiots.

They should have bought less than $700k.

[Anonymous]

Anonymous wrote:I don't understand the math at all.

We make $260HHI. After all taxes and maxing out 401k, our take home is only about $9800/mo. How are they taking home $14k+ after taxes? Contributing small amounts to retirement?

Buying a $1.2M home with 6+% interest. Idiots.

They should have bought less than $700k.

Millennials can't afford to max out retirement and probably factor in their house tax deduction for their exception

[Anonymous]

If you are not a boomer you should be given a discount on the rate to 3% and then if you are a Genx or boomer they should be charged more and subsidize

[Anonymous]

Anonymous wrote:If you are not a boomer you should be given a discount on the rate to 3% and then if you are a Genx or boomer they should be charged more and subsidize

Queuing up for the handouts now, are we?

[Anonymous]

Anonymous wrote:If you are not a boomer you should be given a discount on the rate to 3% and then if you are a Genx or boomer they should be charged more and subsidize

OMG Shut up.

[Anonymous]

Wah, wah, wah more millennial whining.

[Anonymous]

Who approved them for such a huge mortgage?

[Anonymous]

Anonymous wrote:Who approved them for such a huge mortgage?

DP. We got approved for a mortgage 2-3x as much as we’d feel comfortable spending. Lenders are desperate

[Anonymous]

I love the simplistic stupidity of Millennial Math. Having an above median HHI does not alone entitle one to possess a home with an above median value.

[Anonymous]

It’s almost like their parents gifted them the down payment and they used it to overbuy house.

Unless the had equity from prior real estate purchases, in which case they just got taken advantage of by a realtor and a lender.

That’s a tale as old as time.

They should sell after two years and set a purchase price before they talk to another buyer’s agent.

Talking to a lender blind is like talking to a car dealer blind. You’re going to get ripped off.

[Anonymous]

I didn't finish watching it, but they need to sell it, get a few roommates, or second jobs.
They upgraded way too early instead of saving up/ keeping money invested. Market has been going crazy and their money is stuck in the house.

[Anonymous]

If you take home 14K, but spend 8K on housing, then you're house poor. Also, that 8K doesn't cover home maintenance and repairs, so having to replace an HVAC or having a sewer line collapse will become an emergency.