AC buying homes

[Anonymous]

How will 20-30 yo age ranged AC be able to afford homes in the DMV over the next 10 years? Do you plan to help yours and, if so, how?

We were SUPER lucky to buy our starter home 20+ years ago before prices went crazy (less than $400K, which seemed like a fortune then. It would sell for more than double that now). And we lucked into the then super low interest rates when we refinanced. It will be paid off soon as we never "upgraded."

How can these "kids" ever expect to do that now? Are they just settling elsewhere, the exburbs or out of the area? Mortgaging their lives away? Not buying at all?

[Anonymous]

I’m 35 and used to own a home but sold it after relocating for work to a higher COL area. We made a bit of money off it, and just have it sitting and invested for when we are ready to buy again.

[Anonymous]

Parents helping or they settle somewhere else, with a lower cost of living.

[Anonymous]

Ways people with less money buy houses:

They can buy further out.
They can buy houses that are smaller or not as nice.
They can join the military and use a VA loan

I know my husband and I can not afford to give our kids money towards a house.
My parents/his parents didn't help us with a down payment either.

[Anonymous]

For anyone giving children gifts toward buying homes, please be even handed. My parents gave my brother 2x as much as me, and I was hurt. We were both buying in the same high COL city.

[Anonymous]

Anonymous wrote:Parents helping or they settle somewhere else, with a lower cost of living.

There is no lower cost of living anymore unless they go. to a dumb state like Missouri, Alabama or Arkansas YUCK

[Anonymous]

I have a trust and once it matures and needs to be split, we plan to set aside a piece for each kid to buy a house.

This is how we were able to buy young (and upgrade when we needed to).

[Anonymous]

They'll make do, OP. Most homes in the US are incredibly large compared to homes in Europe and Asia. I am originally from Europe and I knew families crammed into one and two-bedrooms. In Tokyo it's even worse.

Don't pity the new generation. They'll still have bigger homes than those in other developed nations.

[Anonymous]

We live in a high COL areas and with two of our three children they were able to buy nice homes on their own because they have very good jobs. Our third needed assistance due to public service type jobs and we were happy to help starting with a loan that we ultimately converted to a gift. We will find a way to be fair with our other kids.

[Anonymous]

Anonymous wrote:For anyone giving children gifts toward buying homes, please be even handed. My parents gave my brother 2x as much as me, and I was hurt. We were both buying in the same high COL city.

Let no good deed go unpunished.

[Anonymous]

I’ve got a kid that was able to buy into close in DC suburb. Another one bought in a HCOL location. Both were able to do that bc we paid for job-getting college majors so they graduated with no debt and good job prospects.

[Anonymous]

Anonymous wrote:For anyone giving children gifts toward buying homes, please be even handed. My parents gave my brother 2x as much as me, and I was hurt. We were both buying in the same high COL city.

Maybe you're in big law and he's a public school teacher.

[Anonymous]

Anonymous wrote:For anyone giving children gifts toward buying homes, please be even handed. My parents gave my brother 2x as much as me, and I was hurt. We were both buying in the same high COL city.

It depends, my sister inherited our family home, we are all okay with it because she had a tougher life, even my brother who took care of our parents in their old age with money and physical support.

[Anonymous]

My parents or my in-laws didn't help us, actually we helped them, yet we just lived very frugally and saved to buy our home, that's what we expect from our kids as well.

They are educated and employed, would marry similar partners and build their own lives. Providing housing for educated and employed able bodied adults isn't a parent's responsibility.

[Anonymous]

Anonymous wrote:My parents or my in-laws didn't help us, actually we helped them, yet we just lived very frugally and saved to buy our home, that's what we expect from our kids as well.

They are educated and employed, would marry similar partners and build their own lives. Providing housing for educated and employed able bodied adults isn't a parent's responsibility.

A) No one said it was and;
B) You forgot the "in your opinion" caveat. Some people are perfectly willing to help their kids, as adults, if they are able to do so.