Is home ownership out of reach for people under 30?

[Anonymous]

Is home ownership now out of reach for people under 30 years old? Especially in expensive states or cities?

WDYT?

[Anonymous]

Doesn’t it depend on their location and amount of money they have rather than age?

[Anonymous]

Anonymous wrote:Doesn’t it depend on their location and amount of money they have rather than age?

Maybe but it seems out of reach imo.
We bought when we were 30 years old for $500k, put 10 percent down which was hard coming up with then. Our house is worth about 1.4m 7 years later. That would require a $250k down payment, which is a lot for someone around 30 to save in cash. It just is. It seems so out of reach even with great jobs to get on the property ladder. Our house is also fine but nothing special either.

[Anonymous]

I am 45 and don’t know many people who purchased their first home before age 30.

[Anonymous]

No, they just need to live below their means and save. Using door dash constantly isn’t going to cut it if they don’t make a very good salary.

[Anonymous]

We bought our first home at 33/31 with no family money. That seemed to be around teh same time as many of our peers. I think people who do it before 30 have inheritance or parents who give them a down payment.

[Anonymous]

We gave our kid the down payment and they bought when they were 29. The house was on $750k though.

[Anonymous]

It's out of reach for people over 30 years old too.



- a nearly 50 yr old teacher and lifelong renter

[Anonymous]

I’m 35. We first bought at 25 in a townhouse. Best decision we made that set us up for success.

[Anonymous]

Anonymous wrote:It's out of reach for people over 30 years old too.



- a nearly 50 yr old teacher and lifelong renter

+1.

[Anonymous]

Anonymous wrote:I’m 35. We first bought at 25 in a townhouse. Best decision we made that set us up for success.

+1

Bought at 27, best decision we could have ever made.

[Anonymous]

Uh, it's out of reach for me, and I'm 47! If I moved to a lower-enough COL area where I could afford to buy, I wouldn't be able to keep my job and would have to take a lower paying one that would mean I could no longer afford to buy. So I will continue renting until I die.

[Anonymous]

If you eschew the "bad neighborhoods" and exurbs, yes.

[Anonymous]

I feel like you really have to stretch yourself and get in early. That’s what we did against more conservative advice to buy at 30, gave about 1m in equity now in 7 years

[Anonymous]

Anonymous wrote:We bought our first home at 33/31 with no family money. That seemed to be around teh same time as many of our peers. I think people who do it before 30 have inheritance or parents who give them a down payment.

We bought a house at age 30 with a 85/15/5 loan, so the down payment was around $25k and we refinanced to a conventional mortgage a couple of years later. But that was 20 years ago.