Anyone else who will likely never be a home owner?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We spent our 20s in school, with very low-paying jobs, and saved enough to pay for a downpayment on a home when I turned 30.

We lived VERY frugally to achieve this, given our low incomes. We picked up free furniture left in the trashroom by other residents, bought cheap food on sale, cooked from scratch, never ate out or went to the movies or paid for any sort of entertainment, lived in a crappy one-bedroom (with one, then two kids)...

Most people on DCUM can't even imagine living such a frugal life.

And now we're living a middle class life.

But it took 10 years of lean, lean living to get there. And even now, we budget carefully.

I can relate, as I'm an immigrant and frugal living was a normal for me and my family. Thanks to an extremely frugal mindset and hard work, I own a home that is paid off, worth $1.1 mln; and I'm 45 years old. I don't get all these people, who can't afford a home. Like what the heck were you doing all your life when you're young? You had no savings, no part time jobs? Sorry, but I don't feel sorry for all people with college debt either. You should have gone to community, then transfer to the closest in-state university. That would be much cheaper for you, while you were working of course.

+1. I went to community college and transferred to UVA where my tuition was 11,000 for two years. All in with books snd room and board my student loans were under 40k for a great education. Then I went to work, paid them off, and lived a frugal lifestyle. All my clothes are from the thrift for example, and I drive a ‘97 civic (no it’s not a beater, paint still looks crisp because I garage it). All of my extra money went into rental property. I’m not mega rich, but I own multiple homes.

+2 Or even go to state schools for 4 years. I'm so sick of the snobs on this board who brag about their exclusive schools that are crushing them in debt and never netted them a high-paying job. They made bad financial decisions and now they can't afford to buy a home, because of course any home has to be in the "right" area. I don't feel sorry for them either, and I say this as someone who owned homes in coveted areas plus a beach house. I made choices to get there.

+3 Arlington's Missing Middle Housing is designed for these people. The ringleader got a PhD in history and works for a non-profit and whines that she can only afford to buy a house in Arlington is someone builds a triplex for her on an expensive piece of land in North Arlington. I am a Gen Xer and bought my first condo at 23 with an FHA loan and $5,000 I saved after paying off $35,000 in student loans -- the rest of my engineering school education was paid through work study and scholarships. I moved up the ladder and we have a very nice home in Arlington. I resent the heck out of the people who tell me that I a a racist, privileged white person (when they are also white and more privileged than I am) who is not entitled to have a 1940s colonial in North Arlington because I got a degree in something that would allow me to live in Arlington, send my kids to decent schools, and have my DH do all the work to our home.

Too bad that you thought your youth was for living la dolce via rather than preparing yourself for the responsibilities of adulthood.

Bitter!

[Anonymous]

Anonymous wrote:What’s with the focus on iPhones? I mean, I agree you need to make smart financial choices/make sacrifices to be able to afford a home but iPhones are getting mentioned as a signal of frivolous spending to a bit of an amusing degree.

Exactly what I was wondering. It used to be getting Starbucks every day was frivolous spending. Now it is iphone? Starbucks is a waste. But an iphone is 1k and if getting the latest every year with trade-in the new phone will be half price. So one iphone a year is $500 average cost. Can’t buy a house with those savings.

The OP gave no details about why the OP will never be a homeowner. Appears the OP works in DC and wants a house in DC, not willing to live outside the city. Fair enough.

If OP would consider living in the suburbs, there are many options. My neighborhood is $600-700k range, 3000 sq ft.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We spent our 20s in school, with very low-paying jobs, and saved enough to pay for a downpayment on a home when I turned 30.

We lived VERY frugally to achieve this, given our low incomes. We picked up free furniture left in the trashroom by other residents, bought cheap food on sale, cooked from scratch, never ate out or went to the movies or paid for any sort of entertainment, lived in a crappy one-bedroom (with one, then two kids)...

Most people on DCUM can't even imagine living such a frugal life.

And now we're living a middle class life.

But it took 10 years of lean, lean living to get there. And even now, we budget carefully.

I can relate, as I'm an immigrant and frugal living was a normal for me and my family. Thanks to an extremely frugal mindset and hard work, I own a home that is paid off, worth $1.1 mln; and I'm 45 years old. I don't get all these people, who can't afford a home. Like what the heck were you doing all your life when you're young? You had no savings, no part time jobs? Sorry, but I don't feel sorry for all people with college debt either. You should have gone to community, then transfer to the closest in-state university. That would be much cheaper for you, while you were working of course.

+1. I went to community college and transferred to UVA where my tuition was 11,000 for two years. All in with books snd room and board my student loans were under 40k for a great education. Then I went to work, paid them off, and lived a frugal lifestyle. All my clothes are from the thrift for example, and I drive a ‘97 civic (no it’s not a beater, paint still looks crisp because I garage it). All of my extra money went into rental property. I’m not mega rich, but I own multiple homes.

+2 Or even go to state schools for 4 years. I'm so sick of the snobs on this board who brag about their exclusive schools that are crushing them in debt and never netted them a high-paying job. They made bad financial decisions and now they can't afford to buy a home, because of course any home has to be in the "right" area. I don't feel sorry for them either, and I say this as someone who owned homes in coveted areas plus a beach house. I made choices to get there.

+3 Arlington's Missing Middle Housing is designed for these people. The ringleader got a PhD in history and works for a non-profit and whines that she can only afford to buy a house in Arlington is someone builds a triplex for her on an expensive piece of land in North Arlington. I am a Gen Xer and bought my first condo at 23 with an FHA loan and $5,000 I saved after paying off $35,000 in student loans -- the rest of my engineering school education was paid through work study and scholarships. I moved up the ladder and we have a very nice home in Arlington. I resent the heck out of the people who tell me that I a a racist, privileged white person (when they are also white and more privileged than I am) who is not entitled to have a 1940s colonial in North Arlington because I got a degree in something that would allow me to live in Arlington, send my kids to decent schools, and have my DH do all the work to our home.

Too bad that you thought your youth was for living la dolce via rather than preparing yourself for the responsibilities of adulthood.

+1 This is exactly the problem. Expensive education in a low-paying field + prestigious nonprofit job is for trust funds kids. She chose to fund her ego instead of buying a home but thinks she's too good to move to Manassas or Hyattsville.

Am I the only one that cringes every time I see this trope? Unless you are the CEO of United Way, your nonprofit job is almost certainly NOT prestigious.

These jobs working for social causes absolutely have prestige. Saying you're a PhD earning $60K toiling for immigrants/development in third world countries/more bike lanes/eco-friendly whatever is much more prestigious than saying you're a hair stylist earning the same. The PhD also has $250K in student loans and is whining about not being able to afford the same home that their colleague with the trust fund is buying.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What’s with the focus on iPhones? I mean, I agree you need to make smart financial choices/make sacrifices to be able to afford a home but iPhones are getting mentioned as a signal of frivolous spending to a bit of an amusing degree.

Exactly what I was wondering. It used to be getting Starbucks every day was frivolous spending. Now it is iphone? Starbucks is a waste. But an iphone is 1k and if getting the latest every year with trade-in the new phone will be half price. So one iphone a year is $500 average cost. Can’t buy a house with those savings.

The OP gave no details about why the OP will never be a homeowner. Appears the OP works in DC and wants a house in DC, not willing to live outside the city. Fair enough.

If OP would consider living in the suburbs, there are many options. My neighborhood is $600-700k range, 3000 sq ft.

Not the pp who said iPhones, but it looks like their point is that many people complaining about not being able to afford a home could afford one if they saved more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What’s with the focus on iPhones? I mean, I agree you need to make smart financial choices/make sacrifices to be able to afford a home but iPhones are getting mentioned as a signal of frivolous spending to a bit of an amusing degree.

Exactly what I was wondering. It used to be getting Starbucks every day was frivolous spending. Now it is iphone? Starbucks is a waste. But an iphone is 1k and if getting the latest every year with trade-in the new phone will be half price. So one iphone a year is $500 average cost. Can’t buy a house with those savings.

The OP gave no details about why the OP will never be a homeowner. Appears the OP works in DC and wants a house in DC, not willing to live outside the city. Fair enough.

If OP would consider living in the suburbs, there are many options. My neighborhood is $600-700k range, 3000 sq ft.

Not the pp who said iPhones, but it looks like their point is that many people complaining about not being able to afford a home could afford one if they saved more.

It’s not the actual cost of the phone but the reoccurring monthly charge. Times 2. Then adding in the vacations, cable, cleaning person, gym membership etc. It can all add up easily to $1-2k per month that could go towards a downpayment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We spent our 20s in school, with very low-paying jobs, and saved enough to pay for a downpayment on a home when I turned 30.

We lived VERY frugally to achieve this, given our low incomes. We picked up free furniture left in the trashroom by other residents, bought cheap food on sale, cooked from scratch, never ate out or went to the movies or paid for any sort of entertainment, lived in a crappy one-bedroom (with one, then two kids)...

Most people on DCUM can't even imagine living such a frugal life.

And now we're living a middle class life.

But it took 10 years of lean, lean living to get there. And even now, we budget carefully.

I can relate, as I'm an immigrant and frugal living was a normal for me and my family. Thanks to an extremely frugal mindset and hard work, I own a home that is paid off, worth $1.1 mln; and I'm 45 years old. I don't get all these people, who can't afford a home. Like what the heck were you doing all your life when you're young? You had no savings, no part time jobs? Sorry, but I don't feel sorry for all people with college debt either. You should have gone to community, then transfer to the closest in-state university. That would be much cheaper for you, while you were working of course.

+1. I went to community college and transferred to UVA where my tuition was 11,000 for two years. All in with books snd room and board my student loans were under 40k for a great education. Then I went to work, paid them off, and lived a frugal lifestyle. All my clothes are from the thrift for example, and I drive a ‘97 civic (no it’s not a beater, paint still looks crisp because I garage it). All of my extra money went into rental property. I’m not mega rich, but I own multiple homes.

+2 Or even go to state schools for 4 years. I'm so sick of the snobs on this board who brag about their exclusive schools that are crushing them in debt and never netted them a high-paying job. They made bad financial decisions and now they can't afford to buy a home, because of course any home has to be in the "right" area. I don't feel sorry for them either, and I say this as someone who owned homes in coveted areas plus a beach house. I made choices to get there.

Objectively not true:

https://www.redfin.com/MD/Hyattsville/5706-40th-Pl-20781/home/10948896

This is a cute little house in hyattsville for less than 500K

Genuinely confused why you would say this?
It seems like people only want to live in Bethesda and just want to complain about that.




Where do you live? Because here, $800,00 gets you a fixer upper with a squatter. And that’s an hour from the city.

That’s a 45 minute commute with no traffic. And I’m not in my 20s, so I’m not living like that.

Huh. I’m in my 40s and live like that just around the corner. You obviously think you deserve better. Make your own choice, but I’d rather live like that, close to shopping, fairly close to jobs, public transportation, and kids’ school, and have enough left over for vacations and savings than to spend my time bitterly complaining about now being about to afford the $800k house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What’s with the focus on iPhones? I mean, I agree you need to make smart financial choices/make sacrifices to be able to afford a home but iPhones are getting mentioned as a signal of frivolous spending to a bit of an amusing degree.

Exactly what I was wondering. It used to be getting Starbucks every day was frivolous spending. Now it is iphone? Starbucks is a waste. But an iphone is 1k and if getting the latest every year with trade-in the new phone will be half price. So one iphone a year is $500 average cost. Can’t buy a house with those savings.

The OP gave no details about why the OP will never be a homeowner. Appears the OP works in DC and wants a house in DC, not willing to live outside the city. Fair enough.

If OP would consider living in the suburbs, there are many options. My neighborhood is $600-700k range, 3000 sq ft.

Not the pp who said iPhones, but it looks like their point is that many people complaining about not being able to afford a home could afford one if they saved more.

It’s not the actual cost of the phone but the reoccurring monthly charge. Times 2. Then adding in the vacations, cable, cleaning person, gym membership etc. It can all add up easily to $1-2k per month that could go towards a downpayment.

This. It’s not any one thing. It’s a mindset and way of living. We did not have any of the above before buying our first house. Frankly we still don’t have a lot of it and we are fine with that! We do have a nice house though.

[Anonymous]

Arlington's missing middle housing is located in Fairfax and Montgomery County. Plenty of happy people living there with great schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What’s with the focus on iPhones? I mean, I agree you need to make smart financial choices/make sacrifices to be able to afford a home but iPhones are getting mentioned as a signal of frivolous spending to a bit of an amusing degree.

Exactly what I was wondering. It used to be getting Starbucks every day was frivolous spending. Now it is iphone? Starbucks is a waste. But an iphone is 1k and if getting the latest every year with trade-in the new phone will be half price. So one iphone a year is $500 average cost. Can’t buy a house with those savings.

The OP gave no details about why the OP will never be a homeowner. Appears the OP works in DC and wants a house in DC, not willing to live outside the city. Fair enough.

If OP would consider living in the suburbs, there are many options. My neighborhood is $600-700k range, 3000 sq ft.

Not the pp who said iPhones, but it looks like their point is that many people complaining about not being able to afford a home could afford one if they saved more.

It’s not the actual cost of the phone but the reoccurring monthly charge. Times 2. Then adding in the vacations, cable, cleaning person, gym membership etc. It can all add up easily to $1-2k per month that could go towards a downpayment.

This. It’s not any one thing. It’s a mindset and way of living. We did not have any of the above before buying our first house. Frankly we still don’t have a lot of it and we are fine with that! We do have a nice house though.

How many years did you forgo cell phones, vacations, and gym memberships to afford a down payment? When did you have kids? Has your job ever required you to move to places with horrible public schools? Has your job ever required you to move at all? How much have you spent on medical bills not covered by your insurance? Did you need space for one of your parents to live with you?

[Anonymous]

We bought our first house 10 years ago at 24. Paid $350k for a fixer upper townhouse in South Arlington. Fixed it ourselves and sold it last year for $800k which enabled us to buy a $1.6M house. The initial house was old, ugly, in bad schools, but we knew it (and the area) had potential.

At 24 we were each making $40k a year but we lived frugally, put 3% down with an FHA loan (paid off PMI in 5 years since our salaries increased). We now make $500k (average by DCUM standards), but live in a comfortable 4 bedroom house with great schools.

The problem is many people don’t want to sacrifice. Our friends laughed when we bought that house, but now they’re all still stuck in their townhomes with no equity while we are ahead. Some still in apartments in DuPont or other expensive areas.

Point is, no one is entitled to anything, you have to sacrifice and sometimes go “down” to go up. We had no family help, we aren’t wealthy, but we made smart decisions.

[Anonymous]

Anonymous wrote:We bought our first house 10 years ago at 24. Paid $350k for a fixer upper townhouse in South Arlington. Fixed it ourselves and sold it last year for $800k which enabled us to buy a $1.6M house. The initial house was old, ugly, in bad schools, but we knew it (and the area) had potential.

At 24 we were each making $40k a year but we lived frugally, put 3% down with an FHA loan (paid off PMI in 5 years since our salaries increased). We now make $500k (average by DCUM standards), but live in a comfortable 4 bedroom house with great schools.

The problem is many people don’t want to sacrifice. Our friends laughed when we bought that house, but now they’re all still stuck in their townhomes with no equity while we are ahead. Some still in apartments in DuPont or other expensive areas.

Point is, no one is entitled to anything, you have to sacrifice and sometimes go “down” to go up. We had no family help, we aren’t wealthy, but we made smart decisions.

You were unusually mature at 24. Most professionals are still in grad school at that age accumulating at least some student loans. You were also very young to be married with dual incomes. Not judging, just saying that’s highly unusual in this area. Everyone’s lives are different. It’s not just about personal willpower as much as the real estate “winners” on this thread want to think it is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What’s with the focus on iPhones? I mean, I agree you need to make smart financial choices/make sacrifices to be able to afford a home but iPhones are getting mentioned as a signal of frivolous spending to a bit of an amusing degree.

Exactly what I was wondering. It used to be getting Starbucks every day was frivolous spending. Now it is iphone? Starbucks is a waste. But an iphone is 1k and if getting the latest every year with trade-in the new phone will be half price. So one iphone a year is $500 average cost. Can’t buy a house with those savings.

The OP gave no details about why the OP will never be a homeowner. Appears the OP works in DC and wants a house in DC, not willing to live outside the city. Fair enough.

If OP would consider living in the suburbs, there are many options. My neighborhood is $600-700k range, 3000 sq ft.

Not the pp who said iPhones, but it looks like their point is that many people complaining about not being able to afford a home could afford one if they saved more.

It’s not the actual cost of the phone but the reoccurring monthly charge. Times 2. Then adding in the vacations, cable, cleaning person, gym membership etc. It can all add up easily to $1-2k per month that could go towards a downpayment.

This. It’s not any one thing. It’s a mindset and way of living. We did not have any of the above before buying our first house. Frankly we still don’t have a lot of it and we are fine with that! We do have a nice house though.

How many years did you forgo cell phones, vacations, and gym memberships to afford a down payment? When did you have kids? Has your job ever required you to move to places with horrible public schools? Has your job ever required you to move at all? How much have you spent on medical bills not covered by your insurance? Did you need space for one of your parents to live with you?

From college graduation to age 27 when we bought our first house (a townhouse.) Had our first baby at 28. We have remained local and only traded up one time, to our current house. There is room for a relative to live with us if needed. We could easily trade up again but are content with what we have. We still don’t have gym memberships or fancy phones, and don’t get takeout coffee. We do take vacations now thankfully!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What’s with the focus on iPhones? I mean, I agree you need to make smart financial choices/make sacrifices to be able to afford a home but iPhones are getting mentioned as a signal of frivolous spending to a bit of an amusing degree.

Exactly what I was wondering. It used to be getting Starbucks every day was frivolous spending. Now it is iphone? Starbucks is a waste. But an iphone is 1k and if getting the latest every year with trade-in the new phone will be half price. So one iphone a year is $500 average cost. Can’t buy a house with those savings.

The OP gave no details about why the OP will never be a homeowner. Appears the OP works in DC and wants a house in DC, not willing to live outside the city. Fair enough.

If OP would consider living in the suburbs, there are many options. My neighborhood is $600-700k range, 3000 sq ft.

Not the pp who said iPhones, but it looks like their point is that many people complaining about not being able to afford a home could afford one if they saved more.

It’s not the actual cost of the phone but the reoccurring monthly charge. Times 2. Then adding in the vacations, cable, cleaning person, gym membership etc. It can all add up easily to $1-2k per month that could go towards a downpayment.

This. It’s not any one thing. It’s a mindset and way of living. We did not have any of the above before buying our first house. Frankly we still don’t have a lot of it and we are fine with that! We do have a nice house though.

How many years did you forgo cell phones, vacations, and gym memberships to afford a down payment? When did you have kids? Has your job ever required you to move to places with horrible public schools? Has your job ever required you to move at all? How much have you spent on medical bills not covered by your insurance? Did you need space for one of your parents to live with you?

From college graduation to age 27 when we bought our first house (a townhouse.) Had our first baby at 28. We have remained local and only traded up one time, to our current house. There is room for a relative to live with us if needed. We could easily trade up again but are content with what we have. We still don’t have gym memberships or fancy phones, and don’t get takeout coffee. We do take vacations now thankfully!

So you were dual income straight out of college?

[Anonymous]

Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

If you want a house move. If not then don’t whine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

That was your choice. Get on a plan for extreme saving now because home prices will continue to fall for most areas.

It couldn’t possibly be that housing has increased far more than salaries. Couldn’t possibly be a flaw in the market or the system, right?

Unfettered immigration will do that.