SERIOUSLY - how are people affording these $1Mil+ homes with $8,000+ monthly mortgages!?

[Anonymous]

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

I wish we had too but we’ve never had any disposable income due to student loan payments. Student loan payments turned into daycare plus student loan payments. I suppose saving for our kids’ college comes next so maybe home ownership will never happen.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

I wish we had too but we’ve never had any disposable income due to student loan payments. Student loan payments turned into daycare plus student loan payments. I suppose saving for our kids’ college comes next so maybe home ownership will never happen.

Big student loans for a low paying career is a life choice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You made a bad financial decision to have kids before buying a house.

My mom had me at 40 and I vowed never to be an old mom. She died when I was 20 and left me with two younger siblings to raise.

Wow- I did you make it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You made a bad financial decision to have kids before buying a house.

People also can't wait too long to have kids or they risk age-related infertility issues. The infertility rate for women aged 40-44 is double that of 30-34. IVF is also very expensive and if you realize that you need it at age 42 you are likely going to need to do multiple IVF cycles to have a decent chance of having any children.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

I wish we had too but we’ve never had any disposable income due to student loan payments. Student loan payments turned into daycare plus student loan payments. I suppose saving for our kids’ college comes next so maybe home ownership will never happen.

Big student loans for a low paying career is a life choice.

Someone has to teach your kids.

I’d say the lack of empathy is astounding but we live in MAGA times so I guess not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You made a bad financial decision to have kids before buying a house.

My mom had me at 40 and I vowed never to be an old mom. She died when I was 20 and left me with two younger siblings to raise.

Wow- I did you make it?

I basically took over being mom to my siblings who were in HS then. I already lived at home while I was in college. I had two PT jobs and my grandfather helped out with money for food and other expenses. My two younger siblings never got four year degrees but one has been working as a paraeducator for years so she had good benefits. The other sibling works retail jobs and is married now. No kids for either one.

[Anonymous]

Anonymous wrote:I must be doing something wrong. My household income is $300K and with two small kids, I want to live in a good public school zone. It feels impossible! My mortgage budget is $4k…which is maybe a $600K home. My research says if I want a good school with that budget, I’m buying an outdated 1500sq ft home with 7.5 foot ceilings. I need to leave Montgomery county!

300k is the new 150k. Let's be real.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

I wish we had too but we’ve never had any disposable income due to student loan payments. Student loan payments turned into daycare plus student loan payments. I suppose saving for our kids’ college comes next so maybe home ownership will never happen.

Big student loans for a low paying career is a life choice.

Someone has to teach your kids.

I’d say the lack of empathy is astounding but we live in MAGA times so I guess not.

I agree, this thread is full of people saying ‘you’re doing it wrong’. I am grateful for the educators. The real problem isn’t perfectly threading the needle on timing kids vs buying a house vs finding the right partner.

We as a country could prioritize increasing housing supply, or giving tax breaks/student loan forgiveness for teachers or paying people more. But no, let’s turn on each other for what are actually system failures.

And we wonder why there’s a critical shortage of teachers and/or people choosing not to have kids. Sheesh.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You made a bad financial decision to have kids before buying a house.

My mom had me at 40 and I vowed never to be an old mom. She died when I was 20 and left me with two younger siblings to raise.

Wow- I did you make it?

I basically took over being mom to my siblings who were in HS then. I already lived at home while I was in college. I had two PT jobs and my grandfather helped out with money for food and other expenses. My two younger siblings never got four year degrees but one has been working as a paraeducator for years so she had good benefits. The other sibling works retail jobs and is married now. No kids for either one.

That's a heavy burden you bore. It's a testament to you that you took on the challenge.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

I wish we had too but we’ve never had any disposable income due to student loan payments. Student loan payments turned into daycare plus student loan payments. I suppose saving for our kids’ college comes next so maybe home ownership will never happen.

Big student loans for a low paying career is a life choice.

Yep but I needed a solid career that was immune (mostly) to layoffs and teaching fit the bill. So I trade off salary for job security and summers off so I don’t have to pay for childcare then. My DH works bartending in the summers making more than he would teaching.

[Anonymous]

Obvs lesson is that college is a waste of money/time. Most occupations should not require 4 year university/extreme debt. Most teaching roles could probably be learned via apprenticeship.

I would guess a better path would be skip college, get income, buy house, get certifications for more income, have kids, enjoy amazing job security and benefits of being a public servant, retire/pension.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

I wish we had too but we’ve never had any disposable income due to student loan payments. Student loan payments turned into daycare plus student loan payments. I suppose saving for our kids’ college comes next so maybe home ownership will never happen.

Big student loans for a low paying career is a life choice.

Someone has to teach your kids.

I’d say the lack of empathy is astounding but we live in MAGA times so I guess not.

I agree, this thread is full of people saying ‘you’re doing it wrong’. I am grateful for the educators. The real problem isn’t perfectly threading the needle on timing kids vs buying a house vs finding the right partner.

We as a country could prioritize increasing housing supply, or giving tax breaks/student loan forgiveness for teachers or paying people more. But no, let’s turn on each other for what are actually system failures.

And we wonder why there’s a critical shortage of teachers and/or people choosing not to have kids. Sheesh.

OP isn't an educator given their $300k income, so that's not really what this thread is about. People also aren't wrong to say you need to minimize loans, that it's important to save a down payment before starting daycare payments, and that many buy a starter property, build equity and then trade up. The other option is to make a very high income or have family money. That's all true. That's how people do it

I can also support changes to support teachers and others with low-modest incomes while acknowledging the current reality. No one should go into teaching and be surprised by the salary. It's posted on the Internet. Aspiring teachers need to plan for it, including by doing the things mentioned above (e.g., saving before kids, minimizing loans, etc).

[Anonymous]

I think the teachers and OP are two different people. Someone tried to hijack OP's thread.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

My DH and I are 37/38 and have two kids ages 3 and 5. We spend our 20s and early 30s paying on our student loans and now we are paying for daycare. By the time we are done with that, we might be able to start saving for a downpayment. The only people in our boat I know who bought a home have family money. We don't.

You waited a long time. We bought right after we were married in our early 30s when we had more disposable income. It was definitely tight when the kids were in daycare, but we were then able to trade up when they were in middle elementary school which wasn't too disruptive.

I wish we had too but we’ve never had any disposable income due to student loan payments. Student loan payments turned into daycare plus student loan payments. I suppose saving for our kids’ college comes next so maybe home ownership will never happen.

Big student loans for a low paying career is a life choice.

Someone has to teach your kids.

I’d say the lack of empathy is astounding but we live in MAGA times so I guess not.

I agree, this thread is full of people saying ‘you’re doing it wrong’. I am grateful for the educators. The real problem isn’t perfectly threading the needle on timing kids vs buying a house vs finding the right partner.

We as a country could prioritize increasing housing supply, or giving tax breaks/student loan forgiveness for teachers or paying people more. But no, let’s turn on each other for what are actually system failures.

And we wonder why there’s a critical shortage of teachers and/or people choosing not to have kids. Sheesh.

OP isn't an educator given their $300k income, so that's not really what this thread is about. People also aren't wrong to say you need to minimize loans, that it's important to save a down payment before starting daycare payments, and that many buy a starter property, build equity and then trade up. The other option is to make a very high income or have family money. That's all true. That's how people do it

I can also support changes to support teachers and others with low-modest incomes while acknowledging the current reality. No one should go into teaching and be surprised by the salary. It's posted on the Internet. Aspiring teachers need to plan for it, including by doing the things mentioned above (e.g., saving before kids, minimizing loans, etc).

Do they still exist lol? We have been looking for one and the ones that are considered "starter" are selling for what used to "premium"