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

[Anonymous]

I haven’t read all the pages but I recommend stretching your budget more. With little kids you probably aren’t prioritizing travel. We make a bit more like $375k and took out a mortgage of $1,050,000 or so. We’re making it work and love our house. We spend our time here and even if we downsize when kids are gone, you still have about 10 years of equity at that point. Like many others have said, home prices aren’t going down here even in this economy!

[Anonymous]

Anonymous wrote:

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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"

Of course they do. Plenty of rowhouses and even SFHs in Hyattsville, Mt. Rainier, Riverdale, Wheaton, and EOTR DC at or under the half million mark.

[Anonymous]

Anonymous wrote:

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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"

Yes, my friend who teaches in N Arlington public schools just bought in Arlington. It's a condo, but she loves the walkable location, short commute and its outdoor space. No family help.

You just can't start with a 6k sq ft new build. Adjust your expectations.

[Anonymous]

Anonymous wrote:

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"

You're not special. Property is basically always appreciating so nearly everyone who ever bought their first place can say that they paid more than they would have 5 years earlier. Stop complaining.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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"

You're not special. Property is basically always appreciating so nearly everyone who ever bought their first place can say that they paid more than they would have 5 years earlier. Stop complaining.

Not PP but disagree. There aren't as many starter homes that most Americans can afford. Maybe you were able to when you did and good for you. For those on the sidelines today they absolutely want a "starter" home but they cannot afford one.

[Anonymous]

we have similiar specs, but had a little family help for a down payment, and... take a hard look at what you're willing to trade off, and really study houses listed in your targeted zip codes. I made a spreadsheet with our desired specs so could track each house we looked at: no house in our budget hit all of them. The house we bought had most: but was close enough for what we wanted most. Gotta make trade-offs unless you're totally flush.

We underbid in a hot housing market in our desired school zone because our house didn't have a master bathroom and it's a little far from Metro. Not ideal, but it was in our target area and had potential (we ended up adding one a few years ago)

[Anonymous]

Buy the cheapest and smallest house in the best neighborhood. People are shockingly still overlooking these homes. One just sold in our neighborhood and I wonder who the buyer was given the very low price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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"

Yes, my friend who teaches in N Arlington public schools just bought in Arlington. It's a condo, but she loves the walkable location, short commute and its outdoor space. No family help.

You just can't start with a 6k sq ft new build. Adjust your expectations.

I can afford a condo too if I spend nearly 65% of my take home paying on a mortgage. It easy! Everyone should do it and stop complaining they can’t afford it!

[Anonymous]

Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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"

You're not special. Property is basically always appreciating so nearly everyone who ever bought their first place can say that they paid more than they would have 5 years earlier. Stop complaining.

Not PP but disagree. There aren't as many starter homes that most Americans can afford. Maybe you were able to when you did and good for you. For those on the sidelines today they absolutely want a "starter" home but they cannot afford one.

We first bought a 2 bedroom fixer next to a crack house and then did all of the renovations ourselves. Our next house had 6" of standing water in the basement at the inspection and needed to be entirely renovated. You don't get to start with move in ready, stainless appliances and marble counters.

[Anonymous]

Just echoing what everyone else has said. We started with a condo, traded up to a townhome and then got a single family home in a bad school district and now finally we are in a single family home in a good school district... all after 20 years of our first home purchase! It takes time, patience, saving money, and willingness to make a lot of moves and trades up the ladder. Good luck OP!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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"

Yes, my friend who teaches in N Arlington public schools just bought in Arlington. It's a condo, but she loves the walkable location, short commute and its outdoor space. No family help.

You just can't start with a 6k sq ft new build. Adjust your expectations.

I can afford a condo too if I spend nearly 65% of my take home paying on a mortgage. It easy! Everyone should do it and stop complaining they can’t afford it!

So find a job that makes more than a public school teacher or stop looking above what you can afford. There are non-luxury on the market. They just aren't as shiny.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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"

Yes, my friend who teaches in N Arlington public schools just bought in Arlington. It's a condo, but she loves the walkable location, short commute and its outdoor space. No family help.

You just can't start with a 6k sq ft new build. Adjust your expectations.

I can afford a condo too if I spend nearly 65% of my take home paying on a mortgage. It easy! Everyone should do it and stop complaining they can’t afford it!

So find a job that makes more than a public school teacher or stop looking above what you can afford. There are non-luxury on the market. They just aren't as shiny.

It’s not shiny. Everything is original. Still would cost me 65% of my take home pay. It’s not even in a nice neighborhood. It’s fine. I’m leaving teaching at the end of the year anyway. I can make more nannying for very wealthy families.

[Anonymous]

Anonymous wrote:

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"

I bought my starter condo like 18 years ago for 380k and sold it 10 years ago for 400k. It's STILL 400k! Nice 2 bedroom, nice schools, within the beltway in VA. While I didn't make a lot of money on selling it, I had a roommate who paid a lot of my mortgage and I didn't throw money into rent at least.

[Anonymous]

How much are the monthly fees?