Millennial mortgage payments
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Anonymous
| The elderly were able to buy before 2012 |
Anonymous
Lol. |
Anonymous
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Elder millennial, mortgage is PITI is about 3k. We bought for 850k in 2015 with 100k down (from our savings), ARM. Aggressively prepaid the mortgage to prep for an eventual refi or rate change, then refinanced for 2.75 on $520k in 2020.
But HHI was almost 300k when we bought and increased from there. That helps. |
Anonymous
| Mid 30s Chicago Suburbs. Bought this year house for about 700k, with a mortgage pmt of approx 2,500 per month. |
Anonymous
I live in MoCo, went under contract for new construction TH in 2020, closed in late 2021, put down 3%, mortgage is $2600, zero parental help. |
Anonymous
| We're elder millennials who first bought it DC (no parent help, just good jobs and savings) in 2010 so we have had a lot of appreciation. We also dumped a bunch of BigLaw bonuses into our mortgage so as not to have golden handcuffs. Now we have a house in Arlington with about $1m in equity on a $1.5m house with a super low mortgage rate. |
Anonymous
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My mortgage does not include property taxes or insurance so it appears low.
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Anonymous
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I bought $1,325,000 on 2017 with $750k down. But I was trading up and old house I had paid off mortgage already as owned it 17 years and was prepaying. So had that plus savings.
Boring way to do it. By small run down fixer upper in second tier neighborhood live there 17 years and fix it yourself and sweat equity then when paid off move up. Now that rates are high will be back in style |
Anonymous
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Spouse is an elder millennial (1982) and I’m the year no one wants to claim (1980). We are on our second home, this one in DC which we bought a bit less than 10 years ago for $1.11m with $330k down. After tax and insurance increases for almost a decade, our PITI is now $4400/month, with ~$625k left on the mortgage. It was closer to $3700/month when we bought. We used the equity from our previous fixer upper house in a not great part of NOVA that we owned for 7 years and additional savings for the down payment.
The old house barely appreciated, but we were throwing extra at the mortgage to pay it down so we had quite a bit of equity in it. That was easier pre kids. The current house, I suspect I could sell it for around $1.6m based off neighborhood sales, though the silly real estate websites say $1.8-$2, which I think is absurdly high. So we have nearly $1m in equity wrapped up in the house, with roughly half that coming from appreciation. No plans to move though because there’s no way we are taking on a mortgage on an even more expensive place. |
Anonymous
Having owned houses since 2000 does mean you're not a millennial, which is kind of OP's point. |
Anonymous
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Elder Millennial. We bought a livable, but not fancy rowhouse in Burleith DC for $900K in 2017 (it was last renovated in the late 90s). Had only $100K downpayment, so we had a conforming + crappy piggyback mortgage that was around $4700/month when we bought. When rates started going up in 2018, I think our payment peaked at $4900. We’ve refinanced 3 times since then and or mortgage is now down to $3900 PITI at 2.75%. The first few years we rented out the basement and that helped a ton. We also increased our household income by about 40% since 2017.
I’m glad we stretched to buy this place. Best decision ever. |
Anonymous
Up county or close in (i.e. Bethesda/ CC)? Up county (Germantown/ Clarksburg) is like Frederick Co. Not nearly as expensive as lower MoCo. |
Anonymous
Right. Where in MoCo makes all the difference. Urbana in Frederick County is just as expensive as Gaithersburg and Rockville. |
Anonymous
Rockville. |
Anonymous
Calling BS on this. |