If you were given a starter house and had no student loans…

[Anonymous]

My dad bought me my first place downtown and also a car - both paid in full. DH and I lived there. I made 60k and he was in school.

Later we had a kid and stayed until kid was about 2. By then DH was working too for govt so he didn’t make much. Maybe like 70k at first.

I know I had it really easy. Yes we paid utilities, property taxes, gas but we didn’t have to worry about mortgage or any debt.

[Anonymous]

This is kind of us. No student loans. My DH had $150,000 as a down payment for a $400,000 house in Shaw ten years ago. The house had a rental unit that covered most of the mortgage payment until a couple years ago.

During that time our HHI was about $130k. We lived very comfortably -- lots of travel, good food, have two kids, they have plenty of activities. Now we took back the unit so we pay the full mortgage payment (2000 per month). HHI nearer to 170k. I'd say we are still comfortable but can't live as indulgently as before.

[Anonymous]

Why is everyone posting about how they got / were gifted a down payment? That is not what the OP asked. Getting down payment money is nice but nowhere near the same as being gifted a paid-off house and starting life with no mortgage.

[Anonymous]

Anonymous wrote:Hi OP, I am an example of this.
My husband and I went to state schools, worked during college and had parental help with tuition. Neither of us gathered student debt.
We were renters when my grandfather died and I ended up with a 30K we used for a down payment on a $440k house in NW DC (not upper NW, but east of the park).

We have made a series of choices over the years due to childcare issues and parental health/ caregiving issues that have pretty much decimated any careers. We also have useless liberal arts degrees. I work part time.
We live on about 80K/ year just fine. No luxuries and we are frugal, but we have lots of time with our kids and families and I’d say our life/work balance is perfect. I am deeply grateful for the luck we had to be in this position.

You are not an example of this. The OP wrote, "If you were given a starter home...". You were not given a starter home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DCUM middle class or actual middle class?

Actual middle class. Assume a single person with mild disabilities who might not ever marry or have children. Some aspects of lifestyle would be:
Working just a single job with no need to have a part-time gig.
Yard service and possibly house cleaner once a month.
Ability to put money away for retirement.
No expensive hobbies.
Some charitable giving on a regular basis.
Can afford a mid-level very gently used car every 5-7 years.
1 week beach or mountain vacation every year.
Dine out or order in 1-2 a week.
As a pet owner, able to easily afford regular and emergency vet care.

I was able to afford this lifestyle plus DC rent and expensive hobbies but minus the car as a single person earning $120K. Have since dropped the expensive hobbies but had two kids so things are a lot tighter now. At the time my rent was ~$24K/year, so I feel like you could live like this at $80-100K if you had a house paid off?

[Anonymous]

In 2000 I bought a 2BR, my family gave me $100k and a car, and I had a loan for $80K. Made about $100k and was doing very well. Without a loan but increased costs, I think $100k would do it.

[Anonymous]

For a single person? And with money enough to hire household/yard help?

With a modest, small home and a low upkeep yard, I think $60,000 income would be plenty.

[Anonymous]

This was me. No loans, downpayment given. Sadly I married a husband with 80k in loans who had a car that needed replaced asap (broke down nonstop). The house my parents gave me the downpayment on was 400k. I sold it for a 200k profit. Bought the 800k house of our dreams (worth 1.2 a few years later). $1100 PITI.

We make 250k now, 3 in daycare and have lots leftover monthly. Our only debt is the $1100 mortgage and PITI. We’re still frugal.

We likely only would have had one kid with our salary and not 3. Everyone we know has 4k a month mortgages and has car payments.

[Anonymous]

Anonymous wrote:This was me. No loans, downpayment given. Sadly I married a husband with 80k in loans who had a car that needed replaced asap (broke down nonstop). The house my parents gave me the downpayment on was 400k. I sold it for a 200k profit. Bought the 800k house of our dreams (worth 1.2 a few years later). $1100 PITI.

We make 250k now, 3 in daycare and have lots leftover monthly. Our only debt is the $1100 mortgage and PITI. We’re still frugal.

We likely only would have had one kid with our salary and not 3. Everyone we know has 4k a month mortgages and has car payments.

This was not you. The OP wrote, "If you were given a starter house...". A down payment is NOT the same as being given a starter home.

[Anonymous]

I lived on about 80K as a single Mom and had a very good life, fun trips, eating out, etc.

[Anonymous]

A better question would be how many people are actually just given like a $500K house?? Is that even a thing?

[Anonymous]

Nobody seems to understand the question, which is perhaps testament to how rare it is to be gifted a house outright.

I have been thinking of giving my son my rental apartment when he graduates college (with no loans), but I worry that it will make him complacent and he will not understand or appreciate the value of working toward a long-term goal like home ownership.

[Anonymous]

Anonymous wrote:A better question would be how many people are actually just given like a $500K house?? Is that even a thing?

Seriously! People on here being fussy about answering the question without being given a paid off house, lol. Like WHO EVEN HAS THAT HAPPEN? Aren't those of us who end up with a lump of cash for a downpayment luckier than most?

[Anonymous]

$250,000 is middle class in Potomac/Bethesda

[Anonymous]

Anonymous wrote:A better question would be how many people are actually just given like a $500K house?? Is that even a thing?

I mean, yea, down payment gifts are a thing (a very fortunate thing.) But people usually put that money towards a more expensive house as opposed to buying a starter house with cash.