Did anyone become a first time homeowner over 40?
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Anonymous
You know many, many seniors live in rental apartments, right? RIGHT? Surely you must know this. |
Anonymous
| We were in our 40s when bought our first house. |
Anonymous
| Almost - I was 38 when I bought my first house with my husband. |
Anonymous
| Yup. We bought a condo when we were in our early 40's. We don't love owning but it's a good base for raising kids in our desired neighborhood and it has a pool. It's already appreciating nicely so when we sell in 10 years, it'll add to our retirement accounts. |
Anonymous
| Lived and worked overseas from mid 20s to 40. Bought house when returned to US. Did feel like I was behind the curve re family and friends. But really no big deal. |
Anonymous
Yes, it can actually make a lot of sense for seniors to rent. Their situation can change quickly and the lodging that worked for them one year may not in the next. |
Anonymous
I do. I looked for MOCO and just as I expected “Due to long waiting lists for public housing, HOC’s list is not accepting new applicants.” Millennials are a huge generation the size of boomers, they and gen x will likely already have all the units. A house gives you security and doesn’t throw away rents you can leave to your kids Op |
Anonymous
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No, but I wish I/we had been though. We fell for the "must buy a home real estate" thing. All were bought for living at various times, none had anything wrong with them, but renting similar homes and putting the money into market would have netted us extra million. We also wouldn't have stayed living next to a crazy neighbor as long as we did.
Happily renting right now as the investment accoutn grown $50k a year. Home did not appreciate that fast nor with the help of paying equity. Love the rental so much more than the homes we had. Upgrading to a bigger rental soon as the money growth allows. |
Anonymous
Not always true. My Aunt died at 93 recently and was massively rich due to never owning. She died in the same apt her and husband first rented in 1955. A three bedroom, two bath rent controlled NYC apartment. And had a very rare parking spot included. Her whole life never paid property tax, mortgage, home insurance, heating bill, home maint, bought an appliance. Paid a water bill, paid for garbage pick up or lawn service instead she had tons of cash to buy stocks and bonds. In retirement her monthly rent was $700 a month and her husband a retired police captain had a $100,000 a year pension tax free as went out on disability. Neither went to college were HS sweethearts. If anything not owning a home was key to their wealth. In her case her one some is the CEO of a hedge fund so her money was well invested the other son a CFO. She lived in that apartment 70 years |
Anonymous
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Yes.
My parents, who lived 4-5 years each in multiple countries for work, finally settled down in their 50s, and paid cash for their home. Previously they'd rented lovely houses or apartments in every city they were working in. My childhood favorite was the fun duplex in Paris. My husband, who by the time we bought was past 40. Like my parents, we wanted to be sure we were going to stay for a certain amount of time in one place. Our net worth puts us in the 1%. Enjoy your life, OP. You don't need to do things like other people. |
Anonymous
I had been responding to someone who was suggesting you'd have NOWHERE to retire if you didn't own. Of course it has security and other benefits, but that's unavailable to A WHOLE LOT of people. |
Anonymous
| OP here! You guys have given me hope! I’m a divorced mom that just turned 40 and was feeling bad about myself because I’ve never owned a home. Hopefully I’ll be able to within the next few years! |
Anonymous
| We just bought our first house in our 50s. Worst market in our adult lifetimes. It sucks. |
Anonymous
not exactly a typical situation. |
Anonymous
Not to mention this is the same guy who keeps posting these amazing situations. |