Is home ownership out of reach for people under 30?

[Anonymous]

A lot of people under 30 are not ready to put down those type of roots. I think I read somewhere that the average age of first time homebuyers is 32.

[Anonymous]

Anonymous wrote:A lot of people under 30 are not ready to put down those type of roots. I think I read somewhere that the average age of first time homebuyers is 32.

No they aren’t but it’s smart to do it if you can and build equity. You can rent it out of buy but climbing the ladder seems to be the key. I know a few who waited (late 30’s) and it’s just too hard to save 300k for a downpayment for them to stay in this area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A lot of people under 30 are not ready to put down those type of roots. I think I read somewhere that the average age of first time homebuyers is 32.

No they aren’t but it’s smart to do it if you can and build equity. You can rent it out of buy but climbing the ladder seems to be the key. I know a few who waited (late 30’s) and it’s just too hard to save 300k for a downpayment for them to stay in this area.

When you're young you don't have to worry about school quality and can get a small place. What I see a lot of people in DC (including my own kid) is live with your parents for 2 years after college, save up for a downpayment on a condo or townhouse. Even if you don't want to stay in DC, you can rent it out until you're ready to sell. Some get the townhouse and then rent out the basement in it while they live there to save more money.

[Anonymous]

Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of people under 30 are not ready to put down those type of roots. I think I read somewhere that the average age of first time homebuyers is 32.

No they aren’t but it’s smart to do it if you can and build equity. You can rent it out of buy but climbing the ladder seems to be the key. I know a few who waited (late 30’s) and it’s just too hard to save 300k for a downpayment for them to stay in this area.

When you're young you don't have to worry about school quality and can get a small place. What I see a lot of people in DC (including my own kid) is live with your parents for 2 years after college, save up for a downpayment on a condo or townhouse. Even if you don't want to stay in DC, you can rent it out until you're ready to sell. Some get the townhouse and then rent out the basement in it while they live there to save more money.

I know more people that have lost money renting out their place in DC than made money. Tenant laws are horrible for the owner…one bad tenant can cause you so much cost and grief. It really isn’t for the faint of heart if you are just finding people through an agent…maybe if you rent to friends or get into the IMF/World Bank pipeline.

[Anonymous]

I am 46. I don't know anyone who bought property before age 30. No one.

[Anonymous]

Anonymous wrote:I am 46. I don't know anyone who bought property before age 30. No one.

That’s just you.

[Anonymous]

Anonymous wrote:We bought our first home at 33/31 with no family money. That seemed to be around teh same time as many of our peers. I think people who do it before 30 have inheritance or parents who give them a down payment.

That is just something you tell yourself to justify why you didn’t buy earlier. Truthfully peer group tend to do things together. So once one friend buys a house they all tend to buy. Same thing for getting married and having kids.

The first in my peer group bought a studio apartment right out of college. We all bought within the next 18 months.

[Anonymous]

I am a real estate attorney who oversaw the closing of more than 50,000 properties over 2 decades. There is a home in almost every budget. When people are ready to buy they can certainly find something. Whether they are willing to buy in the budget they can afford is an individual preference. IMO younger people today are far less likely than previous generations to do so.

[Anonymous]

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you both don’t have student loans to pay off.

[Anonymous]

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

[Anonymous]

Anonymous wrote:I am a real estate attorney who oversaw the closing of more than 50,000 properties over 2 decades. There is a home in almost every budget. When people are ready to buy they can certainly find something. Whether they are willing to buy in the budget they can afford is an individual preference. IMO younger people today are far less likely than previous generations to do so.

I definitely think that what those under 30 consider as a starter home has changed in the past few decades. We are 52/53 and bought our first home 30 years ago. One of us was a second year public school teacher and the other worked at a private school. We bought a 2 bedroom 1.5 bath condo townhome with an unfinished basement.

[Anonymous]

No. Buy a condo then move every 2 years until you land softly.

Or move in with parents and save rent.

Stop paying $3500 for rent. You don’t need a fancy apartment not that $3500 even gets you one nowadays.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

If you didn’t get a higher paying job to offset your investment in a degree then that’s on you.

[Anonymous]

Anonymous wrote:No, they just need to live below their means and save. Using door dash constantly isn’t going to cut it if they don’t make a very good salary.

This type of post is preachy and absurd. The "make your own coffee" advice isn't going to accrue into being able to deal with current home prices, interest rates, and associated real estate taxes.