When were people in the DC area able to afford their first house?

[Anonymous]

We bought the year we married, age 32. Each of us could have afforded a house before then, but we both rented.

[Anonymous]

Anonymous wrote:

Zahlfan wrote:Just curious about when people were able to afford a house in the DC area. I purchased my first house at age 39 (I didn't have any help, and I purchased by myself). I am wondering whether most people purchase their first house with some help from family (and jointly with a partner).

I think most people who were raised here and stayed here got help from mommy and daddy

I'm the PP upthread who bought at age 22. I was born and raised here. I bought my first home before my parents bought theirs. They are lifelong renters. I also paid for every single penny of college each semester with a FT restaursnt job and finished in 4 years.

I wish your theory were true. Would be amazing to have generous parents with money

[Anonymous]

With DH at age 24 in 2016. We had significant family help as I assume most people purchasing around our age did.

[Anonymous]

We bought at 29 on H Street/Capitol Hill as former college sweethearts. No family help, but it was the bottom of the recession in 2008. We also bought next door to a legit crack house, which kept the price down. Fortunately, the drug house was knocked down about 6 months after we bought and the lot was redeveloped.

[Anonymous]

We purchased our first home in 2001 when we were both 25. We are both from here and did not have help from family, however we were moving back to the area after grad school and had our relocation expenses (closing costs, movers, etc) paid by my company. We also put very little down (5%) on that first house.

We sold that house in 2008 and bought the house we currently live in and were able to put down 20%.

[Anonymous]

I bought a condo at age 25 in far out SS, no help (but no school debt). Sold it at 30 and used the $$ towards our home in a close in neighborhood. DH had done something similar, so between the 2 sales we had a nice downpayment on our current home (22 years now).

[Anonymous]

Age 28 with DH, also 28. But, we bought in 2003 on Capitol Hill. We didn’t have family help, but only put down 10%. We also had no undergrad loans, although we both had grad school loans, including 100K in Law school loans for DH.

We still own that house as a rental and now own a house in Chevy Chase that we live in with our kids at 43.

[Anonymous]

I was 29 and DH was 33. Two floors of a rowhouse in Shaw. No family help at all.

[Anonymous]

27 in 2006. No help from family. Unfortunately, the timing was bad so we had to stay a few extra years to save up again to sell it.

[Anonymous]

25 for townhouse, 31 for SFH. But my DH was biglaw, so that helped us qualify. Inlaws loaned us the down payment on the townhouse (with interest) which we have since repaid. We later refied the house to a 15 year mortgage, so will pay it off at age 50.

[Anonymous]

At age 40 in 2003 shortly after I got married for the first time. We needed the two paychecks - no help from family.

[Anonymous]

Condo at 23. Pushing 40 and still can't afford a townhouse or SFH in a better neighborhood.

[Anonymous]

Anonymous wrote:Condo at 23. Pushing 40 and still can't afford a townhouse or SFH in a better neighborhood.

PP. Will I add that I was single, am still single, and have no family help. The upside is that I have no real need to trade up to something larger, as what I have is sufficient for one person. I do wish I had space for guests.

[Anonymous]

We were 31/32, but we put 5% down on a 350K house in PG county, so we weren’t exactly shooting for the stars with our purchase.

[Anonymous]

Anonymous wrote:

Zahlfan wrote:Just curious about when people were able to afford a house in the DC area. I purchased my first house at age 39 (I didn't have any help, and I purchased by myself). I am wondering whether most people purchase their first house with some help from family (and jointly with a partner).

I think most people who were raised here and stayed here got help from mommy and daddy

What would makr you think that?

I was born and raised here and still live here and my parents never had the means to help me.