I’m sorry... if someone can’t afford a million dollar house by 40, they’re never going too? |
2.5-3 bedroom condos. DH did sleep in the den of his condo because it had a balcony he preferred. hah We had savings from college graduation money and savings from working, so there was equity. (I saved 8k my first year on the job only making 40k in DC). |
Two high incomes, buying in mid-30s in our case. No family money, although one of us did graduate college with no debt which I think counts. We snowballed the other's SL-debt and lived cheap while we paid it off and then after to save downpayment. |
"plus the equity from a TH we bought 10 years ago."
Starting just after the bust is really a big part of the answer. There are many GenXers who first lost in the dot com bust and then again in the great recession. |
Agreed! I'm a millennial who bought during the bust. There were a lot of foreclosures and cheap houses in 08-10 |
A 40 year old isn't a millenial |
+2 Most of the ones I know are candid that they had significant help from one or both set of parents. I know others who may not have had it on this purchase, but were able to leverage gains on a smaller property that their parents helped them with in their very early 20s. |
Where did you buy around here with lots of foreclosures that has now risen? We were looking in Arlington and prices barely dipped. |
- Bought a Townhome in 2001 right out of college. Sold for $200k profit in 2007. Easy to get loan back then.
- Invested in crypto around early 2015 and took out half of the profit in Dec 2017. - Saved over 10 years - HHI 500k - Paid 1.8 million, all cash |
This post makes me feel good and gives me hope. We might buy a condo or continue to rent and keep our heads down and keep saving 5k a month + whatever our raises are for the next few years so we can pay off our SL debt and save for our "big home". We are in our early 30s, so it may coincide with us having a child at 36/37.
Thanks for the inspiration. |
We are in medical industry and current income without weekend work is $310,000. I bought my condo at 22 after 4 years in the Navy and my husband bought his condo at age 24 after 7 years in the Navy. |
As I wrote, the roommate income paid part of the mortgage and condo fee, not all of it. The roommate had the bedroom. I had a pullown trundle bed in the living room and my husband had a futon in his living room. For the VA loans both of the upfront costs were mitigated somewhat because we were wounded in battle and got a reduction for that |
Condo was getting luck on a bubble. Crypto same thing. You must have rich parents b/c you bought young and like gambling. |
I’m 36. No one I know has climbed the property ladder. All of my friends and acquaintances went from renting to buying these homes in one of two ways 1. Family help 2. Two high incomes, and most of the couples have one spouse at a hedge fund or similar type of finance job |
Here are a few paths -
1. Help from parents 2. Bought a condo at 25, sold it when they got married and bought a townhouse at 30, sold the TH with kid #2 on the way, bought a $800k SFM at 35, did some nice renovations, sold at a good time, bought with significant equity 3. Bought a $800k home at 28-33, got used to paying $3000/mo + in childcare. Youngest goes to kindergarten and money saved gets applied to a larger mortgage. 4. Bought a condo/TH/SFH by living with roommates and eating ramen. Sold at a good time. Combine with hitting the career point where people are promoted to VP, Partner, Director. MD specialists are finishing residency and fellowships. |