Anyone else who will likely never be a home owner?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
OK. I'll bite. I'm a gen xer in my mid-40s. What systemic barriers did you face that i didn't?

Multiple recessions

Gen Xer here who graduated college in a recession and spent years underwater on a condo during the Great Recession of 2008. I also had unpaid parental leave and had to pay 100% of my student loans even though I’ve spent my career in public service.

What recession did you graduate from college in?

Gen-X here -- graduated during early 90's. Could not get a job. PhDs were driving cabs. Look it up

yep! I graduated in 1990, had to work two retail jobs to pay the bills.

For how long? That's not really a sob story. Poor little thing had to work retail after college!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
OK. I'll bite. I'm a gen xer in my mid-40s. What systemic barriers did you face that i didn't?

Multiple recessions

Gen Xer here who graduated college in a recession and spent years underwater on a condo during the Great Recession of 2008. I also had unpaid parental leave and had to pay 100% of my student loans even though I’ve spent my career in public service.

What recession did you graduate from college in?

Gen-X here -- graduated during early 90's. Could not get a job. PhDs were driving cabs. Look it up

yep! I graduated in 1990, had to work two retail jobs to pay the bills.

So did I. I saved my money until I could get a job in my field. Then I kept saving. Bought homes in NWDC and a beach house. This is a you problem.

[Anonymous]

I feel for people who want to own a home right now. Since there is so much money in the DC area, home prices in the area aren't really dropping significantly even though interest rates are so high. My husband and I paid $650K for our house in 2014, and with our 3.6% interest rate, we pay just under $3,200 PITI a month for our house in a modest neighborhood in Potomac. Our house has gone up over $250K since we bought it. And with our interest rate, we have paid down a significant portion of our loan, so we have about $400K of equity in it. A similar house in terrible condition is on the market near us for $850K, and according to zillow it would cost $5,111 a month PITI, assuming you put 20% down. And that is for a house in terrible condition that requires a ton of work. There is no way we could afford to buy in our neighborhood now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
OK. I'll bite. I'm a gen xer in my mid-40s. What systemic barriers did you face that i didn't?

Multiple recessions

Gen Xer here who graduated college in a recession and spent years underwater on a condo during the Great Recession of 2008. I also had unpaid parental leave and had to pay 100% of my student loans even though I’ve spent my career in public service.

What recession did you graduate from college in?

Gen-X here -- graduated during early 90's. Could not get a job. PhDs were driving cabs. Look it up

yep! I graduated in 1990, had to work two retail jobs to pay the bills.

For how long? That's not really a sob story. Poor little thing had to work retail after college!

I worked three jobs, and two of them were pretty crappy bosses! I knew from growing up in a lower income environment that saving and making money was my only way out, I watched and I learned what I did not want for my own life. Meanwhile my friends had their hair styled professionally, nails (sculptured at the time) were always on point, clothing spectacular and they had credit card bills out the a... It was a matter of choices, I wanted to own my own condo more than anything. I accomplished that by my mid twenties because I worked multiple jobs even while in school. Did it suck, yes, but so did growing up poor and hungry. I have a good life now because I sacrificed while so many of my long time friends did not and they are paying that price now.

[Anonymous]

Anonymous wrote:I feel for people who want to own a home right now. Since there is so much money in the DC area, home prices in the area aren't really dropping significantly even though interest rates are so high. My husband and I paid $650K for our house in 2014, and with our 3.6% interest rate, we pay just under $3,200 PITI a month for our house in a modest neighborhood in Potomac. Our house has gone up over $250K since we bought it. And with our interest rate, we have paid down a significant portion of our loan, so we have about $400K of equity in it. A similar house in terrible condition is on the market near us for $850K, and according to zillow it would cost $5,111 a month PITI, assuming you put 20% down. And that is for a house in terrible condition that requires a ton of work. There is no way we could afford to buy in our neighborhood now.

Thank you for such a sensible and compassionate post.

[Anonymous]

Anonymous wrote:I feel for people who want to own a home right now. Since there is so much money in the DC area, home prices in the area aren't really dropping significantly even though interest rates are so high. My husband and I paid $650K for our house in 2014, and with our 3.6% interest rate, we pay just under $3,200 PITI a month for our house in a modest neighborhood in Potomac. Our house has gone up over $250K since we bought it. And with our interest rate, we have paid down a significant portion of our loan, so we have about $400K of equity in it. A similar house in terrible condition is on the market near us for $850K, and according to zillow it would cost $5,111 a month PITI, assuming you put 20% down. And that is for a house in terrible condition that requires a ton of work. There is no way we could afford to buy in our neighborhood now.

Then you move to an area you can afford and commute, which is how most people start with home ownership. It took us thirty years to be able to purchase inside the beltway, thirty f g years! We still lived in great neighborhoods and had a nice roof over our heads. Took some time to move up the property ladder but we took the commute we could not afford anything else and lived within our means so we could continue to move closer in, four houses later we accomplished that goal. I'm not moving again!

[Anonymous]

Anonymous wrote:I feel for people who want to own a home right now. Since there is so much money in the DC area, home prices in the area aren't really dropping significantly even though interest rates are so high. My husband and I paid $650K for our house in 2014, and with our 3.6% interest rate, we pay just under $3,200 PITI a month for our house in a modest neighborhood in Potomac. Our house has gone up over $250K since we bought it. And with our interest rate, we have paid down a significant portion of our loan, so we have about $400K of equity in it. A similar house in terrible condition is on the market near us for $850K, and according to zillow it would cost $5,111 a month PITI, assuming you put 20% down. And that is for a house in terrible condition that requires a ton of work. There is no way we could afford to buy in our neighborhood now.

I don't, and I'm one of them. It's only been a tough market to buy for the past 2 years and it's going to get better soon. That's a short time for people who have truly been saving like they should.

[Anonymous]

I mostly agree that the key here is putting up with a commute in order to buy. I saw an earlier poster say that they didn’t want to live a commuter lifestyle in their 30s. Obviously a personal choice—but truth is most people/parents who work in DC but can’t afford to buy what they want super close in have a commute and get along just fine.

I’m more familiar with Maryland so I’d recommend looking at areas close to a MARC. In particular, there are some affordable areas near BWI, which has some of the most regular train service and can really make for a pretty easy commute as long as you can commit to the train life. Is it 20 minutes? Well, no. But you can certainly make it in an hour-ish, notably less depending on your specific start and end points and if you can get on the express MARCs or Amtrak trains. We have friends in Catonsville who do that commute 2-3x a week and don’t mind it, while also enjoying Catonsville’s overall sort of quirky vibe.

I recognize that if you both have to go in 5x a week and have little kids that necessitate pick-up/drop-offs that may not be a trade-off you’re willing to make. If that’s the case, then I’d look for other avenues to invest your money. Homeownership isn’t everything and you can make a lovely home in a rental.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
OK. I'll bite. I'm a gen xer in my mid-40s. What systemic barriers did you face that i didn't?

Multiple recessions

Gen Xer here who graduated college in a recession and spent years underwater on a condo during the Great Recession of 2008. I also had unpaid parental leave and had to pay 100% of my student loans even though I’ve spent my career in public service.

What recession did you graduate from college in?

Gen-X here -- graduated during early 90's. Could not get a job. PhDs were driving cabs. Look it up

yep! I graduated in 1990, had to work two retail jobs to pay the bills.

For how long? That's not really a sob story. Poor little thing had to work retail after college!

+1

I worked retail full-time while in college and after college.
Then wasted too much time in underpaid nonprofit work.
Even scrubbed toilets as an "admin assistant" and this was with a college degree.
So ... No sympathy here.

[Anonymous]

Anonymous wrote:I mostly agree that the key here is putting up with a commute in order to buy. I saw an earlier poster say that they didn’t want to live a commuter lifestyle in their 30s. Obviously a personal choice—but truth is most people/parents who work in DC but can’t afford to buy what they want super close in have a commute and get along just fine.

I’m more familiar with Maryland so I’d recommend looking at areas close to a MARC. In particular, there are some affordable areas near BWI, which has some of the most regular train service and can really make for a pretty easy commute as long as you can commit to the train life. Is it 20 minutes? Well, no. But you can certainly make it in an hour-ish, notably less depending on your specific start and end points and if you can get on the express MARCs or Amtrak trains. We have friends in Catonsville who do that commute 2-3x a week and don’t mind it, while also enjoying Catonsville’s overall sort of quirky vibe.

I recognize that if you both have to go in 5x a week and have little kids that necessitate pick-up/drop-offs that may not be a trade-off you’re willing to make. If that’s the case, then I’d look for other avenues to invest your money. Homeownership isn’t everything and you can make a lovely home in a rental.

+1

Also many jobs have embraced telework. The feds are the most noteworthy. Putting up with a commute once or twice a week is tolerable, even if it is 1.5 hrs one way (and that's an extreme). Besides near BWI, there is upper north MoCo (Poolesville, Boyd, Clarkburg, etc.) and then lower Frederick County (Urbana, Frederick city, Myersville, etc). Everyone can't afford Arlington, Bethesda, Alexandria, and Rockville but there are options. Yes, there will be a commute but imo anything under an hour one way is tolerable; especially if you don't have to do it everyday or you can rely on public transporation.

I also agree that owning isn't for everyone. Renting has a place. Keep the rent low and max out retirement, make 529 contributions, invest in stocks and bonds, etc. Make it work for your situation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I feel for people who want to own a home right now. Since there is so much money in the DC area, home prices in the area aren't really dropping significantly even though interest rates are so high. My husband and I paid $650K for our house in 2014, and with our 3.6% interest rate, we pay just under $3,200 PITI a month for our house in a modest neighborhood in Potomac. Our house has gone up over $250K since we bought it. And with our interest rate, we have paid down a significant portion of our loan, so we have about $400K of equity in it. A similar house in terrible condition is on the market near us for $850K, and according to zillow it would cost $5,111 a month PITI, assuming you put 20% down. And that is for a house in terrible condition that requires a ton of work. There is no way we could afford to buy in our neighborhood now.

Then you move to an area you can afford and commute, which is how most people start with home ownership. It took us thirty years to be able to purchase inside the beltway, thirty f g years! We still lived in great neighborhoods and had a nice roof over our heads. Took some time to move up the property ladder but we took the commute we could not afford anything else and lived within our means so we could continue to move closer in, four houses later we accomplished that goal. I'm not moving again!

#goals

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
OK. I'll bite. I'm a gen xer in my mid-40s. What systemic barriers did you face that i didn't?

Multiple recessions

Gen Xer here who graduated college in a recession and spent years underwater on a condo during the Great Recession of 2008. I also had unpaid parental leave and had to pay 100% of my student loans even though I’ve spent my career in public service.

What recession did you graduate from college in?

Gen-X here -- graduated during early 90's. Could not get a job. PhDs were driving cabs. Look it up

yep! I graduated in 1990, had to work two retail jobs to pay the bills.

For how long? That's not really a sob story. Poor little thing had to work retail after college!

I worked three jobs, and two of them were pretty crappy bosses! I knew from growing up in a lower income environment that saving and making money was my only way out, I watched and I learned what I did not want for my own life. Meanwhile my friends had their hair styled professionally, nails (sculptured at the time) were always on point, clothing spectacular and they had credit card bills out the a... It was a matter of choices, I wanted to own my own condo more than anything. I accomplished that by my mid twenties because I worked multiple jobs even while in school. Did it suck, yes, but so did growing up poor and hungry. I have a good life now because I sacrificed while so many of my long time friends did not and they are paying that price now.

Ok ... You're only young once and you still sound envious of your friends.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
OK. I'll bite. I'm a gen xer in my mid-40s. What systemic barriers did you face that i didn't?

Multiple recessions

Gen Xer here who graduated college in a recession and spent years underwater on a condo during the Great Recession of 2008. I also had unpaid parental leave and had to pay 100% of my student loans even though I’ve spent my career in public service.

What recession did you graduate from college in?

Gen-X here -- graduated during early 90's. Could not get a job. PhDs were driving cabs. Look it up

yep! I graduated in 1990, had to work two retail jobs to pay the bills.

For how long? That's not really a sob story. Poor little thing had to work retail after college!

I worked three jobs, and two of them were pretty crappy bosses! I knew from growing up in a lower income environment that saving and making money was my only way out, I watched and I learned what I did not want for my own life. Meanwhile my friends had their hair styled professionally, nails (sculptured at the time) were always on point, clothing spectacular and they had credit card bills out the a... It was a matter of choices, I wanted to own my own condo more than anything. I accomplished that by my mid twenties because I worked multiple jobs even while in school. Did it suck, yes, but so did growing up poor and hungry. I have a good life now because I sacrificed while so many of my long time friends did not and they are paying that price now.

Ok ... You're only young once and you still sound envious of your friends.

Correction, I was never envious of them, I actually felt sorry for them. I see that I was able to join them at clubs without going for their excesses, I did not need the nails or a new outfit every time and I got the same attention. Missed out on nothing, did everything I wanted to do and am very happy with my life choices. I'd love to share with you the disaster some of their choices have left them, but I don't want to put their lives all over an anonymous board. Suffice it say, I've never not been happy with my choices and have never looked in the mirror and muttered, "poor me." Choices, we all have the freedom to make them just as you chose to insult me with your own insecurities. Live well!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
OK. I'll bite. I'm a gen xer in my mid-40s. What systemic barriers did you face that i didn't?

Multiple recessions

Gen Xer here who graduated college in a recession and spent years underwater on a condo during the Great Recession of 2008. I also had unpaid parental leave and had to pay 100% of my student loans even though I’ve spent my career in public service.

What recession did you graduate from college in?

Gen-X here -- graduated during early 90's. Could not get a job. PhDs were driving cabs. Look it up

yep! I graduated in 1990, had to work two retail jobs to pay the bills.

For how long? That's not really a sob story. Poor little thing had to work retail after college!

I worked three jobs, and two of them were pretty crappy bosses! I knew from growing up in a lower income environment that saving and making money was my only way out, I watched and I learned what I did not want for my own life. Meanwhile my friends had their hair styled professionally, nails (sculptured at the time) were always on point, clothing spectacular and they had credit card bills out the a... It was a matter of choices, I wanted to own my own condo more than anything. I accomplished that by my mid twenties because I worked multiple jobs even while in school. Did it suck, yes, but so did growing up poor and hungry. I have a good life now because I sacrificed while so many of my long time friends did not and they are paying that price now.

Ok ... You're only young once and you still sound envious of your friends.

And this in a nutshell describes the people on this post looking for sympathy about not being in a position to buy a house. You have reversed the tried and true formula of saving in your youth and working hard in your youth so you can enjoy your life as your age. You want everything given to you even though you have chosen not to make the sacrifices others have made, be it a commute or multiple jobs or few children. YOUTH IS WAISTED ON THE YOUNG, because it comes with niativity and sadly selfish choices that most likely will not benefit you in the long run.

I have a niece and her loser husband who lived this way, don't need to own, could care less, traveled without reservation about the future consequences. She owns a house now because her parents finally got sick of the crap and made the down payment for them, only after they whined and whined about the 3,500.00 per month rent cost killing them. I guess she wins in the end, but did she? Or was she just bailed out be an older parent (who really could not afford this generosity) who will put her retirement plans aside to compensate for their wasteful ways in their youth. I would never do this to my parents, never.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I feel for people who want to own a home right now. Since there is so much money in the DC area, home prices in the area aren't really dropping significantly even though interest rates are so high. My husband and I paid $650K for our house in 2014, and with our 3.6% interest rate, we pay just under $3,200 PITI a month for our house in a modest neighborhood in Potomac. Our house has gone up over $250K since we bought it. And with our interest rate, we have paid down a significant portion of our loan, so we have about $400K of equity in it. A similar house in terrible condition is on the market near us for $850K, and according to zillow it would cost $5,111 a month PITI, assuming you put 20% down. And that is for a house in terrible condition that requires a ton of work. There is no way we could afford to buy in our neighborhood now.

Then you move to an area you can afford and commute, which is how most people start with home ownership. It took us thirty years to be able to purchase inside the beltway, thirty f g years! We still lived in great neighborhoods and had a nice roof over our heads. Took some time to move up the property ladder but we took the commute we could not afford anything else and lived within our means so we could continue to move closer in, four houses later we accomplished that goal. I'm not moving again!

#goals

+1