If you were born in 1990, how do you plan on ever affording a house?

[Anonymous]

Get a job in real estate and get a cut of the outrageous prices .

Duh

[Anonymous]

Anonymous wrote:Get a job in real estate and get a cut of the outrageous prices .

Duh

So we ARE back to 2004, when everyone was in RE...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:it's all about priorities .

If you really want a house you can figure it out.
Live at home Not an option for many people
2 years at Montgomery College $9000 tuition
2 years at U.Md $20000.

No clue if these numbers are right, but this could still be almost 30k in student loans assuming a part time job covers housing and living expenses

You have a degree in business , accounting , engineering or comp sci.

Get a job 75k.

Entry level jobs out of college are probably not paying quite that much and a masters will be needed to move up

Live in group house $500/mo. Student loan $300/mo
Other expenses $1000/ mo.

Group housing cost $500/month back in the mid-to-late 2000s. Also, if you want to free up money to save for a house and having kids some day, you better not just be paying $300/month toward a student loan. We have a $500/month min payment on 40k and are tripling that so we can afford kid #2.

That's 34500 in the bank every year. With raises over 5 years it will be about $200000.

Raises are often COL bumps eaten up by rising healthcare premiums to cover boomers

Get married . That person has $100000 saved since a little younger. Seriously, your plan involves banking on marrying someone with 100k saved?

Put down 150000 on a 700000 home.

Loan amount is 550000.


PIT is 3000 a month but with tax write off its equal to $2000 a month . My 550,000 mortgage without PMI is almost 3,300/month because taxes keep going up. And Tax write off goes down as you're paying principal more than interest. Taxes will keep going up.

Married Monthly income 75 k plus 50 k =125k

10450 gross. 6900 net. -3000 house. 3000 other expenses 900 savings/investment along with 150k you already have.

[b]3k in other expenses is childcare for 2. Or you can quit job and live off 75k and a 3,300/month mortgage. Or not have kids because home ownership of a 700k house precludes having a family on that salary.[b]

Your math and assumptions are terrible, and do not account for health insurance, income taxes, retirement savings, etc. iOW, you're terribly clueless.

All the math is based on net after taxes. Retirement savings could be the 150 k you still have invested or in the bank after the down payment and the 900 a month being saved now. You're only 27 at this point.

Agree, the math is totally delusional. This had to have been written by some out of touch dinosaur.

[Anonymous]

*Sorry, typed on iPad and messed up bolded responses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:^ sorry, meant which part is NOT relevant to someone born in 1990?

You're totally glossing over price levels and wages, especially for lowly ranked schools.

Nope. Stop the whining. We worked our butts off, started at the bottom career wise, and house wise, lived in crappy apartments and an awful fixer upper arhat we never really fixed up and played the long game. I'm 39, not a dinosaur.

Uh, to someone born in '90, yes, a dinosaur. The circumstances of the world sure as hell change in over a decade.

Yeah I'm 33 but baby brother is 23. Everything will be massively more expensive for him and I feel for the other kids in this age group.

I'm sorry, I don't get this. I graduated from college in 1991. After getting my Master's Degree, I made a whopping $15K a year. Houses were $150-$200K in bad neighborhoods. That might as well have been $3M. Felt the same as you feel now. People were buying in PG County then b/c it was much cheaper, just like it is now. It's all relative.

What did you major in? All the kids I know are majoring in practical fields ie comp sci, finance, pre med or dental, engineering. If you major in something thats hard and youre compensated well - it should be a stepping stone towards a decent middle class life.

I majored in economics with a master's in public policy. I worked on Capitol Hill. Not unusual. It paid off. I later went to law school. The point is that I made no money and I didn't have anyone to buy a house for me or bail me out. I had to make the sacrifices to do it myself. There was no golden era in DC.

[Anonymous]

Anonymous wrote:I think there is one bitter poster on here that keeps discarding people's well thought out, practical plan for sacrificing and saving for a reasonable home.
I certainly hope they are not representative of all millenials and that some people are reading and getting valid tips.
These posts are usually about "how can I buy a nice home right now" when the question is "how can I start to prepare right now to eventually buy a nice home in 10 years"

It's not 1 person. There is a huge paradigm shift taking place in this country right now and it is in effect shrinking the middle class. These posts are comimg up more frequently and the despair felt by millenials who worked hard and made all the right moves are seeing their prospects becoming worse with each passing year. We are the 1st generation be financially worse off than our parents. I'm an older millenial and feel fortunate to have already secured my forever home but only bc we were gifted half the downpayment as part of an unexpected inheritance. This is not everyones circumstance and the current policies favor further erosion of the middle class. Why does stating the crappy prospects get to you so much? Stop drinking from the Bob Boomer punchbowl.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:^ sorry, meant which part is NOT relevant to someone born in 1990?

You're totally glossing over price levels and wages, especially for lowly ranked schools.

Nope. Stop the whining. We worked our butts off, started at the bottom career wise, and house wise, lived in crappy apartments and an awful fixer upper arhat we never really fixed up and played the long game. I'm 39, not a dinosaur.

Uh, to someone born in '90, yes, a dinosaur. The circumstances of the world sure as hell change in over a decade.

Yeah I'm 33 but baby brother is 23. Everything will be massively more expensive for him and I feel for the other kids in this age group.

I'm sorry, I don't get this. I graduated from college in 1991. After getting my Master's Degree, I made a whopping $15K a year. Houses were $150-$200K in bad neighborhoods. That might as well have been $3M. Felt the same as you feel now. People were buying in PG County then b/c it was much cheaper, just like it is now. It's all relative.

What did you major in? All the kids I know are majoring in practical fields ie comp sci, finance, pre med or dental, engineering. If you major in something thats hard and youre compensated well - it should be a stepping stone towards a decent middle class life.

I majored in economics with a master's in public policy. I worked on Capitol Hill. Not unusual. It paid off. I later went to law school. The point is that I made no money and I didn't have anyone to buy a house for me or bail me out. I had to make the sacrifices to do it myself. There was no golden era in DC.

So basically you didnt have a high paying job - your luck or your choice. Some people go to school expecting a certain salary based on their skill set. The salary isnt guaranteed but it is fair to make market based assumptions.

Finance analyst out of school are making 60k at my company and physicians make 150k.

Bail outs are only for the banks silly rabbit!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think there is one bitter poster on here that keeps discarding people's well thought out, practical plan for sacrificing and saving for a reasonable home.
I certainly hope they are not representative of all millenials and that some people are reading and getting valid tips.
These posts are usually about "how can I buy a nice home right now" when the question is "how can I start to prepare right now to eventually buy a nice home in 10 years"

It's not 1 person. There is a huge paradigm shift taking place in this country right now and it is in effect shrinking the middle class. These posts are comimg up more frequently and the despair felt by millenials who worked hard and made all the right moves are seeing their prospects becoming worse with each passing year. We are the 1st generation be financially worse off than our parents. I'm an older millenial and feel fortunate to have already secured my forever home but only bc we were gifted half the downpayment as part of an unexpected inheritance. This is not everyones circumstance and the current policies favor further erosion of the middle class. Why does stating the crappy prospects get to you so much? Stop drinking from the Bob Boomer punchbowl.

No, there are $200k homes out there that aren't good enough for your generation, that we all started out in and yes, commuted like hell, to get to a point where we could move up and closer in when we were older.
You want to live in a dense urban area, in a hot market, with a short commute in your 20's and despite post after post telling you this is how most people EVENTUALLY get into a nice home, someone actually stated here that unless you make $200k you can't buy a home. Which is bullshit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think there is one bitter poster on here that keeps discarding people's well thought out, practical plan for sacrificing and saving for a reasonable home.
I certainly hope they are not representative of all millenials and that some people are reading and getting valid tips.
These posts are usually about "how can I buy a nice home right now" when the question is "how can I start to prepare right now to eventually buy a nice home in 10 years"

It's not 1 person. There is a huge paradigm shift taking place in this country right now and it is in effect shrinking the middle class. These posts are comimg up more frequently and the despair felt by millenials who worked hard and made all the right moves are seeing their prospects becoming worse with each passing year. We are the 1st generation be financially worse off than our parents. I'm an older millenial and feel fortunate to have already secured my forever home but only bc we were gifted half the downpayment as part of an unexpected inheritance. This is not everyones circumstance and the current policies favor further erosion of the middle class. Why does stating the crappy prospects get to you so much? Stop drinking from the Bob Boomer punchbowl.

No, there are $200k homes out there that aren't good enough for your generation, that we all started out in and yes, commuted like hell, to get to a point where we could move up and closer in when we were older.
You want to live in a dense urban area, in a hot market, with a short commute in your 20's and despite post after post telling you this is how most people EVENTUALLY get into a nice home, someone actually stated here that unless you make $200k you can't buy a home. Which is bullshit.

$200k homes? Are you looking in West Virginia? And pretend that is equivalent to your 90s commute from Vienna? You are daft. I am glad you made money on your home since your menta capacity for earned income is diminished.

[Anonymous]

Here ya go!


https://www.redfin.com/DC/Washington/107-Urell-Pl-NE-20011/home/10076819

https://www.redfin.com/VA/Lorton/8161-Cockburn-Ct-22079/unit-162/home/9823912

https://www.redfin.com/VA/Lorton/7680-Wolford-Way-22079/home/9824977

https://www.redfin.com/VA/West-Springfield/7228-Jillspring-Ct-22152/unit-28B/home/9775937

https://www.redfin.com/VA/Springfield/6633-Summer-Grape-Ct-22152/home/9767811


https://www.redfin.com/DC/Washington/2217-Rand-Pl-NE-20002/home/10109672


https://www.redfin.com/DC/Washington/1825-Otis-St-NE-20018/home/10101922

[Anonymous]

I have an 88 birth and I dunno. I kind of wonder if in the future, just like it's predicted that no one will own their own cars because it will be cheaper to just uber everywhere, if everyone will just AirBnB or rent places, and owning a house will become a thing of the past.

Honestly, I like the IDEA of owning a house.... but I think the reality would be kind of boring. Traveling and living in multiple cities seems more exciting, and I think it's shaping up to be a genuine possibility for people our age.

But... there are lots of people our age who do want to own their own house, and it sucks that those options are shooting so far downward.

[Anonymous]

I didn't read this thread, but WTF...people born in 1990 are old enough to buy a house? How is this possible?

[Anonymous]

Anonymous wrote:Here ya go!


https://www.redfin.com/DC/Washington/107-Urell-Pl-NE-20011/home/10076819

https://www.redfin.com/VA/Lorton/8161-Cockburn-Ct-22079/unit-162/home/9823912

https://www.redfin.com/VA/Lorton/7680-Wolford-Way-22079/home/9824977

https://www.redfin.com/VA/West-Springfield/7228-Jillspring-Ct-22152/unit-28B/home/9775937

https://www.redfin.com/VA/Springfield/6633-Summer-Grape-Ct-22152/home/9767811


https://www.redfin.com/DC/Washington/2217-Rand-Pl-NE-20002/home/10109672


https://www.redfin.com/DC/Washington/1825-Otis-St-NE-20018/home/10101922

Most of these are closer to 300k than 200k as a PP sugggested and the last one is 400k. Most will require a lot of money to maintain/update even if you DIY and for the VA locations (where I'm more familiar with) are not in hot areas with much appreciation potential.

If you really want to stick to a 200k budget, you can purchase this in Manassass https://www.zillow.com/homedetails/7806-Leland-Rd-Manassas-VA-20111/12451673_zpid/.

[Anonymous]

Anonymous wrote:I didn't read this thread, but WTF...people born in 1990 are old enough to buy a house? How is this possible?

They will be 27 this year.

And kids who were born in 2000 will be 18 and voting next year

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think there is one bitter poster on here that keeps discarding people's well thought out, practical plan for sacrificing and saving for a reasonable home.
I certainly hope they are not representative of all millenials and that some people are reading and getting valid tips.
These posts are usually about "how can I buy a nice home right now" when the question is "how can I start to prepare right now to eventually buy a nice home in 10 years"

It's not 1 person. There is a huge paradigm shift taking place in this country right now and it is in effect shrinking the middle class. These posts are comimg up more frequently and the despair felt by millenials who worked hard and made all the right moves are seeing their prospects becoming worse with each passing year. We are the 1st generation be financially worse off than our parents. I'm an older millenial and feel fortunate to have already secured my forever home but only bc we were gifted half the downpayment as part of an unexpected inheritance. This is not everyones circumstance and the current policies favor further erosion of the middle class. Why does stating the crappy prospects get to you so much? Stop drinking from the Bob Boomer punchbowl.

No, there are $200k homes out there that aren't good enough for your generation, that we all started out in and yes, commuted like hell, to get to a point where we could move up and closer in when we were older.
You want to live in a dense urban area, in a hot market, with a short commute in your 20's and despite post after post telling you this is how most people EVENTUALLY get into a nice home, someone actually stated here that unless you make $200k you can't buy a home. Which is bullshit.

$200k homes? Are you looking in West Virginia? And pretend that is equivalent to your 90s commute from Vienna? You are daft. I am glad you made money on your home since your menta capacity for earned income is diminished.

+1