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

[Anonymous]

So you have to live in BFE Virginia to afford a townhouse less than 200k? Wow. The housing market is even worse than I thought

If there's anywhere in this country you would think would have reasonable prices, it's rural Virginia, which is like Appalachia-trailer-park territory.

We really are screwed.

[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.

Mannassas. We commuted from there to D.C. for years. And try townhomes or condos. Or are you actually insisting on a SFH for your starter home? There's your entitlement showing

[Anonymous]

Anonymous wrote:

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.

Mannassas. We commuted from there to D.C. for years. And try townhomes or condos. Or are you actually insisting on a SFH for your starter home? There's your entitlement showing

Why not just move to Alabama then? If youre living so far into a rural area, in a freaking townhouse... I mean, what's the point? Can you even claim to be living in DC? I don't think so.

[Anonymous]

Anonymous wrote:So you have to live in BFE Virginia to afford a townhouse less than 200k? Wow. The housing market is even worse than I thought

If there's anywhere in this country you would think would have reasonable prices, it's rural Virginia, which is like Appalachia-trailer-park territory.

We really are screwed.

This is exactly what I'm taking about. You do NOY have to have a SFH with a short commute for your first home. Your straw man is ridiculous. If you actually wanted to purchase a home, starting with a town home in PG County or elsewhere and taking public transportation is a necessary evil in eventually getting a closer in, nicer home. What you keep sneering at is anything less than a SFH in DC proper at $500k, which, yes, is out of most people's reach for a starter home.
Ignoring all the options between that and rural West Virginia and throwing up your hands in defeat is what makes people roll their eyes at your generation

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Mannassas. We commuted from there to D.C. for years. And try townhomes or condos. Or are you actually insisting on a SFH for your starter home? There's your entitlement showing

Why not just move to Alabama then? If youre living so far into a rural area, in a freaking townhouse... I mean, what's the point? Can you even claim to be living in DC? I don't think so.

Soooo you won't own a home because your wants are greater than you can afford. Simple. But don't say you can't afford a home. You can't afford the home you want. Big difference. Join the club!

[Anonymous]

Anonymous wrote:

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.

Mannassas. We commuted from there to D.C. for years. And try townhomes or condos. Or are you actually insisting on a SFH for your starter home? There's your entitlement showing

And which years were these? Because traffic along 66 continues to get worse. It could easily be 90 min - 2 hours one way to commute to D.C. From Manassass during rush hour.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So you have to live in BFE Virginia to afford a townhouse less than 200k? Wow. The housing market is even worse than I thought

If there's anywhere in this country you would think would have reasonable prices, it's rural Virginia, which is like Appalachia-trailer-park territory.

We really are screwed.

This is exactly what I'm taking about. You do NOY have to have a SFH with a short commute for your first home. Your straw man is ridiculous. If you actually wanted to purchase a home, starting with a town home in PG County or elsewhere and taking public transportation is a necessary evil in eventually getting a closer in, nicer home. What you keep sneering at is anything less than a SFH in DC proper at $500k, which, yes, is out of most people's reach for a starter home.
Ignoring all the options between that and rural West Virginia and throwing up your hands in defeat is what makes people roll their eyes at your generation

I don't want that, and I am not the OP you were responding to.

What we are talking about is, in terms of inflation, housing stock that has become increasingly unaffordable in anything approaching an area that many would like to live in. It's okay to want to live in a close in, nice suburb and not have to commute an hour plus twice a day to get to work. What we are talking about is the total and complete lack of "starter homes" in close in Washington. What we are talking about is home prices that have sky-rocketed compared to what our parents were dealing with, let alone grandparents- an almost unprecedented pricing out of young people.

But, you just want to do the "This is your fault- you're not okay with living out of a van in the George Washington forest, whiny millennials" spiel. Who am I to ruin that simple pleasure for you

[Anonymous]

I'm an older millennial searching for our first home. Went house hunting today. Yes, there are things we can afford out there. No, they are not houses I want to live in. So we keep renting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So you have to live in BFE Virginia to afford a townhouse less than 200k? Wow. The housing market is even worse than I thought

If there's anywhere in this country you would think would have reasonable prices, it's rural Virginia, which is like Appalachia-trailer-park territory.

We really are screwed.

This is exactly what I'm taking about. You do NOY have to have a SFH with a short commute for your first home. Your straw man is ridiculous. If you actually wanted to purchase a home, starting with a town home in PG County or elsewhere and taking public transportation is a necessary evil in eventually getting a closer in, nicer home. What you keep sneering at is anything less than a SFH in DC proper at $500k, which, yes, is out of most people's reach for a starter home.
Ignoring all the options between that and rural West Virginia and throwing up your hands in defeat is what makes people roll their eyes at your generation

You don't understand this bc your first home was a house and enjoyed unprecedented appreciation, but townhomes and condos are TERRIBLE starter homes bc they do NOT appreciate. We live in a townhouse in North Arlington that has not appreciated since 2003. Meanwhiles, SFH have doubled.

A TH in Springfield, Manassas, or PG county? Talk about throwing money away, renting is a better deal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Mannassas. We commuted from there to D.C. for years. And try townhomes or condos. Or are you actually insisting on a SFH for your starter home? There's your entitlement showing

Why not just move to Alabama then? If youre living so far into a rural area, in a freaking townhouse... I mean, what's the point? Can you even claim to be living in DC? I don't think so.

Soooo you won't own a home because your wants are greater than you can afford. Simple. But don't say you can't afford a home. You can't afford the home you want. Big difference. Join the club!

By that logic someone with a thousand bucks to their name shouldn't complain about not being able to afford a house- because TECHNICALLY they could move to the Sudan and buy a house there. Obviously people are talking about wanting homes with a reasonable commute time, perhaps close to the area they have built a life, friendships, etc

I mean, duh.

[Anonymous]

Millennial here. I just purchased a 1200 sq foot townhouse in Falls Church for $600,000.

In 2000, the townhouse I purchased was sold for $190,000.

In today's dollars, indexed for CPI, purchasing the townhouse for $190,000 in 2000 would have been like purchasing it for $268,783.80 today.

$268,783.80 in 2000 bought you a townhouse which was 17 years younger, had a stellar commute to DC, and was in a top school pyramid.

We purchased the townhouse from a single guy with a totally nondescript job in IT. And he probably didn't have to save for the house while paying off crushingly high student loans, because his education cost a lot less. Seller was able to move on to a $800,000 SFH only because of the equity he "earned" (he told us as much), but not due to any great professional or financial achievement.

In order to purchase the same house the seller bought 17 years ago, it took two incomes for us. And my spouse works as a consultant for a top firm.

Prior generations absolutely did NOT have to make the sacrifices millennials have to make. Things like a great commute, top schools, and affordable housing was far more accessible to more "normal" people.

And, no, these people were not commuting into DC from Manassas in 2017 traffic. Not even close.

[Anonymous]

Anonymous wrote:Millennial here. I just purchased a 1200 sq foot townhouse in Falls Church for $600,000.

In 2000, the townhouse I purchased was sold for $190,000.

In today's dollars, indexed for CPI, purchasing the townhouse for $190,000 in 2000 would have been like purchasing it for $268,783.80 today.

$268,783.80 in 2000 bought you a townhouse which was 17 years younger, had a stellar commute to DC, and was in a top school pyramid.

We purchased the townhouse from a single guy with a totally nondescript job in IT. And he probably didn't have to save for the house while paying off crushingly high student loans, because his education cost a lot less. Seller was able to move on to a $800,000 SFH only because of the equity he "earned" (he told us as much), but not due to any great professional or financial achievement.

In order to purchase the same house the seller bought 17 years ago, it took two incomes for us. And my spouse works as a consultant for a top firm.

Prior generations absolutely did NOT have to make the sacrifices millennials have to make. Things like a great commute, top schools, and affordable housing was far more accessible to more "normal" people.

And, no, these people were not commuting into DC from Manassas in 2017 traffic. Not even close.

B-b-but there are houses in Detroit going for less than $600k!!! If you were serious about wanting a house you would just live there!!1!!!1!!!!

(sarcasm, in case it wasn't obvious)

[Anonymous]

Anonymous wrote:Millennial here. I just purchased a 1200 sq foot townhouse in Falls Church for $600,000.

In 2000, the townhouse I purchased was sold for $190,000.

In today's dollars, indexed for CPI, purchasing the townhouse for $190,000 in 2000 would have been like purchasing it for $268,783.80 today.

$268,783.80 in 2000 bought you a townhouse which was 17 years younger, had a stellar commute to DC, and was in a top school pyramid.

We purchased the townhouse from a single guy with a totally nondescript job in IT. And he probably didn't have to save for the house while paying off crushingly high student loans, because his education cost a lot less. Seller was able to move on to a $800,000 SFH only because of the equity he "earned" (he told us as much), but not due to any great professional or financial achievement.

In order to purchase the same house the seller bought 17 years ago, it took two incomes for us. And my spouse works as a consultant for a top firm.

Prior generations absolutely did NOT have to make the sacrifices millennials have to make. Things like a great commute, top schools, and affordable housing was far more accessible to more "normal" people.

And, no, these people were not commuting into DC from Manassas in 2017 traffic. Not even close.

+10000. THIS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Mannassas. We commuted from there to D.C. for years. And try townhomes or condos. Or are you actually insisting on a SFH for your starter home? There's your entitlement showing

Why not just move to Alabama then? If youre living so far into a rural area, in a freaking townhouse... I mean, what's the point? Can you even claim to be living in DC? I don't think so.

Soooo you won't own a home because your wants are greater than you can afford. Simple. But don't say you can't afford a home. You can't afford the home you want. Big difference. Join the club!

But it's not even about not being able to afford what we want. Most people can't afford what they want. It's that the location of these 200k starter homes that millenials should be flavoring to buy (or else they are HGTV-loving snowflakes) are in locations that are essentially barely a part of the DMV. You lose the benefit of being anywhere near jobs or transit, and these exurbs have not held their value during economic downturns the way other areas have that the pro-gentrification crowd brags about making so much money off of in order the afford their next home.

At this point, many millenials are better off renting or moving to a different city. Which many will. But it doesn't mean they aren't allowed to be disappointed at the growing income disparity and lack of high paying job prospects. I know boomers with HS degrees who started at the bottom and worked their way up in major companies. But now, a HS degree will never allow for that and many entry positions have been replaced by technology. You now need a college and likely a grad degree ($$$) to have even a shot at the economic prospects older generations had.

Get your head out of the sand if you really think millenials are not facing an entirely different economy than our country has seen before.
And

[Anonymous]

Clamoring not favoring!