Genz and millennials don't want your small starter homes want forever homes now

[Anonymous]

Anonymous wrote:

Cherry-picked BS.

[Anonymous]

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

You are saying that houses are
unaffordable unless payiments are under 30% of someones income. That is an absurdly low cutoff that is not based in reality. People are able to easily qualify for a mortgage with a DTI up to 40%. With a 20% downpayment this house is affordable for someone with a household Income of 100k, with a 10% downpayment this house is affordable to someone with a household income of 115k. The median household income in MOCO is 130k, so this house is affordable people with a household income that is 75% of the median in the county. It is an affordable starter home for people with moderate income levels in the county.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Despite all the btching, millennials are the richest generation in history. And they don't give a fck about having kids, so that expense is out of the way. They want big houses and nice cars. Millennials are just Boomers 2.0.

Only a small percentage of millennials are wealthy though bc the income gap is the greatest it’s ever been w this generation.

PP, and I agree. And they're demanding big houses. For all the supposed hate between the millennials and boomers, history is definitely rhyming with their extravagant tastes and puerile entitlement.

I guess my point was that the majority of millennials cannot afford even a starter home because of this extreme income inequality and the ones in this generation who are “demanding” and “entitled” are a very small percentage of millennials. Also, millennials are ages 29-44 now and most are struggling financially even though they’ve been out of college and working for many years at this point. They are Not just starting out their adult lives—that would be gen z.

Tell them to get off their phones and get a better job and a second job. Save, live frugally and they can buy a house.

Oh yes Grandpa, that $2.50 a day they will save giving up coffee will surely make up the $1,500,000 difference in price between when you bought your house and now...

I just want to know where you're buying coffee for $2.50. Most of the coffee I see is double that and more.

[Anonymous]

Anonymous wrote:

And? Franklin is one of the most expensive suburbs of Nashville. There are far more affordable areas.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

$170k is not that crazy for a married couple a few years out of college. That’s $85k each. That’s when we bought our first townhome - 25.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

$170k is not that crazy for a married couple a few years out of college. That’s $85k each. That’s when we bought our first townhome - 25.

It's not crazy but it's also not at all the norm. Most white collar jobs fresh out of college start a lot closer to $40k than $85K. The fact that you have to put all of these caveats on a starter home simply proves my point. "Of course there are affordable starter homes, as long as you went to college AND got a higher-than-average paying job AND you have a long-term partner AND they also went to college AND they also work a higher-than-average paying job."

If a "starter home" is only affordable to the luckiest fraction of the population it's not exactly a starter home, is it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

$170k is not that crazy for a married couple a few years out of college. That’s $85k each. That’s when we bought our first townhome - 25.

It's not crazy but it's also not at all the norm. Most white collar jobs fresh out of college start a lot closer to $40k than $85K. The fact that you have to put all of these caveats on a starter home simply proves my point. "Of course there are affordable starter homes, as long as you went to college AND got a higher-than-average paying job AND you have a long-term partner AND they also went to college AND they also work a higher-than-average paying job."

If a "starter home" is only affordable to the luckiest fraction of the population it's not exactly a starter home, is it?

+1

I think also the higher paying employers are not hiring many kids straight out of college. They all want somebody else to get them trained up to be productive. I got my "entry-level" job paying $40k at age 28. Yes I am 40 yo now and making over $150k now, and that makes me very privileged, especially with a similar earning spouse. But until age 35, it was very difficult to build up the $100k+ downpayment. Even when we bought it was with a $50k gift from my parents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

My 24 year old daughter makes 90k and my 23 year old daughter makes 80K. If they wanted to buy that house together they make $170k. A cop and nurse easily buys that home at a young age.

And there is a thing as second jobs and boarders. My MIL moved to US at 19 and they bought a house after 8 years. A very small fixer upper cape on a 40x100 . plot my MIL was a seamstress, he was a watchmaker 40 hours a week and tool and die guy the other 20 hours. So between the two of them they worked 100 hours a week. They house they bought had two borders upstairs. Older men, they got three meals daily. MY MIL kept them for a few years and her two kids slept in living room downstairs. Husband kept up 60 hours a week and she did night shift part time at supermarket up the block. Was not easy People forget how hard it was. They just look at the cheap prices. My own mom as a full time worker only made $40 dollars a week when she got married. After bills and such she be lucky to save 4-5 dollars a week. Homes were cheap. But even at 15K for a home imagine saving up for it $5 dollars a week to get down payment of 25 percent as pre fannie mae and freddie mac loans banks often wanted more down.

And on home above no one says you have to live in it. My friend bought a home at 26 by living at home. He bought a SFH with a tenant in place. He continued to live at home till married at 35. They he moved to basement of home he owned. He then had two kids by 40 they kicked out tenants as mortgage now paid off as he prepaid. They people ask him how do you afford such an expensive home on a blue collar salary. Well that is how you do it.

[Anonymous]

Why should you be able to buy a house right out of college? No one I know (Gen X) did that. We all lived in group houses in our 20s and saved.

My husband and I didn't buy my first house until my 30s. This is normal if you don't come from family money. You work and save, and gasp, live with roommates.

[Anonymous]

Anonymous wrote:Why should you be able to buy a house right out of college? No one I know (Gen X) did that. We all lived in group houses in our 20s and saved.

My husband and I didn't buy my first house until my 30s. This is normal if you don't come from family money. You work and save, and gasp, live with roommates.

I agree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

You are saying that houses are
unaffordable unless payiments are under 30% of someones income. That is an absurdly low cutoff that is not based in reality. People are able to easily qualify for a mortgage with a DTI up to 40%. With a 20% downpayment this house is affordable for someone with a household Income of 100k, with a 10% downpayment this house is affordable to someone with a household income of 115k. The median household income in MOCO is 130k, so this house is affordable people with a household income that is 75% of the median in the county. It is an affordable starter home for people with moderate income levels in the county.

Yikes, foreclosure or bankruptcy advice

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

$170k is not that crazy for a married couple a few years out of college. That’s $85k each. That’s when we bought our first townhome - 25.

It's not crazy but it's also not at all the norm. Most white collar jobs fresh out of college start a lot closer to $40k than $85K. The fact that you have to put all of these caveats on a starter home simply proves my point. "Of course there are affordable starter homes, as long as you went to college AND got a higher-than-average paying job AND you have a long-term partner AND they also went to college AND they also work a higher-than-average paying job."

If a "starter home" is only affordable to the luckiest fraction of the population it's not exactly a starter home, is it?

Absolutely. This kind of income is not that common, especially outside of the dc bubble.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

My 24 year old daughter makes 90k and my 23 year old daughter makes 80K. If they wanted to buy that house together they make $170k. A cop and nurse easily buys that home at a young age.

And there is a thing as second jobs and boarders. My MIL moved to US at 19 and they bought a house after 8 years. A very small fixer upper cape on a 40x100 . plot my MIL was a seamstress, he was a watchmaker 40 hours a week and tool and die guy the other 20 hours. So between the two of them they worked 100 hours a week. They house they bought had two borders upstairs. Older men, they got three meals daily. MY MIL kept them for a few years and her two kids slept in living room downstairs. Husband kept up 60 hours a week and she did night shift part time at supermarket up the block. Was not easy People forget how hard it was. They just look at the cheap prices. My own mom as a full time worker only made $40 dollars a week when she got married. After bills and such she be lucky to save 4-5 dollars a week. Homes were cheap. But even at 15K for a home imagine saving up for it $5 dollars a week to get down payment of 25 percent as pre fannie mae and freddie mac loans banks often wanted more down.

And on home above no one says you have to live in it. My friend bought a home at 26 by living at home. He bought a SFH with a tenant in place. He continued to live at home till married at 35. They he moved to basement of home he owned. He then had two kids by 40 they kicked out tenants as mortgage now paid off as he prepaid. They people ask him how do you afford such an expensive home on a blue collar salary. Well that is how you do it.

LOL
No thanks. I doubt many of you old folks would want your kids living with you until 35. Talk about failure to launch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Three starter homes for sale in Rockville for $499,000 near metro. There are starter homes. Just not in Georgetown or McLean


https://www.redfin.com/MD/Rockville/1221-Highwood-Rd-20851/home/10512952

$4040 a month in PITI means you need to be making almost $170k for it to be affordable. That's not a starter home income.

$170k is not that crazy for a married couple a few years out of college. That’s $85k each. That’s when we bought our first townhome - 25.

It's not crazy but it's also not at all the norm. Most white collar jobs fresh out of college start a lot closer to $40k than $85K. The fact that you have to put all of these caveats on a starter home simply proves my point. "Of course there are affordable starter homes, as long as you went to college AND got a higher-than-average paying job AND you have a long-term partner AND they also went to college AND they also work a higher-than-average paying job."

If a "starter home" is only affordable to the luckiest fraction of the population it's not exactly a starter home, is it?

I don't view owning at starter home as a single person at age 25 as the entitlement that you do. Most people are married before they buy a home. Most are married several years before they buy a home.