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

[Anonymous]

Gen X doesn't want to hear your complaining. Gen X is tired of your bitching.

[Anonymous]

Anonymous wrote:

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

I don't think boomers like hearing this or offering compassion because it ruins the "I DESERVE this because I EARNED it, they don't have it simply because they didn't work as hard" narrative.

It's a lot harder to feel pride over your lovely, highly-appreciated house when you realize that a lot of the reason you were able to get said house was a quirk of being born at the right time. It's a lot easier just to call millennials lazy or "too demanding" and ignore the statistics of what is happening on a nationwide-scale to the housing market

[Anonymous]

^boomers or gen-xers

[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

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.

Aw, you're cute. People have been saying that for at least 30 years?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

I don't think boomers like hearing this or offering compassion because it ruins the "I DESERVE this because I EARNED it, they don't have it simply because they didn't work as hard" narrative.

It's a lot harder to feel pride over your lovely, highly-appreciated house when you realize that a lot of the reason you were able to get said house was a quirk of being born at the right time. It's a lot easier just to call millennials lazy or "too demanding" and ignore the statistics of what is happening on a nationwide-scale to the housing market

Wow, you are out of touch. You realize there are plenty of people who can't buy houses. And plenty of gen xers who couldn't before you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

I don't think boomers like hearing this or offering compassion because it ruins the "I DESERVE this because I EARNED it, they don't have it simply because they didn't work as hard" narrative.

It's a lot harder to feel pride over your lovely, highly-appreciated house when you realize that a lot of the reason you were able to get said house was a quirk of being born at the right time. It's a lot easier just to call millennials lazy or "too demanding" and ignore the statistics of what is happening on a nationwide-scale to the housing market

Wow, you are out of touch. You realize there are plenty of people who can't buy houses. And plenty of gen xers who couldn't before you.

There certainly are. But that doesn't change statistical fact about what is happening in the housing market. And the fact that the "starter home" is pretty much dying as a possibility for young people

Out of touch? Look in the mirror. And look at a newspaper, while you're at it.

[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.

Bullshit -

Love and Kisses,
Prior generation

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

I don't think boomers like hearing this or offering compassion because it ruins the "I DESERVE this because I EARNED it, they don't have it simply because they didn't work as hard" narrative.

It's a lot harder to feel pride over your lovely, highly-appreciated house when you realize that a lot of the reason you were able to get said house was a quirk of being born at the right time. It's a lot easier just to call millennials lazy or "too demanding" and ignore the statistics of what is happening on a nationwide-scale to the housing market

Wow, you are out of touch. You realize there are plenty of people who can't buy houses. And plenty of gen xers who couldn't before you.

There certainly are. But that doesn't change statistical fact about what is happening in the housing market. And the fact that the "starter home" is pretty much dying as a possibility for young people

Out of touch? Look in the mirror. And look at a newspaper, while you're at it.

Oh please, junior, my generation invented the internet. Don't give me that newspaper crap. I was using a computer before you were born, literally. You can buy are starter home, you just don't like the starter home you can buy.

Example, my starter home was a crappy 2 bed 2 bath we bought for 200k in 1995 in the middle of a crappy little neighborhood with hookers and drug dealers. No one wanted to live there. Logan Circle was just a crappy little place to buy.

Maybe you will get lucky and 20 years from now Manasas will by HOT.

[Anonymous]

Agree with posters above, starter home is cheap house in bad neighborhood. You can't buy a nice SFH in Ward 3. Get over yourself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

I don't think boomers like hearing this or offering compassion because it ruins the "I DESERVE this because I EARNED it, they don't have it simply because they didn't work as hard" narrative.

It's a lot harder to feel pride over your lovely, highly-appreciated house when you realize that a lot of the reason you were able to get said house was a quirk of being born at the right time. It's a lot easier just to call millennials lazy or "too demanding" and ignore the statistics of what is happening on a nationwide-scale to the housing market

Wow, you are out of touch. You realize there are plenty of people who can't buy houses. And plenty of gen xers who couldn't before you.

There certainly are. But that doesn't change statistical fact about what is happening in the housing market. And the fact that the "starter home" is pretty much dying as a possibility for young people

Out of touch? Look in the mirror. And look at a newspaper, while you're at it.

Oh please, junior, my generation invented the internet. Don't give me that newspaper crap. I was using a computer before you were born, literally. You can buy are starter home, you just don't like the starter home you can buy.

Example, my starter home was a crappy 2 bed 2 bath we bought for 200k in 1995 in the middle of a crappy little neighborhood with hookers and drug dealers. No one wanted to live there. Logan Circle was just a crappy little place to buy.

Maybe you will get lucky and 20 years from now Manasas will by HOT.

Your generation may have an invented the internet, but given your general cluelessness and out-of-touchness, I'm gonna go out on a limb and guess that you had nothing at all to do with it.

And... if you're not aware, newspapers are available online. So you really have no excuse to be so totally delusional when it comes to your dismissal of the differences in the housing market when you bought vs buying now.

Come on grandpa. It's time to enter 2017. You can do it.

[Anonymous]

Anonymous wrote:

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.

Bullshit -

Love and Kisses,
Prior generation

I think your lack of ability to respond to any of PP's points speaks volumes

Love and Kisses,
Current generation

[Anonymous]

Anonymous wrote:I'm a young x-er/late millennial who is lucky to have rich parents who paid for law school and then my husband and i both ended up in much better career trajectories than our friends. Some was hard work and smarts on our part, but some was just luck (including our smarts - not everyone has that). We are in a $1.4m house with 60% equity.

All that said, i have no idea how regular people with regular jobs born in 1990 are ever going to be able to afford a house in DC without an outrageous comment. It's BS when people say stuff like "I bought next to a crack house; i lived for two years with my parents; i didn't eat out for 5 years".

So you're making $50k out of college. Sure, some college kids make more than that. Most don't. Jobs out of college are shitty for most kids these days. Even if you live with your parents and literally do not spend a penny of your money for 5 years (no savings, no 401k, etc), you end up with $150k after 5 years. But that's not anyone's reality. You need to save, and have a 401k, and eat, and pay for a car and/or commute. So in reality, in some insanely frugal world, you save $10k-$15k a year. After 5 years of socking that away, that doesn't buy you a 1 bedroom apartment in a safe part of DC. More likely on $50k, you're saving about $5-10k a year.

The comments about not eating out or having room mates or expecting granite are red herrings. That's not the difference between being able to buy and not.

I just did a search and found many nice, older condos and coops in NW DC for $250k and up. That is absolutely affordable at current interest rates for the $50k earner saving $5k or more per year! That said, when I bought in '93, I was making 65k and my Courthouse / Arlington condo was $150k, brand new, lovely. I never should have sold it, but was nervous about renting it out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm a young x-er/late millennial who is lucky to have rich parents who paid for law school and then my husband and i both ended up in much better career trajectories than our friends. Some was hard work and smarts on our part, but some was just luck (including our smarts - not everyone has that). We are in a $1.4m house with 60% equity.

All that said, i have no idea how regular people with regular jobs born in 1990 are ever going to be able to afford a house in DC without an outrageous comment. It's BS when people say stuff like "I bought next to a crack house; i lived for two years with my parents; i didn't eat out for 5 years".

So you're making $50k out of college. Sure, some college kids make more than that. Most don't. Jobs out of college are shitty for most kids these days. Even if you live with your parents and literally do not spend a penny of your money for 5 years (no savings, no 401k, etc), you end up with $150k after 5 years. But that's not anyone's reality. You need to save, and have a 401k, and eat, and pay for a car and/or commute. So in reality, in some insanely frugal world, you save $10k-$15k a year. After 5 years of socking that away, that doesn't buy you a 1 bedroom apartment in a safe part of DC. More likely on $50k, you're saving about $5-10k a year.

The comments about not eating out or having room mates or expecting granite are red herrings. That's not the difference between being able to buy and not.

I just did a search and found many nice, older condos and coops in NW DC for $250k and up. That is absolutely affordable at current interest rates for the $50k earner saving $5k or more per year! That said, when I bought in '93, I was making 65k and my Courthouse / Arlington condo was $150k, brand new, lovely. I never should have sold it, but was nervous about renting it out.

22:24 here - mortgage rates were also 8% in '93, not 4% like today, so there's that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm a young x-er/late millennial who is lucky to have rich parents who paid for law school and then my husband and i both ended up in much better career trajectories than our friends. Some was hard work and smarts on our part, but some was just luck (including our smarts - not everyone has that). We are in a $1.4m house with 60% equity.

All that said, i have no idea how regular people with regular jobs born in 1990 are ever going to be able to afford a house in DC without an outrageous comment. It's BS when people say stuff like "I bought next to a crack house; i lived for two years with my parents; i didn't eat out for 5 years".

So you're making $50k out of college. Sure, some college kids make more than that. Most don't. Jobs out of college are shitty for most kids these days. Even if you live with your parents and literally do not spend a penny of your money for 5 years (no savings, no 401k, etc), you end up with $150k after 5 years. But that's not anyone's reality. You need to save, and have a 401k, and eat, and pay for a car and/or commute. So in reality, in some insanely frugal world, you save $10k-$15k a year. After 5 years of socking that away, that doesn't buy you a 1 bedroom apartment in a safe part of DC. More likely on $50k, you're saving about $5-10k a year.

The comments about not eating out or having room mates or expecting granite are red herrings. That's not the difference between being able to buy and not.

I just did a search and found many nice, older condos and coops in NW DC for $250k and up. That is absolutely affordable at current interest rates for the $50k earner saving $5k or more per year! That said, when I bought in '93, I was making 65k and my Courthouse / Arlington condo was $150k, brand new, lovely. I never should have sold it, but was nervous about renting it out.

PITI on those older condos are $1200, and often have significant condo fees (which are generally not listed on zillow/redfin) -- let's say $500 which is pretty conservative. So you are looking at $1700 payment on condo per month. Out of a gross of $4100 a month. 40%of gross income for a condo.

And note, older condos are cheap because ... AGAIN CONDOS MAKE TERRIBLE STARTER HOMES BECAUSE THEY DON"T APPRECIATE.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm a young x-er/late millennial who is lucky to have rich parents who paid for law school and then my husband and i both ended up in much better career trajectories than our friends. Some was hard work and smarts on our part, but some was just luck (including our smarts - not everyone has that). We are in a $1.4m house with 60% equity.

All that said, i have no idea how regular people with regular jobs born in 1990 are ever going to be able to afford a house in DC without an outrageous comment. It's BS when people say stuff like "I bought next to a crack house; i lived for two years with my parents; i didn't eat out for 5 years".

So you're making $50k out of college. Sure, some college kids make more than that. Most don't. Jobs out of college are shitty for most kids these days. Even if you live with your parents and literally do not spend a penny of your money for 5 years (no savings, no 401k, etc), you end up with $150k after 5 years. But that's not anyone's reality. You need to save, and have a 401k, and eat, and pay for a car and/or commute. So in reality, in some insanely frugal world, you save $10k-$15k a year. After 5 years of socking that away, that doesn't buy you a 1 bedroom apartment in a safe part of DC. More likely on $50k, you're saving about $5-10k a year.

The comments about not eating out or having room mates or expecting granite are red herrings. That's not the difference between being able to buy and not.

I just did a search and found many nice, older condos and coops in NW DC for $250k and up. That is absolutely affordable at current interest rates for the $50k earner saving $5k or more per year! That said, when I bought in '93, I was making 65k and my Courthouse / Arlington condo was $150k, brand new, lovely. I never should have sold it, but was nervous about renting it out.

22:24 here - mortgage rates were also 8% in '93, not 4% like today, so there's that.

If mortgage rates went up, we'd actually have a better chance at buying into the market. QE has inflated housing to the sky. Enjoy your price appreciation while it lasts. Without immigrants to add to the population and increased monetary tightening, housing won't continue to appreciate at their current levels. Don't pay now for Gen X'ers kid to go to college or for Boomer's retirement today, when you can have their home for a much better value tomorrow. Better days ahead, keep your head up!