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

[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.

It is one thing to not be able to buy a house at 22. But when you are 35 before you can afford anything, you aren't looking for a starter home.

[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.

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.

I have an even better one. I was friends with a NYC garbage man years ago. He started work on his 18th birthday and retired on his 38th birthday. 20 years. He bought home in Florida at 25 and rented it to get mortgage done by 38. He then got married to a smoking hot 25 year old girl who also still lived at home and never went to college. She also retired. They had a few kids and he had a good pension and medical for life. I say he launched better than all of us. At 38 retired and a paid off house. I know he also bought stocks like crazy. In 1990s Apple, Microsoft type stocks. I bet he is worth many millions. Stupid him buying tech stock and real estate from 18-38 instead of partying

[Anonymous]

Anonymous wrote:

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.

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.

I have an even better one. I was friends with a NYC garbage man years ago. He started work on his 18th birthday and retired on his 38th birthday. 20 years. He bought home in Florida at 25 and rented it to get mortgage done by 38. He then got married to a smoking hot 25 year old girl who also still lived at home and never went to college. She also retired. They had a few kids and he had a good pension and medical for life. I say he launched better than all of us. At 38 retired and a paid off house. I know he also bought stocks like crazy. In 1990s Apple, Microsoft type stocks. I bet he is worth many millions. Stupid him buying tech stock and real estate from 18-38 instead of partying

Cool story bro