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

[Anonymous]

X commiserating with the millennial. Thing is there is a lot of money here, family money, wealth transfer. We bought in 2010 in S Arlington for 535. With my student loans the only way we could afford to buy was the VA loan that my husband had. We make 250k but still are confused how people do it. Everyone we know has a bigger nicer house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You buy something...say, a townhouse in a growing neighborhood and build equity. Sell in 5-7 years. Use equity and savings to buy a small house. Renovate and live there or sell and move on up.

Buying houses is a long, slow, lifelong grind for the middle class. It's certainly not impossible, but it's not super fun either.

Foolish! You don't build equity in 5-7 years generally. The cost to buy and sell a house will eat up 6% anyway. You will make only tiny principal payments in 5 years anyway. The house may appreciate or it may not. It's too little time for equity building

Agreed. People saying 5-7 years are giving terrible advice.

Yup that ship has sailed. I've come across homes in neighborhoods inside the beltway that are listed for the same amount they sold for in 2006...sometimes less.

C'MON people, do you remember the housing bust in 2008 / 2009? It was a huge bubble in 2005 / 06 and everyone knew prices were crazy! Then Obama regulated the mortgage industry, now Trump will deregulate again. Just remember, location, location, location. Check out Pike n Rose in North Bethesda -gorgeous and cheap, great starter condos and new. I made bank after buying a condo new & reselling.

[Anonymous]

Anonymous wrote:Buy a house in north college park. The houses are cheap now but they will be going up because the area is on the metro and is undergoing redevelopment . It's convenient to everything and the purple line will be going in soon. You can get a house for 250k now .

Great advice!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Buy a house in north college park. The houses are cheap now but they will be going up because the area is on the metro and is undergoing redevelopment . It's convenient to everything and the purple line will be going in soon. You can get a house for 250k now .

Great advice!

I've been in real estate since 1985 and this is a sure bet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Buy a house in north college park. The houses are cheap now but they will be going up because the area is on the metro and is undergoing redevelopment . It's convenient to everything and the purple line will be going in soon. You can get a house for 250k now .

Great advice!

I've been in real estate since 1985 and this is a sure bet.

The area has true anchors of strength. A large Big Ten institution with the 3rd highest SAT scores in the Big Ten ( only behind Michigan and Northwestern). Nearby NASA and probably the FBI. Federal installations include national Archives, NOAAs national weather prediction center, homeland security's center of international languages, the American physics institute , the FDA , Raytheon.

The new 4 star hotel and conference center with Elizabeth Arden and other luxury tenents and restaurants , the new fat boys barbecue and milkboy concert venue , big ten sports events are huge , when you have Michigan , Nebraska , Ohio state , Illinois , Indiana , Michigan State , Iowa , Minnesota , Penn State coming to town every year it's a pretty good economic situation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

Nah we played outside as kids and processed foods didn't exist. Your sedentary computer lifestyle is diabetes central.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

So what are you complaining about? You can save up and buy a house when you're 200 years old while maintaining your finicky tastes!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

Nah we played outside as kids and processed foods didn't exist. Your sedentary computer lifestyle is diabetes central.

And and now you guys are old, wrinkly and obese. where did it all go so wrong?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

Nah we played outside as kids and processed foods didn't exist. Your sedentary computer lifestyle is diabetes central.

And and now you guys are old, wrinkly and obese. where did it all go so wrong?

I'm a millenial and you make no sense, you are embarrassing. People our age are fatter and unhealthier than ever before. I look at women in their early 20s with guts like middle aged men flapping over their low rise jeans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

Nah we played outside as kids and processed foods didn't exist. Your sedentary computer lifestyle is diabetes central.

And and now you guys are old, wrinkly and obese. where did it all go so wrong?

I'm a millenial and you make no sense, you are embarrassing. People our age are fatter and unhealthier than ever before. I look at women in their early 20s with guts like middle aged men flapping over their low rise jeans.

And old people are fatter than ever before. Do you find it embarrassing when a baby boomer makes generalizations about diabetes and a "sedentary computer lifestyle"?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

Nah we played outside as kids and processed foods didn't exist. Your sedentary computer lifestyle is diabetes central.

And and now you guys are old, wrinkly and obese. where did it all go so wrong?

I'm a millenial and you make no sense, you are embarrassing. People our age are fatter and unhealthier than ever before. I look at women in their early 20s with guts like middle aged men flapping over their low rise jeans.

And old people are fatter than ever before. Do you find it embarrassing when a baby boomer makes generalizations about diabetes and a "sedentary computer lifestyle"?

You sling insults about getting wrinkles and eating soft food, as if we millenials somehow will be able to avoid that. It was really silly and then you somehoe draw some conclusion that millenials will avoid aging due to medical advances.

I will say thougj, that there's no denying the sedentary modern lifestyle. You can't even compare the two generations on that account. I was justvin Orlando for a conference and felt like i was surrounded by the people from wall-e. These were young people like myself. Really gross.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

Nah we played outside as kids and processed foods didn't exist. Your sedentary computer lifestyle is diabetes central.

And and now you guys are old, wrinkly and obese. where did it all go so wrong?

I'm a millenial and you make no sense, you are embarrassing. People our age are fatter and unhealthier than ever before. I look at women in their early 20s with guts like middle aged men flapping over their low rise jeans.

And old people are fatter than ever before. Do you find it embarrassing when a baby boomer makes generalizations about diabetes and a "sedentary computer lifestyle"?

This might be true, but I am SHOCKED at how fat millenials are. We did not have guts hanging over our pants at 25. We just didn't. The clothes are so tight. No one wants to see your jiggly ass. I'm a gen xer. Actually, most of my friends are still in shape. No guts and jiggly asses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

An econ grad who worked on the Hill and here totally glosses over the variability in circumstance and its impact on peoples' ability to buy a house? Unintentionally demonstrates the role of luck in these things.

What luck? I don't have rich parents. Do you know what it was like to make $15K a year with no parental help? Even in 1993? I had 5 roommates and sucked it up. I went to law school. I still have $100K in law school debt. When I bought my first house, my parents couldn't help. I bought it in Brookland, which was the equivalent to Anacostia at the time. Not really a popular place.

Having an economics degree and being involved in legislation and still being blind to the role circumstance play does not make you look like a sharp tack. That you came back and doubled down makes you look even denser. When clueless folks have things work out for them, they always think it's to their credit. Lol.

Dense about what? I don't understand your comment. What role of circumstances? My father has a third grade education. You meant those types of circumstances? Not having family money - you mean those types of circumstances? Living on ramen noodles and never expecting anyone to do ANYTHING for me - those circumstances? I bought my first house using DCs first time home buyer program. They give you up to $80K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Gosh, what a bunch of crybabies.

When I graduated from school, mortgage interest rates were around 17 percent. So I got a roommate and just rented an apartment. When I bought my first house at age 30, the rates were 13 percent. I bought a simple, 3 bedroom 2bath house in a very working class neighborhood in the South. Fixed it up, held onto it until in tripled in value, then moved to an even lower cost area for my 4 bedroom, 3 bath home with lake access. I was 45.

We boomers bought small, waited, and moved up as the economy allowed.

Millennials want everything NOW and they want it to be HGTV perfect, with the perfect school district.

And they want avocado turkey Breast sandwiches with chai lemon iced tea and a chop salad for lunch . Netflix and Rock climbing gym with unlimited data plan with a hybrid engine.

And baby boomers want their pills cut into their mashed banana with metamucil mixed in. they want extra guard rails around the toilet in their room, and lfor their attendant to let them "win" at chess. Hey I guess everyone can play this game

But you are going to need that too. And we did without the finicky expensive habits of milennials.

Who knows, with the Health advances being made. And we're not there now, and you are. Now eat those bananas.

Nah we played outside as kids and processed foods didn't exist. Your sedentary computer lifestyle is diabetes central.

And and now you guys are old, wrinkly and obese. where did it all go so wrong?

I'm a millenial and you make no sense, you are embarrassing. People our age are fatter and unhealthier than ever before. I look at women in their early 20s with guts like middle aged men flapping over their low rise jeans.

And old people are fatter than ever before. Do you find it embarrassing when a baby boomer makes generalizations about diabetes and a "sedentary computer lifestyle"?

This might be true, but I am SHOCKED at how fat millenials are. We did not have guts hanging over our pants at 25. We just didn't. The clothes are so tight. No one wants to see your jiggly ass. I'm a gen xer. Actually, most of my friends are still in shape. No guts and jiggly asses.

And most of my friends are in shape too. I'm a millennial. But the fact is on a statistical level things have changed for every single age group. Obesity is much higher across the board. So the slinging of rocks at millennial's as if it's the only group with a higher BMI is absurd and ridiculous