Anyone else who will likely never be a home owner?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck!

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.

Amen.

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder. I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy.

How would I have afforded to buy a property while in school and making no income? What about people who graduated in say 2019 and needed to work a few years to save up for a down payment? You don’t make any sense. The cost of housing right now in every corner of America is vastly less affordable than it was just a year ago. Not everyone was in a position to buy last year or before that, and even if they could it was very hard to “win” a bidding war.

We're supposed to cry because 24 year olds can't buy right now? There's been a 2-year blip of homes being either overly priced, high interest rates, or both. Just ride it out and you'll be in a great position to buy in 6-18 months.

This - if you truly graduated in 219 why are you complaining? I bought a condo in my late 20s and yes, I got lucky with the appreciation and that is what started me on the property ladder. But yeah, I had to save and get on the right track for 6ish years after graduating to do that.

Now, if you’re actually in your early 30s or something complaining, that’s on you.

This is basically the Republican mindset in a nutshell: if you are struggling financially, it is because you are loser or stupid, or both. That makes it easy not to care.

I never even implied that anyone who doesn’t own a home is a loser or stupid. I responded to a post talking about someone who graduated from college a few years ago and is complaining they can’t break into the market. Neither could I at that age! But for people who are a bit older and lamenting the market over the last few years, it could be a different story. I do hear a lot of excuses and refusal to compromise from friends who still rent. They want everything just the way they want it if they’re going to buy and at some point you just have to do it if you ever want to realize any gains.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck!

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.

Amen.

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder. I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy.

How would I have afforded to buy a property while in school and making no income? What about people who graduated in say 2019 and needed to work a few years to save up for a down payment? You don’t make any sense. The cost of housing right now in every corner of America is vastly less affordable than it was just a year ago. Not everyone was in a position to buy last year or before that, and even if they could it was very hard to “win” a bidding war.

We're supposed to cry because 24 year olds can't buy right now? There's been a 2-year blip of homes being either overly priced, high interest rates, or both. Just ride it out and you'll be in a great position to buy in 6-18 months.

This - if you truly graduated in 219 why are you complaining? I bought a condo in my late 20s and yes, I got lucky with the appreciation and that is what started me on the property ladder. But yeah, I had to save and get on the right track for 6ish years after graduating to do that.

Now, if you’re actually in your early 30s or something complaining, that’s on you.

This is basically the Republican mindset in a nutshell: if you are struggling financially, it is because you are loser or stupid, or both. That makes it easy not to care.

I never even implied that anyone who doesn’t own a home is a loser or stupid. I responded to a post talking about someone who graduated from college a few years ago and is complaining they can’t break into the market. Neither could I at that age! But for people who are a bit older and lamenting the market over the last few years, it could be a different story. I do hear a lot of excuses and refusal to compromise from friends who still rent. They want everything just the way they want it if they’re going to buy and at some point you just have to do it if you ever want to realize any gains.

You wrote, "if you’re actually in your early 30s or something complaining, that’s on you." Sure, maybe the people are too demanding. But you have no way of knowing that. Just easier to sweep aside the complaints that recognize that there might be things that have benefited you making it harder for someone else. That is the core of the Republican outlook.

[Anonymous]

We bought our first house at 30. It was a 3/2 with a small lot and we used a FHA loan. Nothing fancy. We were there 14 years and DIY most of the work.

Let me guess? That's not good enough for most posters here, who would term it a sh*t shack.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck!

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.

Amen.

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder. I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy.

How would I have afforded to buy a property while in school and making no income? What about people who graduated in say 2019 and needed to work a few years to save up for a down payment? You don’t make any sense. The cost of housing right now in every corner of America is vastly less affordable than it was just a year ago. Not everyone was in a position to buy last year or before that, and even if they could it was very hard to “win” a bidding war.

We're supposed to cry because 24 year olds can't buy right now? There's been a 2-year blip of homes being either overly priced, high interest rates, or both. Just ride it out and you'll be in a great position to buy in 6-18 months.

This - if you truly graduated in 219 why are you complaining? I bought a condo in my late 20s and yes, I got lucky with the appreciation and that is what started me on the property ladder. But yeah, I had to save and get on the right track for 6ish years after graduating to do that.

Now, if you’re actually in your early 30s or something complaining, that’s on you.

This is basically the Republican mindset in a nutshell: if you are struggling financially, it is because you are loser or stupid, or both. That makes it easy not to care.

I never even implied that anyone who doesn’t own a home is a loser or stupid. I responded to a post talking about someone who graduated from college a few years ago and is complaining they can’t break into the market. Neither could I at that age! But for people who are a bit older and lamenting the market over the last few years, it could be a different story. I do hear a lot of excuses and refusal to compromise from friends who still rent. They want everything just the way they want it if they’re going to buy and at some point you just have to do it if you ever want to realize any gains.

You wrote, "if you’re actually in your early 30s or something complaining, that’s on you." Sure, maybe the people are too demanding. But you have no way of knowing that. Just easier to sweep aside the complaints that recognize that there might be things that have benefited you making it harder for someone else. That is the core of the Republican outlook.

Sure. I have no way of knowing everyone’s specific situation. What I do know is that for people who have a lower income there are many programs available in this area to help with first-time homeownership. Yes, it’s a tough market. Yes, it’s not easy in general. But there are a lot of options available and I am certainly not going to believe that for the majority of people it isn’t possible eventually if you want it.

I’m not sure exactly what you think the problem actually is or how I am benefitting from anything or made anything harder for anyone else as a millennial who owns exactly one property myself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck!

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.

Amen.

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder. I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy.

How would I have afforded to buy a property while in school and making no income? What about people who graduated in say 2019 and needed to work a few years to save up for a down payment? You don’t make any sense. The cost of housing right now in every corner of America is vastly less affordable than it was just a year ago. Not everyone was in a position to buy last year or before that, and even if they could it was very hard to “win” a bidding war.

We're supposed to cry because 24 year olds can't buy right now? There's been a 2-year blip of homes being either overly priced, high interest rates, or both. Just ride it out and you'll be in a great position to buy in 6-18 months.

This - if you truly graduated in 219 why are you complaining? I bought a condo in my late 20s and yes, I got lucky with the appreciation and that is what started me on the property ladder. But yeah, I had to save and get on the right track for 6ish years after graduating to do that.

Now, if you’re actually in your early 30s or something complaining, that’s on you.

Yes, because it seems you’re immortal!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck!

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.

Amen.

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder. I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy.

How would I have afforded to buy a property while in school and making no income? What about people who graduated in say 2019 and needed to work a few years to save up for a down payment? You don’t make any sense. The cost of housing right now in every corner of America is vastly less affordable than it was just a year ago. Not everyone was in a position to buy last year or before that, and even if they could it was very hard to “win” a bidding war.

We're supposed to cry because 24 year olds can't buy right now? There's been a 2-year blip of homes being either overly priced, high interest rates, or both. Just ride it out and you'll be in a great position to buy in 6-18 months.

This - if you truly graduated in 219 why are you complaining? I bought a condo in my late 20s and yes, I got lucky with the appreciation and that is what started me on the property ladder. But yeah, I had to save and get on the right track for 6ish years after graduating to do that.

Now, if you’re actually in your early 30s or something complaining, that’s on you.

This is basically the Republican mindset in a nutshell: if you are struggling financially, it is because you are loser or stupid, or both. That makes it easy not to care.

I never even implied that anyone who doesn’t own a home is a loser or stupid. I responded to a post talking about someone who graduated from college a few years ago and is complaining they can’t break into the market. Neither could I at that age! But for people who are a bit older and lamenting the market over the last few years, it could be a different story. I do hear a lot of excuses and refusal to compromise from friends who still rent. They want everything just the way they want it if they’re going to buy and at some point you just have to do it if you ever want to realize any gains.

We were long time renters before we bought. I would not say renting was a mistake. It was nice not to have to worry about maintenance stresses and costs. We would have bought a condo and I have heard horror stories about condo ownership. It's not at all clear to me we would have been better off financially. We didn't buy our home as a financial investment. We have brokerage accounts for that. We bought a home to have a place to live.

[Anonymous]

I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons. She literally saved every penny.

She came from a very poor immigrant family. (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done. She worked so hard in her teens, but it paid off! She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.

[Anonymous]

Anonymous wrote:I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons. She literally saved every penny.

She came from a very poor immigrant family. (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done. She worked so hard in her teens, but it paid off! She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.

Good for her, but you understand that the whole point of this thread is that a hairstylist today could not afford that condo, right? Have you not followed the news? Whatever someone could afford in 2020, they can now afford about half of that in 2022. There’s been a completely unprecedented spike in housings costs that no one could have predicted or planned for.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons. She literally saved every penny.

She came from a very poor immigrant family. (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done. She worked so hard in her teens, but it paid off! She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.

Good for her, but you understand that the whole point of this thread is that a hairstylist today could not afford that condo, right? Have you not followed the news? Whatever someone could afford in 2020, they can now afford about half of that in 2022. There’s been a completely unprecedented spike in housings costs that no one could have predicted or planned for.

It is amazing that this point continues to be lost. This same debate happens around college costs. I think people fundamentally cannot understand how much costs for certain things have gone up drastically (health care, housing, education) while for others have gone done (lots of consumer goods). It seems that some people respond by assuming that what you could get must be available to to others through SOME program or way of life, and that anyone who says otherwise is a complainer and lazy or stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck!

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.

Amen.

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder. I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy.

How would I have afforded to buy a property while in school and making no income? What about people who graduated in say 2019 and needed to work a few years to save up for a down payment? You don’t make any sense. The cost of housing right now in every corner of America is vastly less affordable than it was just a year ago. Not everyone was in a position to buy last year or before that, and even if they could it was very hard to “win” a bidding war.

We're supposed to cry because 24 year olds can't buy right now? There's been a 2-year blip of homes being either overly priced, high interest rates, or both. Just ride it out and you'll be in a great position to buy in 6-18 months.

This - if you truly graduated in 219 why are you complaining? I bought a condo in my late 20s and yes, I got lucky with the appreciation and that is what started me on the property ladder. But yeah, I had to save and get on the right track for 6ish years after graduating to do that.

Now, if you’re actually in your early 30s or something complaining, that’s on you.

This is basically the Republican mindset in a nutshell: if you are struggling financially, it is because you are loser or stupid, or both. That makes it easy not to care.

I never even implied that anyone who doesn’t own a home is a loser or stupid. I responded to a post talking about someone who graduated from college a few years ago and is complaining they can’t break into the market. Neither could I at that age! But for people who are a bit older and lamenting the market over the last few years, it could be a different story. I do hear a lot of excuses and refusal to compromise from friends who still rent. They want everything just the way they want it if they’re going to buy and at some point you just have to do it if you ever want to realize any gains.

You wrote, "if you’re actually in your early 30s or something complaining, that’s on you." Sure, maybe the people are too demanding. But you have no way of knowing that. Just easier to sweep aside the complaints that recognize that there might be things that have benefited you making it harder for someone else. That is the core of the Republican outlook.

Sure. I have no way of knowing everyone’s specific situation. What I do know is that for people who have a lower income there are many programs available in this area to help with first-time homeownership. Yes, it’s a tough market. Yes, it’s not easy in general. But there are a lot of options available and I am certainly not going to believe that for the majority of people it isn’t possible eventually if you want it.

I’m not sure exactly what you think the problem actually is or how I am benefitting from anything or made anything harder for anyone else as a millennial who owns exactly one property myself.

Right, you are assuming that there is some program available for people. I'm curious what experience you have with those programs in recent times. And I'm not being resentful. I am a Gen Xer with a high income and nice house. I am just amazed that people assume that there is a way even though they have no direct experience and lots of people say otherwise.

[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:We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck!

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.

Amen.

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder. I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy.

How would I have afforded to buy a property while in school and making no income? What about people who graduated in say 2019 and needed to work a few years to save up for a down payment? You don’t make any sense. The cost of housing right now in every corner of America is vastly less affordable than it was just a year ago. Not everyone was in a position to buy last year or before that, and even if they could it was very hard to “win” a bidding war.

We're supposed to cry because 24 year olds can't buy right now? There's been a 2-year blip of homes being either overly priced, high interest rates, or both. Just ride it out and you'll be in a great position to buy in 6-18 months.

This - if you truly graduated in 219 why are you complaining? I bought a condo in my late 20s and yes, I got lucky with the appreciation and that is what started me on the property ladder. But yeah, I had to save and get on the right track for 6ish years after graduating to do that.

Now, if you’re actually in your early 30s or something complaining, that’s on you.

This is basically the Republican mindset in a nutshell: if you are struggling financially, it is because you are loser or stupid, or both. That makes it easy not to care.

I never even implied that anyone who doesn’t own a home is a loser or stupid. I responded to a post talking about someone who graduated from college a few years ago and is complaining they can’t break into the market. Neither could I at that age! But for people who are a bit older and lamenting the market over the last few years, it could be a different story. I do hear a lot of excuses and refusal to compromise from friends who still rent. They want everything just the way they want it if they’re going to buy and at some point you just have to do it if you ever want to realize any gains.

You wrote, "if you’re actually in your early 30s or something complaining, that’s on you." Sure, maybe the people are too demanding. But you have no way of knowing that. Just easier to sweep aside the complaints that recognize that there might be things that have benefited you making it harder for someone else. That is the core of the Republican outlook.

Sure. I have no way of knowing everyone’s specific situation. What I do know is that for people who have a lower income there are many programs available in this area to help with first-time homeownership. Yes, it’s a tough market. Yes, it’s not easy in general. But there are a lot of options available and I am certainly not going to believe that for the majority of people it isn’t possible eventually if you want it.

I’m not sure exactly what you think the problem actually is or how I am benefitting from anything or made anything harder for anyone else as a millennial who owns exactly one property myself.

Right, you are assuming that there is some program available for people. I'm curious what experience you have with those programs in recent times. And I'm not being resentful. I am a Gen Xer with a high income and nice house. I am just amazed that people assume that there is a way even though they have no direct experience and lots of people say otherwise.

I used NACA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons. She literally saved every penny.

She came from a very poor immigrant family. (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done. She worked so hard in her teens, but it paid off! She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.

Good for her, but you understand that the whole point of this thread is that a hairstylist today could not afford that condo, right? Have you not followed the news? Whatever someone could afford in 2020, they can now afford about half of that in 2022. There’s been a completely unprecedented spike in housings costs that no one could have predicted or planned for.

But people have also been saying that home prices are pretty sure to fall to late 2019 - early 2020 numbers so while they may not be able to afford what they could then with the low interest rates, they may be able to afford more than they can right now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons. She literally saved every penny.

She came from a very poor immigrant family. (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done. She worked so hard in her teens, but it paid off! She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.

Good for her, but you understand that the whole point of this thread is that a hairstylist today could not afford that condo, right? Have you not followed the news? Whatever someone could afford in 2020, they can now afford about half of that in 2022. There’s been a completely unprecedented spike in housings costs that no one could have predicted or planned for.

But people have also been saying that home prices are pretty sure to fall to late 2019 - early 2020 numbers so while they may not be able to afford what they could then with the low interest rates, they may be able to afford more than they can right now.

It’s crazy talk that we have doubled the money supply, the cost of everything has gone up, including wages, but somehow housing will be an outlier and is going to fall 30%.

Inflation is responsible for the huge price increases.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons. She literally saved every penny.

She came from a very poor immigrant family. (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done. She worked so hard in her teens, but it paid off! She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.

Good for her, but you understand that the whole point of this thread is that a hairstylist today could not afford that condo, right? Have you not followed the news? Whatever someone could afford in 2020, they can now afford about half of that in 2022. There’s been a completely unprecedented spike in housings costs that no one could have predicted or planned for.

Actually, no. We bought our home in 2005 for about 530k. 18 years later it’s worth about 680k. That’s not an extraordinary major increase. There are still houses near us for $530k.
It is amazing that this point continues to be lost. This same debate happens around college costs. I think people fundamentally cannot understand how much costs for certain things have gone up drastically (health care, housing, education) while for others have gone done (lots of consumer goods). It seems that some people respond by assuming that what you could get must be available to to others through SOME program or way of life, and that anyone who says otherwise is a complainer and lazy or stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons. She literally saved every penny.

She came from a very poor immigrant family. (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done. She worked so hard in her teens, but it paid off! She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.

Good for her, but you understand that the whole point of this thread is that a hairstylist today could not afford that condo, right? Have you not followed the news? Whatever someone could afford in 2020, they can now afford about half of that in 2022. There’s been a completely unprecedented spike in housings costs that no one could have predicted or planned for.

It is amazing that this point continues to be lost. This same debate happens around college costs. I think people fundamentally cannot understand how much costs for certain things have gone up drastically (health care, housing, education) while for others have gone done (lots of consumer goods). It seems that some people respond by assuming that what you could get must be available to to others through SOME program or way of life, and that anyone who says otherwise is a complainer and lazy or stupid.

Actually, no. We bought our home in 2005 for about 530k. 18 years later it’s worth about 680k. That’s not an extraordinary major increase. There are still houses near us for $530k.