Anyone else who will likely never be a home owner?

[Anonymous]

Anonymous wrote:Are you sure you aren’t able to afford, or you aren’t willing to make sacrifices? Sure maybe you won’t be able to afford a townhouse in Arlington; but you could easily try Woodbridge or Stafford.

Or PG county or eastern MoCo. There are homes and condos still in the 400s in these areas and first time buyers with good credit are eligible for programs that make it easier to start with a lower DP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.

This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is no way for you to know what your life will be like one year from now or even 6 months from now, so how can you say with certainty that you'll never own a home or that there is no way forward?

Well cause I don’t play the lottery and I can’t get qualified to do anything that pays higher than I earn now.

What do you mean "can't get qualified"? So it's lack of enough education? Go back to school then, or get licensed doing something that pays more than what you're currently doing.

Or maybe you're actually comfortable with the life you have, and the level of success you've reached. That's okay, but don't make it sound like whoa is me...it's everyone else's fault I can't buy a home.

I can’t go to school or get licensed to do something that pays more.

Why?

I’m not capable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

[Anonymous]

Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

[Anonymous]

Anonymous wrote:To those saying you’ll never own a home, what is the barrier for you? I get homes in this area are expensive but have a cousin, a single school teacher, who just bought a nice townhome in Laurel (HoCo) for $400k and she qualified for a first time homebuyer program and only put down $25k which took her several years to save. This was before rates went up but she has a doable mortgage which, according to her, still allows her to pay for vacations, etc.

Her house is really cute, but not updated. Nice neighborhood. 3 br / 2 ba. She’s going to update it over time. Sometimes I wonder if people have very high expectations so aren’t willing to think about a different area or go townhome vs SFH.

If I were a single teacher, I’d love this too. Not all of us are young and starting out.

[Anonymous]

If you’re not a low wage earner and you can’t buy a home then you’re renting in a neighborhood that’s too expensive for you. Every couple I know still renting is doing the same thing as someone who is leasing a car because the payment is less. You need to move to a less expensive neighborhood and start saving up.

[Anonymous]

My parents bought their first home at 46/48 someone in their 30s is young. I bought my first home at 38.

Home prices are stagnant next few years and with higher rates easier to save as you can actually get interest in your safe down payment account

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

Maryland mortgage program and several first time home buyer grants. I bought my first home in West Baltimore. I had less than 5k saved of my own. No help from family . There are a ton of programs available that help with closing costs and down payments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

Different poster here, but I also bought at 25. My parents helped me -not by giving me money, but by allowing me to live rent free in their home. I saved a large portion of my salary for a few years. I also worked a lot throughout college. Almost full time.

That said, home ownership kind of sucks. There is ALWAYS something that needs fixing. And then mental you are stuck there. You can’t just move easily at the end of your lease.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

DP but the pp may have benefitted from different loan structures available back then. I only had to put 5% down for my first home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

DP but the pp may have benefitted from different loan structures available back then. I only had to put 5% down for my first home.

Fha loans are still available with 3% there are also first time homebuyer programs galore

[Anonymous]

Why not try Mocos MPDU program or DCs first time homebuyer program. There are more than one way to get to homeownership. As a dual income household I am sure there are ways.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

DP but the pp may have benefitted from different loan structures available back then. I only had to put 5% down for my first home.

NP here
This. My (then) 21 year old son was able to buy a home (in a different part of the country) two years ago with 5% down.

Also, veterans qualify for VA loans with 0% down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:To those saying you’ll never own a home, what is the barrier for you? I get homes in this area are expensive but have a cousin, a single school teacher, who just bought a nice townhome in Laurel (HoCo) for $400k and she qualified for a first time homebuyer program and only put down $25k which took her several years to save. This was before rates went up but she has a doable mortgage which, according to her, still allows her to pay for vacations, etc.

Her house is really cute, but not updated. Nice neighborhood. 3 br / 2 ba. She’s going to update it over time. Sometimes I wonder if people have very high expectations so aren’t willing to think about a different area or go townhome vs SFH.

If I were a single teacher, I’d love this too. Not all of us are young and starting out.

What does being young and starting out have to do with an entry point to home ownership? If you’re saying that you can’t buy a home because it’s unaffordable then the first thing to ask is what are you wanting to buy. If you’re only interested in Bethesda or NW DC or Arlington (or equivalents) then yes, you will find it harder and maybe impossible to buy a home unless you’re wealthy. If you’re not wealthy, you expand your search and expectations.