Did anyone become a first time homeowner over 40?

[Anonymous]

Anonymous wrote:OP here! You guys have given me hope! I’m a divorced mom that just turned 40 and was feeling bad about myself because I’ve never owned a home. Hopefully I’ll be able to within the next few years!

You can do it, OP! I am 40, DH 49. We are finally in a place where we can start saving more aggressively. We hope to buy in about 5 years. I’m just hoping that prices stabilize a bit. If there’s another insane appreciation like we saw the past couple of years, I don’t think we will be able to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Where are you going to live in retirement? Buy a house

You know many, many seniors live in rental apartments, right? RIGHT? Surely you must know this.

I do. I looked for MOCO and just as I expected “Due to long waiting lists for public housing, HOC’s list is not accepting new applicants.” Millennials are a huge generation the size of boomers, they and gen x will likely already have all the units. A house gives you security and doesn’t throw away rents you can leave to your kids Op

Not always true. My Aunt died at 93 recently and was massively rich due to never owning.

She died in the same apt her and husband first rented in 1955. A three bedroom, two bath rent controlled NYC apartment. And had a very rare parking spot included.

Her whole life never paid property tax, mortgage, home insurance, heating bill, home maint, bought an appliance. Paid a water bill, paid for garbage pick up or lawn service instead she had tons of cash to buy stocks and bonds.

In retirement her monthly rent was $700 a month and her husband a retired police captain had a $100,000 a year pension tax free as went out on disability.

Neither went to college were HS sweethearts. If anything not owning a home was key to their wealth.

In her case her one some is the CEO of a hedge fund so her money was well invested the other son a CFO.

She lived in that apartment 70 years

not exactly a typical situation.

Not to mention this is the same guy who keeps posting these amazing situations.

Exactly!
What about all those who aren’t lucky enough to score a 1955 rent controlled apartment?

Rent controlled apartments do not increase affordability in general. They benefit the lucky few, while also creating a disincentive to build more apartments to increase the supply and take the pressure off rents. Actually pretty regressive.

[Anonymous]

I’m 45 but only have about 1/4 equity in the property I bought 2 years ago, so, close?
I’m a single mom and will move as soon as kids are out of HS. I plan to own some home outright (probably not this one, but will downsize and more live to lower COL area) by the time I plan to retire at 62. My parents and their lack of planning scare the heck out of me. I do not want to be subject to landlord whims, or rent inflation whiplash when I am retired.

[Anonymous]

I just did at 53.

[Anonymous]

Close - I was 38 and my husband was 39. It wasn’t a money issue, but lifestyle. I travelled for work 4-5 days a week until I was 34. I didn’t want to be tied to a home base location and didn’t want to spend my small amount of time home on home maintenance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We’re over 50 and still not there…

Thank you for your honest response. I’m not there either. This board makes me feel bad about it sometimes.

No need to feel bad but buy and pay off a basic small single story home in an upcoming but LCOL area.

[Anonymous]

Homeownership is expensive and a headache. However, if you don't overbuy, it saves money and saves you from headache post retirement. Alternatively, save and invest money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Where are you going to live in retirement? Buy a house

You know many, many seniors live in rental apartments, right? RIGHT? Surely you must know this.

I do. I looked for MOCO and just as I expected “Due to long waiting lists for public housing, HOC’s list is not accepting new applicants.” Millennials are a huge generation the size of boomers, they and gen x will likely already have all the units. A house gives you security and doesn’t throw away rents you can leave to your kids Op

Not always true. My Aunt died at 93 recently and was massively rich due to never owning.

She died in the same apt her and husband first rented in 1955. A three bedroom, two bath rent controlled NYC apartment. And had a very rare parking spot included.

Her whole life never paid property tax, mortgage, home insurance, heating bill, home maint, bought an appliance. Paid a water bill, paid for garbage pick up or lawn service instead she had tons of cash to buy stocks and bonds.

In retirement her monthly rent was $700 a month and her husband a retired police captain had a $100,000 a year pension tax free as went out on disability.

Neither went to college were HS sweethearts. If anything not owning a home was key to their wealth.

In her case her one some is the CEO of a hedge fund so her money was well invested the other son a CFO.

She lived in that apartment 70 years

not exactly a typical situation.

Not to mention this is the same guy who keeps posting these amazing situations.

Exactly!
What about all those who aren’t lucky enough to score a 1955 rent controlled apartment?

Rent controlled apartments do not increase affordability in general. They benefit the lucky few, while also creating a disincentive to build more apartments to increase the supply and take the pressure off rents. Actually pretty regressive.

I posted that. I grew up on a rent controlled two bedroom. My parents rent was $79 dollar a month in 1973. I found an old receipt. As an adult I had a rent stabilized apartment in Gramercy Park Manhattan I was paying $790 a month in 1995.

there are one million rent stabilized apartments in NYC. Roughly 45 percent of all rentals.

In addition in NYC 1 percent have s rent controlled, 9 percent public housing, 3 percent Mitchell Lama and other discounted rental limits. So 57 percent rentals are subsidized vs 43 percent private non regulated rentals.

In NYC 2/3rds of people rent rather than own.

[Anonymous]

Almost...I was 34.

[Anonymous]

44 single woman who has never owned a home. I'm not sure I ever will.