Is home ownership out of reach for people under 30?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of people under 30 are not ready to put down those type of roots. I think I read somewhere that the average age of first time homebuyers is 32.

No they aren’t but it’s smart to do it if you can and build equity. You can rent it out of buy but climbing the ladder seems to be the key. I know a few who waited (late 30’s) and it’s just too hard to save 300k for a downpayment for them to stay in this area.

When you're young you don't have to worry about school quality and can get a small place. What I see a lot of people in DC (including my own kid) is live with your parents for 2 years after college, save up for a downpayment on a condo or townhouse. Even if you don't want to stay in DC, you can rent it out until you're ready to sell. Some get the townhouse and then rent out the basement in it while they live there to save more money.

I know more people that have lost money renting out their place in DC than made money. Tenant laws are horrible for the owner…one bad tenant can cause you so much cost and grief. It really isn’t for the faint of heart if you are just finding people through an agent…maybe if you rent to friends or get into the IMF/World Bank pipeline.

A friend in DC got screwed by another friend in DC so happens that way too!

[Anonymous]

I was 23 when the housing market crashed. I had briefly thought about buying a condo in 2007. Just looked up the condos and they are selling for less than in 2007.

So great decision not to. After that, I did think about it at points but was not married.

The investment here is so high that you'd need to be willing not to sell for 5 years to even remotely get your money back. 5 years is a long time at 25 or 30.

[Anonymous]

Anonymous wrote:No. Buy a condo then move every 2 years until you land softly.

Or move in with parents and save rent.

Stop paying $3500 for rent. You don’t need a fancy apartment not that $3500 even gets you one nowadays.

$3500? I recently saw an entire 3 bedroom home in Falls Church that rents for that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

If you didn’t get a higher paying job to offset your investment in a degree then that’s on you.

Is that what your tell your kids about me? That I made a poor life choice? No wonder kids today are rude and entitled.

-a teacher

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

If you didn’t get a higher paying job to offset your investment in a degree then that’s on you.

Is that what your tell your kids about me? That I made a poor life choice? No wonder kids today are rude and entitled.

-a teacher

My kids are too young to discuss college degrees and ROI. You can pursue a career in higher education without being a teacher if you want to afford a house and pay off student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of people under 30 are not ready to put down those type of roots. I think I read somewhere that the average age of first time homebuyers is 32.

No they aren’t but it’s smart to do it if you can and build equity. You can rent it out of buy but climbing the ladder seems to be the key. I know a few who waited (late 30’s) and it’s just too hard to save 300k for a downpayment for them to stay in this area.

When you're young you don't have to worry about school quality and can get a small place. What I see a lot of people in DC (including my own kid) is live with your parents for 2 years after college, save up for a downpayment on a condo or townhouse. Even if you don't want to stay in DC, you can rent it out until you're ready to sell. Some get the townhouse and then rent out the basement in it while they live there to save more money.

I know more people that have lost money renting out their place in DC than made money. Tenant laws are horrible for the owner…one bad tenant can cause you so much cost and grief. It really isn’t for the faint of heart if you are just finding people through an agent…maybe if you rent to friends or get into the IMF/World Bank pipeline.

+1 in theory it's a good idea but buy that condo in VA not DC

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

If you didn’t get a higher paying job to offset your investment in a degree then that’s on you.

Is that what your tell your kids about me? That I made a poor life choice? No wonder kids today are rude and entitled.

-a teacher

My kids are too young to discuss college degrees and ROI. You can pursue a career in higher education without being a teacher if you want to afford a house and pay off student loans.

Who would teach your kids if everyone followed your “advice?”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

If you didn’t get a higher paying job to offset your investment in a degree then that’s on you.

Is that what your tell your kids about me? That I made a poor life choice? No wonder kids today are rude and entitled.

-a teacher

You know they do, or at least they will when the kids are old enough to understand ROI.

[Anonymous]

I moved a lot in my 20s and also had no family money for a downpayment. But I bought my first house in my 30s and I am doing just fine. Stop whining.

[Anonymous]

Anonymous wrote:Is home ownership now out of reach for people under 30 years old? Especially in expensive states or cities?

WDYT?

Depends on how much they get from Mommy and Daddy and what their income is? Too broad a question.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

If you didn’t get a higher paying job to offset your investment in a degree then that’s on you.

Is that what your tell your kids about me? That I made a poor life choice? No wonder kids today are rude and entitled.

-a teacher

My kids are too young to discuss college degrees and ROI. You can pursue a career in higher education without being a teacher if you want to afford a house and pay off student loans.

Who would teach your kids if everyone followed your “advice?”

Go back to the OP. This is about affording a house under 30. You cannot in a HCOL area without getting a higher paying job. If you want to go back and be a teacher/professor etc. later on in your life then that’s more practical financially. If not, you’ll be stuck making 60-80k and not afford a house or payoff loans unless you marry rich or have family money. It’s just reality, has nothing to do with me or my kids.

My kids shouldn’t need special discussions to understand that. It’s common sense.

[Anonymous]

So you’re banking on people not having common sense so they can be your kids’ teachers. Got it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get married and come in with two incomes you should be able to buy a ok townhouse before 30 if you have good financial habits throughout your 20s.

If not you need family money to bail you out.

Maybe if you don’t have student loans to pay off.

If you didn’t get a higher paying job to offset your investment in a degree then that’s on you.

Is that what your tell your kids about me? That I made a poor life choice? No wonder kids today are rude and entitled.

-a teacher

My kids are too young to discuss college degrees and ROI. You can pursue a career in higher education without being a teacher if you want to afford a house and pay off student loans.

Who would teach your kids if everyone followed your “advice?”

Go back to the OP. This is about affording a house under 30. You cannot in a HCOL area without getting a higher paying job. If you want to go back and be a teacher/professor etc. later on in your life then that’s more practical financially. If not, you’ll be stuck making 60-80k and not afford a house or payoff loans unless you marry rich or have family money. It’s just reality, has nothing to do with me or my kids.

My kids shouldn’t need special discussions to understand that. It’s common sense.

We did it, and we both teach for the public schools. Actually, at the time DW was making much less in a private school. We know other 2 teacher households under the age of 30 that have purchased homes recently.

[Anonymous]

I am 42 now but was a grad student in Engineering at VT. Bought my first investment condo at the age of 26 and then bought my primary residence in Fairfax at the age of 28. I never used to(sometimes do now) waste money on anything useless, save and invest, rinse and repeat. Own 14 rental properties now and still live in the same house I bought in 2009.

[Anonymous]

Anonymous wrote:I am 42 now but was a grad student in Engineering at VT. Bought my first investment condo at the age of 26 and then bought my primary residence in Fairfax at the age of 28. I never used to(sometimes do now) waste money on anything useless, save and invest, rinse and repeat. Own 14 rental properties now and still live in the same house I bought in 2009.

That’s amazing. Good for you! I’ll encourage my kids to start early with investments. We are same age and own two homes and feel we are doing well!