When were people in the DC area able to afford their first house?

[Anonymous]

Anonymous wrote:28 in 1998. Townhouse in Clarendon. 1 year out of law school. No help and $100 k in student loans. Worked 2 years before law school to pay off undergrad loans.

Money for down payment?

[Anonymous]

27: 2 bedroom house in Columbia Heights. Family help on downpayment
34: 4 bedroom house in Mt. Pleasant. No outside help.

[Anonymous]

At 25 back in 2005. I was single. No family help. I bought a rowhouse in Dupont Circle.
I put zero percent down. It was a 40 years mortgage. Lenders were very “creative” back then.
My income wasn’t enough to afford the mortgage. I rented all 3 bedrooms in the house and slept in the basement.
Rent from the roommates covered most of the mortgage. I sold the house in 2015.

[Anonymous]

28, bought it on my own (female), put about 46% down.

[Anonymous]

Bought a condo at 30 in NW. I couldn't buy at 20 when I wanted because of my legal status. I remember thinking that $550 for a studio was too much rent on 16th street and would've loved to buy instead.
The rowhouses in Columbia Heights were at giveaway prices- $80k I think on Park Road. 1-bedroom in Adams Morgan was also ca $80k.
Now at 40 the condo is almost paid off and rented out. Will not be able to afford a house in DC in a neighborhood I want. Not a house person.

[Anonymous]

26, SFH, 1997, North Arlington, $250k

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Zahlfan wrote:Just curious about when people were able to afford a house in the DC area. I purchased my first house at age 39 (I didn't have any help, and I purchased by myself). I am wondering whether most people purchase their first house with some help from family (and jointly with a partner).

I think most people who were raised here and stayed here got help from mommy and daddy

What would makr you think that?

I was born and raised here and still live here and my parents never had the means to help me.

I was born and raised here and still live here and my parents did have the means to help me but never did.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Zahlfan wrote:Just curious about when people were able to afford a house in the DC area. I purchased my first house at age 39 (I didn't have any help, and I purchased by myself). I am wondering whether most people purchase their first house with some help from family (and jointly with a partner).

I think most people who were raised here and stayed here got help from mommy and daddy

What would makr you think that?

I was born and raised here and still live here and my parents never had the means to help me.

I was born and raised here and still live here and my parents did have the means to help me but never did.

This. Every dime was saved by me.

[Anonymous]

I was 29, bought a co-op in Adams Morgan. Borrowed $12,000 from my parents, which I repaid in 2 years. I had about $100,000 in law school debt at the time.

But my parents paid for my undergrad, kept me in their insurance when I was in law school, and paid for my car insurance when I was in school, and countless other little things. To say I got a great deal of help would be a gross understatement, notwithstanding that it didn't come in the form of a $200,000 check for a down payment.

[Anonymous]

In 2003 dh (27) and I (25) purchased our first condo in DuPont circle. We upgraded to a house a year a few blocks away later. No family help, but we were fortunate to make very high incomes out of school.

[Anonymous]

24 in 2004. We graduated undergrad with no debt, (rich parents for her, scholarship for me). Then we each worked two jobs from 21-24 to afford downpayment.

Sold the house in 2018 for more than 2.5x what we bought it for. Bought a cheaper, larger house in the suburbs.

[Anonymous]

Anonymous wrote:Bought a condo at 30 in NW. I couldn't buy at 20 when I wanted because of my legal status. I remember thinking that $550 for a studio was too much rent on 16th street and would've loved to buy instead.
The rowhouses in Columbia Heights were at giveaway prices- $80k I think on Park Road. 1-bedroom in Adams Morgan was also ca $80k.
Now at 40 the condo is almost paid off and rented out. Will not be able to afford a house in DC in a neighborhood I want. Not a house person.

Wait - you are suggesting that in 2008, rowhouses in Columbia Heights and one bedroom condos were each $80,000? That's complete BS. Try again.

[Anonymous]

I own a title company with offices throughout the area. I am still surprised but most people get family help. For some it a a loan for the fha down payment of 3.5%. For others it is a few million in cash to purchase a multi million dollar house. Most are somewhere in between.

[Anonymous]

Anonymous wrote:

Anonymous wrote:28 in 1998. Townhouse in Clarendon. 1 year out of law school. No help and $100 k in student loans. Worked 2 years before law school to pay off undergrad loans.

Money for down payment?

DP: Back then we were able to get no money down jumbo loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bought a condo at 30 in NW. I couldn't buy at 20 when I wanted because of my legal status. I remember thinking that $550 for a studio was too much rent on 16th street and would've loved to buy instead.
The rowhouses in Columbia Heights were at giveaway prices- $80k I think on Park Road. 1-bedroom in Adams Morgan was also ca $80k.
Now at 40 the condo is almost paid off and rented out. Will not be able to afford a house in DC in a neighborhood I want. Not a house person.

Wait - you are suggesting that in 2008, rowhouses in Columbia Heights and one bedroom condos were each $80,000? That's complete BS. Try again.

Check you math. It sounds like PP was talking about 1998.