How old where you when you bought a house here?
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Anonymous
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Planning to buy a house this year--we're almost 35 and 37. My husband bought the condo we're selling when he was 31.
It's sort of unbelievable to me that I'll be 35 soon and still do not live in a house, but I know a number of people older than me who still rent apartments or live in small condos or townhouses. Such is life in the DC area, I guess. |
Anonymous
OP, I'm 29 and my DH is 33 and it's gonna be a WHILE for us. Or, we'll move out of the area and it'll be a year or two. Hang in there! |
Anonymous
| OP, try not to get discouraged. Most of the posters who purchased in their early 20s bought 15+ years ago. For most younger people it takes a long time to get your 'ish together in this area. Rents are so expensive, student loans are outrageous and starting salaries are blah - it can take years to save for a decent down payment. |
Anonymous
| House hunting right now, as we rent a TH. DH is 41, me 36. Sadly, we could buy a gOrgeous home with all cash anywhere else in the country. We love it here though, so we'll get a large 'decent' SFH for no less than $800k. (sigh) |
Anonymous
Forgot other info. At 30, in 1995, I purchased my first house, a ranch house that was 2 years younger than me, in PG County for $139K. I sold it 13 years later for $315. I could have gotten about $389K if I had been able to get it ready and sold in 2005 before the collapse, but we weren't ready to put it on the market until 2006 by then the market had crashed and we had the house on the market for 27 months before selling in 2008 (and put a lot of money into renovations). But it was worth it in the end as I still make a good profit on the house. Yes, that market is long gone. |
Anonymous
| I was 26 and my husband was 31 when we purchased our condo ($500K), but that was back when you didn't need a downpayment. In fact, I walked away from the sale with about $10k that I didn't have previously. It would have taken us much longer if we needed a downpayment, as we had just about zero in the bank at that time. |
Anonymous
| Bought w/ spouse a TH for 450k in 2004 when we were both 25. This year we bought a SFH for 860k at 33. |
Anonymous
| DH and I were 26 and we did a 80/15/5 with no outside help 6 years ago on a close-in townhouse. We paid off the 15 loan within a couple years of buying. The house is worth about 35% less than what we paid for it and we've outgrown it, so I regret it all now. |
Anonymous
| We bought on Capitol Hill in 2003 when we were both 28. We always thought that we would move to NW or Maryland in a few years when we had kids. It took us nine years to have a baby so we never moved and now we are really happy that we decided to stay. We have gotten used to city living, have short commutes, and were able to rent our basement for so many years and pocket the extra money. We renovated the basement, made the house 1/3rd bigger, and now we are planning to stay forever. OP, trust me on this, you don't know what curve balls life is going to send you, so don't worry about all the things you haven't been able to get/do yet. Not owning could turn out to be the best thing that ever happened to you. |
Anonymous
| Bought as soon as we moved here. Possible because (1) it was 1997 and you could get a decent house in Chevy Chase for a young couple and dog for less than 350K, and (2) DH and I both worked full-time at well-paid jobs. Now, the young kids starting often can't buy anywhere near our neighborhood, even if they both work, unless they have family money for a huge downpayment or no other debt and are willing to find a lender who will take a smaller downpayment and let them mortgage themselves to the hilt. Our old house would probably sell for $750K to $800K now. You can't buy that even on $300K HHI, I don't think. |
Anonymous
| We'll be 27 and 28 when our lease runs out and we buy in Alexandria |
Anonymous
| 29 and 34 in Arlington fir $150,000 15 yrs ago. Sold that house for $350,000 and brought in Takoma Park 8 yrs ago for $422,000 at 36ish. Could not afford our house now. |
Anonymous
What years were these? Boy, those were the days, huh? |
Anonymous
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I was 30 and single when I bought a foreclosed row house in a not yet gentrifying part of NW DC in early 2004. To this day I am still amazed at my luck or foresight or whatever!
I was self employed so under today's conditions wouldn't even get a mortgage. Paid $220k and have spent almost $100k in repairs and renovations over the years. My husband moved in in 2008 and we're now expecting our second child. (He was then 37 and had never owned a home). We could do with more space and are planning an addition. We recently refinanced and the house appraised for almost $600k. We were extremely lucky with timing. If I had waited until I got married I would never be able to afford to buy our house. We really appreciate the flexibility of having a relatively low housing payment. |
Anonymous
| The appreciation between 2000 to 2007 was out of wack |