Remember how people used to have a bachelor pad, then an apartment together, then a starter home....

[Anonymous]

Anonymous wrote:Then finally after having children they would purchase their main 2-3 bedroom home.

Is this even possible anymore with the rents as high they are along with the high prices of purchasing real estate?

Are couples better off living at home with their parents, saving up their money, bypassing previous generation's housing stages to dive right in to their main 2-3 bedroom home right after getting married?

This was not the norm. Ever.

[Anonymous]

We loved our starter 2 BR TH in Reston.

Much nicer than the starter trailer my parents lived in when I was born.

[Anonymous]

I'm 29 and single. I rent a one bedroom. Most people I know my age do the same, unless they are still in group housing. Some people have bought a 1 bedroom condo, or a 2bedroom that they rent out the extra. Some married couples who have bought 2 bedroom condos.

This is all people with 6 figure incomes, individually. The ONLY couple I know who has bought a townhouse- so not even really a SFH- has an insane amount of family money.

I would love to get married and buy a small, maybe 3bed 2ba, 1500sq feet house and live in it forever. Probably not in the cards.

[Anonymous]

This is why I always lived in group houses in DC when single. My rent was half of what I would have paid for a studio (I always took the smallest room)..

[Anonymous]

Anonymous wrote:

Anonymous wrote:Then finally after having children they would purchase their main 2-3 bedroom home.

Is this even possible anymore with the rents as high they are along with the high prices of purchasing real estate?

Are couples better off living at home with their parents, saving up their money, bypassing previous generation's housing stages to dive right in to their main 2-3 bedroom home right after getting married?

I did this as a single female. Bought my own condo - appreciation is amazing thing. Now I've got two properties. When I'm ready to buy my main home with my DH (he has his own property) well...we're all set.

I did this too with DH. We both had our own starter homes and after got married we pooled our resources to get the nicer and larger house. I think this is where the dynamics are changing. People are buying their own starter houses while they are single and marry other singles who have done the same thing.

[Anonymous]

Anonymous wrote:In my experience people are just buying their dream homes right out of the gate. No renting, no fixer upper.

This has been my experience too.

[Anonymous]

Anonymous wrote:Maybe keeping the bachelor (or bachelorette) pad as the first apartment and then moving on to the house.

Also a lot of people now don't necessarily want to own a house. They are totally comfortable with a condo or even just renting

The best compromise, IMO, is a townhouse-style condo, many of which are larger than a SFH. You get the "feel" of a house with a large eat-in kitchen, fsmily room, formal dining room, living room, 3 bathrooms, and 3 or 4 bedrooms upstairs....but....NO structural maintenance and no lawn work.

[Anonymous]

We still did this.

Early/mid 20s - studio for me and nicer 1 br for him
Then we moved in together into a 1br apartment.
Then we moved into a large 2 br condo.
Now we rent a 4 br house for a steal in a great neighborhood and are just waiting until we have enough to buy the house we want. Have had kids for a while!

[Anonymous]

Anonymous wrote:

Anonymous wrote:No one in the millennial generation will admit they are poor. It's the whole participation trophy thing. There are plenty of people who can afford to buy houses. Look around, they are selling everyday. If you can't afford to buy, it's because you don't make enough money, not that the entire system is flawed.

This is the same tired fallacy that gets posted here anytime this issue comes up.

You're right but...

Instead of a 300k condo in Logan Circle, millennials are faced with a 300k townhouse in manassas and a 4 hour commute. This is why they complain. You cannot deny that it was easier to buy close to work 15-20 years ago. So the people who are working in the same jobs as those 15-20 years ago are worse off. I don't understand how you can dispute that.

I dispute it because I see it every day. I employ dozens of milennials and I am always amazed at how many of them own homes and they are in good (maybe not great) but very good - Arlington, Falls Church, Bethesda, Silver Spring. The math for them works nearly the same way that it did for me 25 years ago

There are two differences that I see with them that is different from the bellyaching

First, they are all engineers so they understand the need to plan and organize things and they are spending less time 'finding out what they want to do' - they get to work on their path very early

Second, they have student loans but only for undergrad and they come out making $70K so the debt is manageable


Engineers (Not all) tend to be first generation money so they have more grit, they haven't throw $100K of debt at a history degree that pays $40K a year in salary or $300K at law school loans

[Anonymous]

I went from a condo (owned - mid-20s) to a TH (owned - late 20s) to a SFH with my spouse (owned) to a second SFH with much more land in an area with good schools.

never rented, lived at home until I could buy

woman, btw

[Anonymous]

I had a friend BUY a townhouse in Logan Circle area 22 years ago. Even got a tax break on the rent from the English basement. I thought he was nuts as the area was not all that safe. I went group house route and then bought a sheet hole that I fixed up and flipped and then bought a great but older house that I have spent hundreds of thousands on to get right. We both never had the Bach pad route. All these years later we are both in houses worth high twos or low threes but I have a much bigger mortgage bc he made so much on his first bet.

[Anonymous]

Anonymous wrote:I had a friend BUY a townhouse in Logan Circle area 22 years ago. Even got a tax break on the rent from the English basement. I thought he was nuts as the area was not all that safe. I went group house route and then bought a sheet hole that I fixed up and flipped and then bought a great but older house that I have spent hundreds of thousands on to get right. We both never had the Bach pad route. All these years later we are both in houses worth high twos or low threes but I have a much bigger mortgage bc he made so much on his first bet.

Can you go into what you both did to improve your initial properties? Did you hire contractors?

[Anonymous]

Anonymous wrote:Some people - gasp! - rent.

Please don't use the stupid "gasp!" thing to make a point. It makes you look like an idiot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Maybe keeping the bachelor (or bachelorette) pad as the first apartment and then moving on to the house.

Also a lot of people now don't necessarily want to own a house. They are totally comfortable with a condo or even just renting

The best compromise, IMO, is a townhouse-style condo, many of which are larger than a SFH. You get the "feel" of a house with a large eat-in kitchen, fsmily room, formal dining room, living room, 3 bathrooms, and 3 or 4 bedrooms upstairs....but....NO structural maintenance and no lawn work.

This is what we did. Firs time apt together in early 20s while I was still in law school. Then moved to dc for work, and rented apt in NOVA for first three years of our marriage. Had a baby at 28, and bought a townhouse style condo in NOVA. 2400sq ft, brand new, and once you're up finally up the 42 stairs, it lives like a single family! My toddler learned to count to 42 pretty quickly, and my legs and butt are incredibly toned lol.

[Anonymous]

OP, interesting discussion - it's a property ladder - you are supposed to buy one, get some equity and appreciation, buy the next etc. That is why there is the concept of a starter home. Whether that model works in this area though - well that is another story. The single family homes appreciate better than the condos.