When were people in the DC area able to afford their first house?
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Anonymous
Age 30 for me too. Single male at the time in DC. DW met me after. Had a good relationship with a real estate agent who directed an off-market home my way before it was listed. |
Anonymous
Saved myself working at the law firm first year. Didn’t put 20% down - did PMI. But refinanced a year later (maybe 18 months) and got rid of PMI. |
Anonymous
| 2011, age 22. Bought a small 1bd coop in SW DC. No family help. It was the only metro-accessible neighborhood I could afford but I ended up loving the area. Still live there but I have traded up since. |
Anonymous
| Both of us when married at 29/30 in Palisades, DC, SFH for $550G. No parental/family help. It was a reach but we sold it for more than 200G more 6 years later so it paid off. It started our interest/habit of renovating/investing in real estate and becoming renters so we are proud we did it all ourselves. |
Anonymous
corrected. It actually made us never want to be renters again. |
Anonymous
| I was 32, no help, no spouse. Am 48 and still own that house |
Anonymous
My Af-Am husband was born here and raised here and he absolutely got no help from "mommy and daddy" for college or buying a house or anything else. Your world is small. Expand it. |
Anonymous
| My wife and I bought a 2BR condo in Logan Circle when we were engaged at 30 and 28, respectively. We're now 36 and 34, still in the same place. |
Anonymous
| Bought before I turned 30 in the 1990's had a VA loan to boot ( nothing down) not sure how people get it done today w/o equity already in hand |
Anonymous
| Age 27. I spent the time from when I graduated college at 22 until 27 saving up my downpayment of $40K plus closing costs. I purchased a less expensive SFH ($140K) in an area of the region that most people on DCUM would never buy in, PG County. I bought in 1995 all by myself, pre-marriage. I sold in 2008 for $315K. The profits from that house allowed us to put more than 20% down on the house we are now raising our family in. |
Anonymous
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At age 32. I was completely clueless about financial matters, even though I had a JD from a top law school and a high-paying job. I was saving in my 401(k), but not for a down payment.
One of my parents died, leaving me a good-sized life insurance payout. Voila -- DH and I had an instant down payment. It would have taken us a while to save up a down payment, since we were not savvy and were focused on paying off student loans. |
Anonymous
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My parents helped DH and me with a down payment at age 29, as we were both paying off student loans.
I plan to do the same for my kids (although I have not told them). I think it's a nice way to help your adult children get a jump start on home ownership (ideally by their late 20's). I find that part of my motivation for working hard is knowing that I'll help my children (still teens) get established one day. Then they can do the same for their children in the future. |
Anonymous
2007 
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Anonymous
| 36, single parent. Got $5K closing cost help from my dad. Eighteen years later, I'm still in that tiny house since I can't afford much else, but at least it's appreciated by maybe 300 percent. |
Anonymous
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DW and I bought our house shortly after our wedding, HHI was about 80K. House is 250K in Vienna.
Today, the house is worth 700K. HHI is 200K (wife is SAH). |