Millennial mortgage payments

[Anonymous]

We're older millennials (1982). Bought a $1M SFH in Arlington and PITI is $4k. I think that's pretty normal for our neighborhood.

[Anonymous]

We are 1984 and 1987 and purchased a $1.4 million home in 2020 and are $6k PITI on $450k HHI

[Anonymous]

Op, I’m a geriatric millennial and I posted on that thread that my mortgage payment is ten grand.

Yep. You read that right.

t least I’m honest.

[Anonymous]

Anonymous wrote:Same boat. Mid 30s, $4k a month mortgage.

Me too. Modest row house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Same boat. Mid 30s, $4k a month mortgage.

Me too. Modest row house.

$4K a month house is not modest house.

[Anonymous]

1983 vintage millennial. 4,200 fully loaded.

[Anonymous]

Anonymous wrote:I’m a millennial who grew up in DC and there’s just no way in hell I could comfortably afford to live there now. My childhood home - a townhouse on Capitol Hill - is now valued at more than $1m. I’m pretty sure the same is true for my childhood friends. The housing market is just out of control.

I live in a large college town with my DH and we have a HHI of $250. We live very, very comfortably and have a mortgage cost of $1600/month. I like to travel to large cities when I yearn for the experience - happily, we can easily afford to do so. We’re going to Europe with our 2 kids next month.

Outside of a few key fields, I just don’t see how living in DC is worth it for most people. I would weep with a mortgage payment of $4k a month.

You’d be shocked how expensive decent houses are in any number of midsized/major cities besides DC right now with current interest rates. Lots of people here who got lucky and refinanced over the past 2 years when rates were historically low.

[Anonymous]

If you want to know why house prices in DC have skyrocketed, read this thread. *Everybody* is rich and rapidly getting richer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Same boat. Mid 30s, $4k a month mortgage.

Me too. Modest row house.

$4K a month house is not modest house.

It is mostly anywhere inside the beltway these days.

[Anonymous]

GenXr here: I spent my 20s and 30s living in houses and neighborhoods many people wouldn’t feel safe living in. Family and friends with small children wouldn’t visit. Packages were stolen off my front porch. Cars were broken into. A neighbor was shot and another stabbed. A brothel opened next door. Drunks vomited in our local park. Eventually, the neighborhood improved and we sold. Rinse and repeat and repeat. That’s how we managed to afford an old 1,300 square foot fixer upper in Bethesda on a tiny lot in a nice neighborhood at age 42.

[Anonymous]

Anonymous wrote:GenXr here: I spent my 20s and 30s living in houses and neighborhoods many people wouldn’t feel safe living in. Family and friends with small children wouldn’t visit. Packages were stolen off my front porch. Cars were broken into. A neighbor was shot and another stabbed. A brothel opened next door. Drunks vomited in our local park. Eventually, the neighborhood improved and we sold. Rinse and repeat and repeat. That’s how we managed to afford an old 1,300 square foot fixer upper in Bethesda on a tiny lot in a nice neighborhood at age 42.

From the Brothel to Bethesda... the DC dream.

[Anonymous]

I am a 35 year old millennial and we bought our forever home in 2021, also in the Chicago burbs, and our PITI is 4400. The house we purchased was 850k.

Prior to that we bought our starter home in Alexandria in 2016 and our PITI then was 2600.

[Anonymous]

Left dc in 2010 because we couldn't afford a nice SFH in a good neighborhood. Bought a nice house in a nice neighborhood out of state. Paid it off in 8 years.
HHI was $150ish when we moved here, is now about $660.

Not sad about leaving.

[Anonymous]

Anonymous wrote:Left dc in 2010 because we couldn't afford a nice SFH in a good neighborhood. Bought a nice house in a nice neighborhood out of state. Paid it off in 8 years.
HHI was $150ish when we moved here, is now about $660.

Not sad about leaving.

Oh, we are very elder millennials

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Same boat. Mid 30s, $4k a month mortgage.

Me too. Modest row house.

$4K a month house is not modest house.

I’m in NY and this is our payment minus insurance. Our home is not ostentatious and it’s not super modest. Our house was 950k four years ago and we too refinanced over the past few years. Love our home but not sure if it would have been our forever house - but with mortgage rates like they are, it sure will be.
Our payment is also relatively low bc we had help with a large down payment.

But yes, in expensive markets, 4K mortgage can be a modest home if you have a standard 20% down payment and even if you have a large one. My friends in similar income brackets all bought more expensive homes so ours and our payment certainly feel modest.