Anyone else who will likely never be a home owner?

[Anonymous]

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

that should make you rich!

[Anonymous]

Anonymous wrote:Some people want a McMansion when they should be happy to call their 1400 sq ft 3 bedroom townhouse a home for $300k or less.

This. My SIL still lives in a rental, even though they earned good money and inherited a decent home but prefer a nicer home in a nicer area, even though commute wasn't bad and kids went to private schools so school district didn't matter either but some people prefer living large.

[Anonymous]

I would just try your best to save a decent down payment and see if an opportunity presents itself. I also would work on your attitude to renting. During my childhood my family rented a two bedroom place while my dad was in grad school and a beautiful 7 bedroom house that we owned. I have so many more happy memories from the former.

I think people on here underestimate how challenging it can be to get a place if you are not from a wealthy family or make the big bucks. I have two girlfriends and a husband who ended up having to take out students loans and “had to” pay their parents housing costs for years and it put them back on homeownership but they did manage to get there eventually. So don’t give up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

That was your choice. Get on a plan for extreme saving now because home prices will continue to fall for most areas.

[Anonymous]

Anonymous wrote:If you’re not a low wage earner and you can’t buy a home then you’re renting in a neighborhood that’s too expensive for you. Every couple I know still renting is doing the same thing as someone who is leasing a car because the payment is less. You need to move to a less expensive neighborhood and start saving up.

Yes, basically everyone I know who is still renting, not many really, is doing it because they don't want to lower themselves to a less prestigious neighborhood... or whatever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

DP but the pp may have benefitted from different loan structures available back then. I only had to put 5% down for my first home.

I put 5% down several years ago no issues. There were plenty of low down payment loans available.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.

This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.

So hard to imagine that many people in an area known for highky edicared transplants didn't grow up here, didn't live with mom and dad, or spent their savings or had low incomes in their 20s due to higher education. I know TONS of people who weren't able to save for a down payment at the rate prices were increasing in their 20s.

Lots of us did it without family to live with or to give us money. We lived with roommates in crappy rentals and saved money to buy a dated home in a tier 2 or 3 area. You also need to be careful taking on student loans. If that exclusive school is going to saddle you with debt but not a high salary, then you can't afford it. You also can't afford the prestigious but low-paying career. I have no sympathy for people who indulged their egos instead of being financially responsible.

Don't try to live the trust fund lifestyle without a trust fund then come complaining.

+10000. We are relatively high earners and had to make sacrifices for that first down payment. We spent a year or so not going on any vacations, we skipped out on some weddings, didn’t even have iPhones and got by with one older car. The friends we have who have not yet bought a house are all unable to make these kind of sacrifices. Now they are in their 30s and it will be more obvious that they missed the boat.

Wow, you spent a whole year without going on vacations? You didn't even have iPhones?? I'm impressed you were able to make those kinds of sacrifices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

That was your choice. Get on a plan for extreme saving now because home prices will continue to fall for most areas.

It couldn’t possibly be that housing has increased far more than salaries. Couldn’t possibly be a flaw in the market or the system, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.

This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.

So hard to imagine that many people in an area known for highky edicared transplants didn't grow up here, didn't live with mom and dad, or spent their savings or had low incomes in their 20s due to higher education. I know TONS of people who weren't able to save for a down payment at the rate prices were increasing in their 20s.

Lots of us did it without family to live with or to give us money. We lived with roommates in crappy rentals and saved money to buy a dated home in a tier 2 or 3 area. You also need to be careful taking on student loans. If that exclusive school is going to saddle you with debt but not a high salary, then you can't afford it. You also can't afford the prestigious but low-paying career. I have no sympathy for people who indulged their egos instead of being financially responsible.

Don't try to live the trust fund lifestyle without a trust fund then come complaining.

+10000. We are relatively high earners and had to make sacrifices for that first down payment. We spent a year or so not going on any vacations, we skipped out on some weddings, didn’t even have iPhones and got by with one older car. The friends we have who have not yet bought a house are all unable to make these kind of sacrifices. Now they are in their 30s and it will be more obvious that they missed the boat.

Wow, you spent a whole year without going on vacations? You didn't even have iPhones?? I'm impressed you were able to make those kinds of sacrifices.

Yeah. We can’t afford vacations either and I drive a basic car. We make mid six figures but no inheritance so only fixer upper townhomes are in our price range.

[Anonymous]

This thread is just the latest item on a long list of why I sincerely think that the posters of this website are some of the least happy people you can find. Not just the people lamenting about not owning a physical asset because they view it as a status or identity item, but also some of the nasty responses.

[Anonymous]

For most couples, its still possible to become homeowner. You just live frugally, get second jobs or overtime time, but small at first, like a condo and then gradually move up or move to a list cost area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you’re not a low wage earner and you can’t buy a home then you’re renting in a neighborhood that’s too expensive for you. Every couple I know still renting is doing the same thing as someone who is leasing a car because the payment is less. You need to move to a less expensive neighborhood and start saving up.

Yes, basically everyone I know who is still renting, not many really, is doing it because they don't want to lower themselves to a less prestigious neighborhood... or whatever.

+1

[Anonymous]

Unless I win the lottery, I expect I’ll never own a home. I rented one from the bank for a couple of years but lost it to foreclosure when a serious health issue forced me to relocate and I wasn’t able to carry the house in a then faltering real estate market where it resides. It was a lovely house so I’m glad I had the experience for a couple of years, but I didn’t enjoy the constant anxiety of knowing I’d be on the hook if the furnace went or the roof needed replacing etc. Home ownership is not all positives, and I know a lot of people who are house poor and limited in life by their obligation to an address. Obviously the rental market is brutal these days so that’s no picnic either.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.

This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.

So hard to imagine that many people in an area known for highky edicared transplants didn't grow up here, didn't live with mom and dad, or spent their savings or had low incomes in their 20s due to higher education. I know TONS of people who weren't able to save for a down payment at the rate prices were increasing in their 20s.

Lots of us did it without family to live with or to give us money. We lived with roommates in crappy rentals and saved money to buy a dated home in a tier 2 or 3 area. You also need to be careful taking on student loans. If that exclusive school is going to saddle you with debt but not a high salary, then you can't afford it. You also can't afford the prestigious but low-paying career. I have no sympathy for people who indulged their egos instead of being financially responsible.

Don't try to live the trust fund lifestyle without a trust fund then come complaining.

+10000. We are relatively high earners and had to make sacrifices for that first down payment. We spent a year or so not going on any vacations, we skipped out on some weddings, didn’t even have iPhones and got by with one older car. The friends we have who have not yet bought a house are all unable to make these kind of sacrifices. Now they are in their 30s and it will be more obvious that they missed the boat.

Wow, you spent a whole year without going on vacations? You didn't even have iPhones?? I'm impressed you were able to make those kinds of sacrifices.

Yeah. We can’t afford vacations either and I drive a basic car. We make mid six figures but no inheritance so only fixer upper townhomes are in our price range.

You make mid 6 figures and can’t afford vacations?