When were people in the DC area able to afford their first house?

[Anonymous]

Age 29, on my own and mom gave me a very small amount (like $3k). I first purchased in DC in 2000 in Bloomingdale so homes were cheaper.

[Anonymous]

29 in DC not married mom gave me $3k. I purchased in 2000 in Bloomingdale so it was expensive to me but in reality cheap!

[Anonymous]

Sorry for the double post!

[Anonymous]

32 and 29 for the two of us.

[Anonymous]

Bought a townhouse on my own at age 32 in 2001. It cost $115k.

[Anonymous]

38, 2013 — first home, $800k. $250k HHI. No family money, just rented cheap apartments saving up down payment, had kids in apt until middle school.

[Anonymous]

36 & 37 - first home. HHI $350K....house cost $1.25 million.

[Anonymous]

Please specify the year you bought. That is the key IMO

[Anonymous]

Anonymous wrote:Please specify the year you bought. That is the key IMO

I'm one of the upthread posters (bought a 2BR condo in Logan circle area when I was 30 and wife was 28; still in same condo now). We bought in 2012.

[Anonymous]

Bought in 1998 in NW DC for $250,000. Put down 10% - we saved $15,000, and DH's parents gave us $10,000. We were 30, with a HHI of $120,000. Still live there, and the house is now worth $900,000.

[Anonymous]

Anonymous wrote:Bought in 1998 in NW DC for $250,000. Put down 10% - we saved $15,000, and DH's parents gave us $10,000. We were 30, with a HHI of $120,000. Still live there, and the house is now worth $900,000.

Wow, so in 20 years my row house should be worth 2.8M! (I bought it last year for $800k). AWESOME!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bought in 1998 in NW DC for $250,000. Put down 10% - we saved $15,000, and DH's parents gave us $10,000. We were 30, with a HHI of $120,000. Still live there, and the house is now worth $900,000.

Wow, so in 20 years my row house should be worth 2.8M! (I bought it last year for $800k). AWESOME!

Past performance is not indicative of future results.

[Anonymous]

Bought $400K rowhouse in DC at age 32 (DH was same age). Put 10% down. Used home equity and savings to buy forever house six years later.

[Anonymous]

Cracks me up when people say what "how is worth." It's paper money folks. Your is house is only going to be worth what someone actually pays for it and the market overall is coolling down!

[Anonymous]

Anonymous wrote:Cracks me up when people say what "how is worth." It's paper money folks. Your is house is only going to be worth what someone actually pays for it and the market overall is coolling down!

You are correct, of course, that what a house is "worth" today may or may not be the same as what it is worth tomorrow or on the day you decide to sell it. But that is no different than stocks, bonds, currency, precious metals, fine art, or any other asset for that matter.