How old were you when you bought a house that is $1.2m+

[Anonymous]

Bought for $850,000 10 years ago when I was 30 but now it’s worth $1.4. Got lucky with timing. I wouldn’t pay $1.4 million for a house today even if a lender would approve it.

[Anonymous]

$600k at 34 and $1 million at 40. We own both.

First one now paid off worth $950k. 2nd one 3/4s paid off now worth $1.7 mill.

[Anonymous]

Never years old.

[Anonymous]

Bought $1.2M home at the age of 39. No help from parents. We purchased by saving for a down payment and liquid funds to support ownership costs.

[Anonymous]

25

[Anonymous]

Anonymous wrote:25

LOL, I meant 35

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread right here is why everyone hates the DC swamp.

Exactly
The better question is when could I have been approved for a 1.2M mortgage or when mommy and daddy gave me a down payment?

This is a strange comment. While I know folks with family money around here, family money is way more prevalent in a lot of other areas, like NYC, Boston, etc.

[Anonymous]

34. HHI of $300-350k. Savings and trading up. Put 500k down$1.25 now worth $1.4.

[Anonymous]

Never years old

[Anonymous]

Another never years old.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think the OP you are referring to is Asian. It is very common for Asian parents (especially ones that are still in Asia) to pay for huge downpayment or buying outright. I know one Chinese colleague, she and her husband bought a $2.2m townhouse in Georgetown at 28. It was paid entirely by the parents.

But do keep in mind, they have to take care the parents after they retire. No senior living community, which is considered a shame. I'm not sure I would trade parents help for that.

No, no and no. Please stop with the cultural assumptions.

At my children's Chinese Saturday School in Manhattan, I was talking to another mom who was rolling her eyes about the recent sales in her co-op. In her co-op on 110th street a Chinese family bought a 2 bedroom because no studios nor 1 bedrooms were available for their child who was studying at Columbia. And then there was the Vancouver based Chinese mother who came down every weekend to cook for her son so they just had to buy an apartment for that - and the kid lived in student housing on campus.
While there are many hoi polloi Chinese who could never afford such real estate, there are many Chinese students and young professionals here who are children of cadres and mainland business owners. They have an extraordinary amount of money.
One of the Chinese hotelier clients of at my design firm combined his business trip with a real estate hunting expedition. It is not uncommon for mainland Chinese to consider it safer to park their money in US or Canadian real estate. They are buying in Europe too. We're talking government officials here who would rather park their money abroad.

[Anonymous]

Is this like a dinner party topic? Or a brag post? Either way it’s sad.

[Anonymous]

33 and 35 (me and my spouse). Bought a 1.2M house with 20% down. Down payment was mostly inheritance, so less credit to us.

[Anonymous]

40, but we could have afforded it earlier. We were waiting until the kids were both in elementary school.

[Anonymous]

We were approved for a $1.2M mortgage when we bought our house at 33/34. Borrowed $600k instead, refinanced a couple of years ago, and now we have a sub-$3k mortgage for a house worth ~$850k. We could probably have swung the payments on the expensive house but we didn't need it.

We'd probably be approved for some truly ridiculous number now, but I would never buy based on a bank's assessment.