Millennial mortgage payments

[Anonymous]

Born in 1983, bought a DC fixer upper for $280K in 2012. My PITI is $1800/mo.

I do not love my house, but I love my low mortgage and my equity. I feel stuck in DC though.

[Anonymous]

We are younger Gen-X, bought in Silver Spring in 2014. House was $425k and our monthly payment is around $2k. It's kind of a crappy house, DH has a long commute, and we get flack from our families for not having a proper guest room but having a lower mortgage payment gives us breathing room for everything else. I feel bad for my sister and BIL who are trying to buy in a different, but equally expensive metro area, they are mid-30s with two kids and will face a much higher mortgage payment for something comparable to what we have. Timing is huge for sure.

[Anonymous]

Millennial (1986) here. Bought a 1 bed/1bath coop in 2016. PITI was around $1200 on a 30 year/4%. I put 10% down payment too.

Refinanced last year to a 15 year/2.75% and monthly payment is $1600. It sure is getting to be cramped though but like others, I feel…stuck.

[Anonymous]

Born in 86. Bought a new townhouse in the burbs in 2019. 20% down. Paying $2k a month with a 3.75% interest rate. Love the house and area and we have plenty of space so we will stay for a while.

[Anonymous]

I am so glad you posted this because I am the one who started the other thread and I was astonished at how low everyone's payments area. We are PITI right at $5050 for a $975k home that we put 20% down on. We are stretching to be where we want to be, and trusting that our incomes will continue to grow, and our childcare will decrease as our kids enter school. We also are praying that we will be able to refi at some point. Most of our friends who have shared their mortgage payments seem to be within the $4000-$6000 range, especially those who have put on big additions or done big renovations.

[Anonymous]

Born in 1981. Purchased a SFH in 2014 for around $750K with 20% down from savings. At the time our PITI was $3.5K and we refinanced a while back and our PITI is currently about $3K.

[Anonymous]

Anonymous wrote:I am so glad you posted this because I am the one who started the other thread and I was astonished at how low everyone's payments area. We are PITI right at $5050 for a $975k home that we put 20% down on. We are stretching to be where we want to be, and trusting that our incomes will continue to grow, and our childcare will decrease as our kids enter school. We also are praying that we will be able to refi at some point. Most of our friends who have shared their mortgage payments seem to be within the $4000-$6000 range, especially those who have put on big additions or done big renovations.

It just depends on your situation. Where do you live and what’s your income? I wouldn’t be comfortable with that sort of mortgage but we are two (mid-level) feds.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most of the pps are either 1. Liars. 2. Bought more than a decade ago or 3. Got major assistance from family/inheritance that they used toward down payment

Or most of the posters here live in a bubble and are completely unaware of or unwilling to consider any house outside of a few of the most highly desirable and sought after areas. The majority of people cannot afford a 4000 a month mortgage. Where do you think they live? There are neighborhoods in Montgomery county where SFH do not cost 850k.

OP here. Are those people on DCUM, though? If you look at any of the threads citing HHI on this board our HHI of $250k sounds VERY middle of the road.

Yeah again...250k is still significant for this area. Two early GS-13 Feds are only making 200k in normal agencies, 2 G-14s will get you there. We are one G-12 (soon to be G13) and fed contractor (underpaid but super safe position, FT WAH, and no stress). Our HHI is 165k. No parental help. Student loans. Daycare. We bought in PG county. Got almost 10k from the state in the form of a 0% loan. All in- taxes, mortgage, insurance- its 2600/month. Our HHI at the time, a few years ago, was lower.

[Anonymous]

We're Xenials, I guess? Born 1980.

Bought 2004 in DC for $250k.
*Salaries were $65k combined, put 5% down. This was a STRETCH at the time. Got a second job for a few years to make things easier. (pre kids)

Sold in 2018 for $525k.
Bought in PG County for $490k. Dumped nearly ALL our equity into new house to keep payments low.

Current PITI $2100/month, 15 year mortgage. Half of that is PG taxes.

Current salaries $250k combined.

[Anonymous]

Birth year: 1988, purchase price: 490k, purchase year: 2020, 20% down, sfh exurbs, PITI $2150. Location is going to cost you. We got lucky with rates - could have afforded a lot more but this is a great monthly payment for a nice home and to keep a roof over our head

[Anonymous]

Anonymous wrote:The recent long thread on mortgage payments made me feel like I live in an alternate universe, what with the vast majority of responses seeming to be $2500ish. Was everyone responding to that thread 50 years old? We’re in our early 30s and have a $650k mortgage on a small old house in Arlington we bought for $850k last year. I share these details because our payment is $4k and we are not getting much for it, so it seems nuts that we pay so much more than everyone. Do people our age have similar payments or does everyone have 50% down payments?

I am old enough to remember paying 12% on a home loan. And that was a good rate. Suck it up folks, things could be worse

[Anonymous]

We have a really really high PITI (5400) but we don’t have daycare, student loans, car payments or country club memberships. We don’t belong to expensive gyms or get regular spa treatments. Some people have lower mortgage payments but send their kids to private school, employ a nanny, lease luxury cars, etc. It’s less about comparing and more about your personal budgeting preferences. You spend your money on what is important to you.

[Anonymous]

op situation seems pretty normal for a 30-something in this area.

[Anonymous]

2700 a month.

[Anonymous]

Millennial, $3100/mo on a 550K mortgage for a tiny townhouse. O also have mortgages of $800, $1900 and $1500 on 3 other homes.