Millennial mortgage payments

[Anonymous]

For those who feel "stuck" in DC just rent out your house at a nice profit every month. You have a rock-bottom interest rate that you can keep until the home is paid off.

You can move anywhere else in this country. Being a landlord isn't terrible, as long as you have a couple solid handymen you can call for fixes.

[Anonymous]

32 and 29

$5,900 mortgage in Bethesda

20% down on the property

[Anonymous]

I bought a house in June of 2020 on an island (fled the city a few years prior but had been renting on the island) as a single 31 year old. I paid $287k for 2000sqft. Even with all the hurricane and FEMA insurance, my total payment is $1663/mo. The house has appreciated to around $550k at the time I refinanced in Sept 2021.

I have been full-time remote since 2016. If you have the option of a stable remote position (not something that will suddenly go hybrid or demand back in office), leave DC.

[Anonymous]

Anonymous wrote: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.

That’s very black and white thinking- many people cannot afford such a mortgage even without the luxuries you mention. Using the 28% rule, that sort of mortgage would not be advised for anyone making under ~$225k. We have a $2200 per month mortgage with kids in daycare/public school, normal cars (Toyota, Subaru).

[Anonymous]

Anonymous wrote:For those who feel "stuck" in DC just rent out your house at a nice profit every month. You have a rock-bottom interest rate that you can keep until the home is paid off.

You can move anywhere else in this country. Being a landlord isn't terrible, as long as you have a couple solid handymen you can call for fixes.

Ugh, no, being a landlord in DC itself is NOT easy. Too much risk for me, nooo thanks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For those who feel "stuck" in DC just rent out your house at a nice profit every month. You have a rock-bottom interest rate that you can keep until the home is paid off.

You can move anywhere else in this country. Being a landlord isn't terrible, as long as you have a couple solid handymen you can call for fixes.

Ugh, no, being a landlord in DC itself is NOT easy. Too much risk for me, nooo thanks.

Whatever, don't rent to deadbeats in sub-par. We've rented out our home WOTP and it's been easy - always people with high incomes, good jobs, etc. Some are more high maintenance than others, but this is why you have the numbers for a few handymen, a roofer, HVAC and boiler companies, etc. If you've owned a home for a while, you probably already have the numbers of a few good people.

[Anonymous]

What is your interest rate? Our mortgage payments are around $4k on a $650-ish mortgage, but that's because we refinanced to a 15 year in order to get a sub-2% interest rate. Do you have a 15 or 30 year mortgage?

[Anonymous]

Anonymous wrote: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.

Daycare and student loans are not “optional” for many.

[Anonymous]

Anonymous wrote:

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

can you read the subject of this topic again, please?

if you had a 12% mortgage, you're NOT a millenial.

[Anonymous]

Anonymous wrote:What is your interest rate? Our mortgage payments are around $4k on a $650-ish mortgage, but that's because we refinanced to a 15 year in order to get a sub-2% interest rate. Do you have a 15 or 30 year mortgage?

+1

OP's payment seems terribly high for $650k.

Bad credit?

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

Daycare and student loans are not “optional” for many.

Someone forced you to have children?

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is your interest rate? Our mortgage payments are around $4k on a $650-ish mortgage, but that's because we refinanced to a 15 year in order to get a sub-2% interest rate. Do you have a 15 or 30 year mortgage?

+1

OP's payment seems terribly high for $650k.

Bad credit?

OP here. Our interest rate is 4.25% for a 30-year mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

Daycare and student loans are not “optional” for many.

Someone forced you to have children?

Either encourage procreation or immigration. Your pick. Otherwise, we're f*cked.

[Anonymous]

Millenials born in 1985 and 1989. We bought in Olney, 505k with 10% down. PITI is 2867, plus 120 for hoa...hoping to recast or refi at some point to get the PITI down. Approx 200k HHI

[Anonymous]

Anonymous wrote:I am a millennial in a nice suburb of Cook County Illinois. Our mortgage payment is $750 a month and our property taxes are $1100 a month. We bought at the bottom of the market.

Wondering what suburb in Cook county? That seems low to me