Reply to If you were born in 1990, how do you plan on ever affording a house?

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Reply to "If you were born in 1990, how do you plan on ever affording a house?"

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[quote=Anonymous][quote=Anonymous]OP, I feel for you. Not only does being born in 1990 disadvantage you, but in reaching out for help and commiseration, you've been on the receiving end of a torrent of self-congratulatory nonsense.

Real estate is all about windfalls. If you bought decades ago around here you got not only massive price appreciation, but inflation paid for most of your mortgage. If you didn't have to pay for college and/or got help with a down payment (many do!)  you were in position to buy much earlier and avoid the later price increase.

Furthermore, it's been public policy in recent years (most egregiously post-2008 fin crisis) to move heaven and earth to keep housing prices AS HIGH AS POSSIBLE! Think about that: the government works to make a fundamental human need as expensive as it can. When you understand that this is concurrent with policies to suppress wages as much as possible, you should see this as a very bad situation.

I don't doubt that some of you have 'worked hard', but please don't conflate your luck in life with virtue. Lots of others have worked even harder and it hasn't worked out so well.[/quote]

+1  All of the self-congratulatory people seem to under-emphasize how much a role luck played.

OP, if I could do it all over again (even in today's circumstances), I would try to move away from this area (before getting stuck in a career/job that keeps me here).  You don't have a house to sell.  You are still young.  Look at some other areas of the country that have a nice balance of opportunity (i.e., there are jobs) with a reasonable COL and pace of life.

Aside from the difficulty finding housing in this area, the traffic, the congestion, the reality that the public transit is over capacity and lacks adequate funding.  Even if you are able to luck out like some other PPs and climb the property ladder, once you get that expensive house, you realize the property taxes are outrageous.

There are things I like about this region, but if I got a re-do, I wouldn't settle here.  I would move before getting too stuck.   It's a lot harder when you're 40 and your job skills and work experience really are only marketable in D.C.

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