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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm a second-time buyer and I am depressed too. Current home is a condo, has not appreciated much but everything else has, and our equity will not make up the gap.

We thought we were being practical buying a condo as first-time buyers because it was well within our budget and close in, which has saved us a lot of money on commuting over the years. And we have saved the difference in what we might have paid for a house if that's what we'd bought. But neither our appreciation nor our savings (nor our incomes) can keep up with the appreciation in houses over the last 7/8 years.

We either have to accept that we're raising kids in a small condo with bad IB schools, or make the big jump to a lower COL area. I guess it's better to have these two options than no options, but it's still disappointing. Especially when peers who only spent maybe 50-80k more (back when borrowing money was cheaper than it is now) are sitting on way more appreciation and have way more options. Our mistake was underbuying and being overly conservative about debt. It's a tough thing to reconcile.[/quote]

I made the same mistake being overly conservative and now it's impossible to move up[/quote]

It's a crap shoot, PP. 
We did the same thing -- failed to stretch when we could. The result is that we live in a pleasant, small house in a good school district, which fine. But had we stretched a bit, we would be living in a much nicer house, the type of house that I would enjoy living in. This is a middle class regret, and I'm not complaining that I don't have enough money to feed my kids or anything. But I wish I'd made a different decision, that I'd stretched and suffered a bit for a few years until our incomes caught up and we could live more comfortably.
However, things might have gone south. DH had a job scare a while back, and had he lost his job, we would NOT have lost our modest home. Were we living in a larger home with a bigger mortgage, we surely would have lost the house if he'd lost his job. There are good reasons for being conservative, PP. 
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