Reply to Genz and millennials don't want your small starter homes want forever homes now

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[quote=Anonymous][quote=Anonymous]I feel like I know so many people around here who have kept their starter home as a rental, while upgrading to big forever homes. We absolutely needed the equity from the sale of our starter home to put into the downpayment of our next house. How is everyone else doing this without casually already having down payment money in cash for their second home, in which case why bother with the starter home in the first place? [/quote]

We bought a condo in 2018 in a trendy neighborhood of Boston. We didn’t go balls to the wall with the first property’s purchase price which allowed us to keep saving for the next property.  When we were ready to move to the suburbs (2022), we had a realtor come out to evaluate the condo. We weren’t going to net significant dollars with the sale (condos only appreciate so much) and the net wouldn’t bump us into the next “tier of house” so refinanced while it was the primary residence and rent it. We ended up in a GREAT close-in suburb with a perfect commute and school district in a modest house that needed a ton of work. Our friends have bought nicer homes but it comes at a cost… location or being “house poor”, we feel like we played it pretty conservatively but we are pretty boring people. [/quote]

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