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Reply to "What Can I Afford? Millenial Edition"
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[quote=Anonymous][quote=Anonymous]You're way behind the game. Almost every 30+ millennial I know, single or not, has already purchased a first home. Usually a condo (sooo many of them now trying to rent out one-bedroom condos "just steps from [insert amenity]" that they've outgrown) but often row houses (in the city) and SFHs (in the burbs). The general rule of thumb for DC is 5-10% down and a mortgage 4-5 times annual salary. You'll be fine once you decide to commit. [/quote] That's ridiculous - I work with around 30 millenials and only a very few actually own homes, the ones who are married and maybe with kids. Very few are also making $180K and could ever afford a $500K+ house in this area... The rest are normal 25-30-somethings living with their significant other or a roommate and their dog in a rental. Are you only hanging out with trust fund kids? [/quote]
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