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]
You seem like a realtor.

I'm 35, which I suppose qualifies me an an "old Millennial." My anecdotal evidence: most friends I've made within my age cohort in the time I've lived here have moved away (at least 7/10 friends) because they were only here to build their resumes or found their dream job elsewhere. Almost all those who have moved away have left for lower COL areas (some closer to their hometowns) or to comparably expensive cities where they feel like the cost of living is justified by what they feel DC lacks in terms of culture/"edge" (SF/Oakland, NYC, LA). The only people we know who own homes here are (a) those with partner-level salaries (or are married to a spouse with a partner-level salary) and/or (b) bought circa 2009 - 2014.

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