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][quote=Anonymous][quote=Anonymous]it's all about priorities .

If you really want a house you can figure it out. 
Live at home [b]Not an option for many people[/b]
2 years at Montgomery College $9000 tuition
2 years at U.Md $20000.

[b]No clue if these numbers are right, but this could still be almost 30k in student loans assuming a part time job covers housing and living expenses[/b]

You have a degree in business , accounting , engineering or comp sci.

Get a job 75k.

[b]Entry level jobs out of college are probably not paying quite that much and a masters will be needed to move up[/b]

Live in group house $500/mo. Student loan $300/mo
Other expenses $1000/ mo.

[b]Group housing cost $500/month back in the mid-to-late 2000s.  Also, if you want to free up money to save for a house and having kids some day, you better not just be paying $300/month toward a student loan.  We have a $500/month min payment on 40k and are tripling that so we can afford kid #2.

That's 34500 in the bank every year. With raises over 5 years it will be about $200000.

[/b]Raises are often COL bumps eaten up by rising healthcare premiums to cover boomers[b]

Get married . That person has $100000 saved since a little younger. [/b] Seriously, your plan involves banking on marrying someone with 100k saved?[b]

Put down 150000 on a 700000 home.

Loan amount is 550000.

PIT is 3000 a month but with tax write off its equal to $2000 a month . [/b]My 550,000 mortgage without PMI is almost 3,300/month because taxes keep going up.  And Tax write off goes down as you're paying principal more than interest.  Taxes will keep going up.

Married Monthly income 75 k plus 50 k =125k

10450 gross. 6900 net. -3000 house. 3000 other expenses 900 savings/investment along with 150k you already have.

[b]3k in other expenses is childcare for 2.  Or you can quit job and live off 75k and a 3,300/month mortgage.  Or not have kids because home ownership of a 700k house precludes having a family on that salary.[b]

[/quote]

Your math and assumptions are terrible, and do not account for health insurance, income taxes, retirement savings, etc. iOW, you're terribly clueless.[/quote]

All the math is based on net after taxes. Retirement savings could be the 150 k you still have invested or in the bank after the down payment and the 900 a month being saved now. You're only 27 at this point.[/quote]

Agree, the math is totally delusional.  This had to have been written by some out of touch dinosaur.[/quote]

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