Reply to Millenial Money - House Poor in Fairfax

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[quote=Anonymous][quote=Anonymous]I’m a millennial and I bought a condo in DC in 2015. I sold it in 2022 and made 150k on it. I only put down 10% on it. I would never do that now.

My income has gone up a lot in 7 years, but my standard of living has actually decreased in that time due to prioritizing investing and optimizing expenses due to inflation.

I haven’t jumped back in yet but I am still building a decent down payment (30% at least) before I buy again. And I’m not deprioritizing other savings goals for this either.

I wish this couple the best.

They should be glad that it’s not like 2007. I know GenXers who were underwater for almost a decade after that crash and were begging for help for their kid’s college tuition from cousins at the thanksgiving table because they couldn’t sell. At least this couple will have the ability to sell at market rate if they regret the buy in a couple of years.[/quote]

Exactly. Condos and townhouses appreciate far behind SFH, and condos in fact become albatrosses with ever escalating condo fees and expensive maintenance on elevators and pools etc.

This family did the best thing they could do: buy a proper SFH for the long term, with good public schools and a reasonable commute. It’s painful but it’s the only way to come out ahead — if they keep renting or buy some dead weight condo, they will end up further behind even if short term cash flow is easier. [/quote]

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