Reply to $200K and just getting by

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Reply to "$200K and just getting by"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We bought a townhouse in 2000, and back then we didn't need a DP!  Things have changed making it more difficult to buy and afford things now for people under 40.  [/quote]

That's what I was about to say. PP who bought when she was 22 - that was 1998 or so. We bought in 1999 and had a 10% DP but could have done 5%, and the house was $200K. [/quote]

Pp bought before they were married, and many many people break up with their significant other once they are working and in real life; they committed to a mortgage but not to each other. Very responsible.

And as for buying with 5% down, how can you even pretend that is reasonable; it's all about timing and PP got lucky. If it was 2006 you would have been sunk. [/quote]

My point was that 10% (or 5% which we didn't do) of $200K for a 3-BR, 2-BA in a close-in burb was not that much money - for those asking how people had a downpayment that young.

And there are a ton of people on this board who bought in 2006 and have done just fine. Almost everything close-in and under $1M is up since then, with some DC neighborhoods way up.[/quote]

Hon, you can't buy at 22 when houses are $1m to start. You CAN when houses are like $200K/$400K to start, which is what they were in 1999.

Bottom line, that's shit advice for anyone who's not 40 who was old enough to buy then (I was 16 in 1999, so thanks for the "great advice") and who doesn't have a time machine.[/quote]

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