Reply to If you were born in 1990, how do you plan on ever affording a house?

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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]Alright I'm an "old millennial" born in the 80s. But we bought a townhouse in Hyattsville/University Park area. We bought the biggest model. At 6 years out we made >$60k profit. We took that plus savings for a down payment on a SFH. You need to think that you will probably not be able to put 20% down but you can still get great rates and loans and purchase. You need to think outside the box in location but still think of the realities of the purchase- i.e. appraisals are based on square footage, #bedrooms and #bathrooms. Buy the 4bd 3.5bath over the 3bd 1.5bath in the same neighborhood. 
If I can make a recommendation- University Park is selling townhomes brand new by the new Whole Foods. If I were in the market I'd buy that in a heartbeat. Prices in the mid400s, walkable to WF, good elementary and inside beltway. [/quote]

All these examples about purchases fine without 20% down, we are returning to the bed all day as it sounds like. Or least reminiscing about them. People should be buying the 20% down and fixed rate mortgage is, anything else is taken more risk than most buyers can handle sure works out fine in another market, but any hiccup and then you are on the under water and it snowballed from there.[/quote]

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