Reply to How does a single person buy a house around here

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m 31, 350k job, I’m already past the age of average marriage and first born child and don’t run into too many other people my age with this income. Statistically in the top 1-2% income for my age bracket.

Still I feel I cannot afford a decent house around here. Take home pay is 16k a month after 401k and a 1.5M house runs 10k a month at least.

How are people my age buying homes when almost nobody earns my income? [/quote]

I am married, but my spouse and I saved a ton before we had kids / bought a house.  We had no car, didn't eat out, no tv or streaming, only cell was work cell, etc.  Our goal was to live in a particular are and we knew we needed a large downpayment so we would feel comfortable buying a home there.  We didn't take a vacation unless we were using points from business travel.

Before I lived with my now spouse I always lived with roommates, even when I made a good salary because I saved and invested my salary and knew one day I wanted to buy a home.

I have many friends who live large.  They drive fancy cars, take fancy vacations, always go out, rent insane apartments, etc.  They live alone, don't have roommates, etc. Then they complain they can't afford to buy.

If you're single and have no kids why do you need a $1.5 million house.  I have a sibling who is single and looked at SFH and decided to buy a condo.  She lived with roommates until they bought in their 30s.  This is in Boston/Cambridge MA so it is different as condos have gone up way in value.  House maintenance can be annoying, so you can also look at townhomes or row houses.  You could also look for a home with a rentable basement to offset your mortgage.

If you're determined, buy a smaller cheaper home that you can renovate in an area that you like.  Then you have the opportunity to grow equity and sell if you need something bigger in future.  [/quote]

+1 I could have written this post. The key is to live frugally and buy a house before you have kids. If you're used to living large before kids, then you'll definitely have difficulty saving once you have kids. [/quote]

+1.  Saved when single and bought 3 bedroom rowhouse when I moved to DC and got 2 roommates to pay the mortgage.  I continued to save and while living there, bought another rowhouse.

Then got married and gutted 2nd rowhouse and renovated it and moved in.  We are renting the 1st rowhouse.

Both moves above was one of my best real estate moves.  [/quote]

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