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][quote=Anonymous][quote=Anonymous]You buy something...say, a townhouse in a growing neighborhood and build equity.  Sell in 5-7 years. Use equity and savings to buy a small house. Renovate and live there or sell and move on up.

Buying houses is a long, slow, lifelong grind for the middle class.  It's certainly not impossible, but it's not super fun either.  [/quote]

Foolish! You don't build equity in 5-7 years generally. The cost to buy and sell a house will eat up 6% anyway. You will make only tiny principal payments  in 5 years anyway. The house may appreciate or it may not. It's too little time for equity building[/quote]

Agreed. People saying 5-7 years are giving terrible advice. [/quote]

This depends on location. My husband and I bought in a very popular neighborhood (Del Ray) and sold 4 yrs later with an 80k profit. Then we were able to buy a larger home for less than we paid on our first house (albeit a bit farther out).

And to the OP, my DH and I bought when we were both 25 (born in 87). We lived together and budgeted well. We were both on Fed salaries. We were able to save enough for a down payment on a 500k town house and still had a healthy savings left in our bank. It can be done. [/quote]

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