Reply to Is home ownership out of reach for people under 30?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s not that hard. Step 1- buy a condo instead of renting. Step 2 work your way up to a townhouse or small sfh. I would not live where we do now if we did not buy a condo in our early 20’s. By 30 we has a house with no family money[/quote]

This is the way. [/quote]

What are people smoking! I'm 38 and if I had done that would likely have been under water for at least a decade. Very thankful I didn't

Today? Condos in my area are 500-700K. I'm not seeing how that math works either. [/quote]

Our tiny starter home in 2005 was $600k. We sold it after ten years, made a profit, rolled it into a better house and are now sitting on a lot of equity. I don’t know where you live, but if you’re in an area with healthy home appreciation then a condo at 500k seems like a good starter investment. [/quote]

I have two friends who bought homes in 2005 that left them in foreclosure since they dropped to 1/3 their value.  DC benefitted from the war economy in 2000s, so was more insulated. People are still thinking with a ZIRP ZIRP mindset, and that the Fed will always prop up housing.

But it’s over. Inflation is back and nipping at our heels, so higher rates are here. Buying can be a decent inflation hedge, but don’t count on appreciation. And overall growth will slow with higher rates, which means there will be some neighborhoods back sliding (like my brother in Oakland who is $200k under water on his SFH). [/quote]

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