Reply to how on earth can we save a down payment?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Making drastic changes in lifestyle to buy a home is a difficult adjustment to make. But it can be done. My next door neighbors were "boat people" who all pooled their resources, lived with relatives, worked 80+ hours a week and in a year paid cash for their first home in Annandale. Now they all have their own homes (never borrowed for any of them).
Part of the problem in American culture [b]is the shaming that goes on when someone[/b] [b]lives in a group home, or in their parent's basement, driving a crappy car, etc[/b].

[/quote]

the only shaming i see here are of those who drive luxury cars.
also, americans are much more mobile than people, and few employed people live close enough to their parents or relatives to be able to live together.
from your account it still sounds like "boat people" bought their real estate way before bubble.

OP,

to answer your question, we saved for downpayment because we lived in low COL for several years previously, without kids. however, we didn't put anywhere close to all our savings into the downpayment. we bought in baltimore, and are paying off our 15 year mortgage comfortably while living in a very beautiful place. the commute for us works much better, too. if this could work at all for you, i recommend you consider it.[/quote]

Boat people came to the DC area as refugees during/after the Vietnam war. I don't think you can compare the housing purchasing opportunities of the 70s with the economic realities of today. After all, my parents bought their 2000 sq ft home with 2 acres in the 70s for $60K. With just inflation, their house would be $300K, but it's over a million thanks to the crazy housing market of the past decade. $300K is well within most professionals' reach. Over a mil is not. Sorry, but other than having a good work ethic and saving plan, there's not much to learn from boat people or anyone else who bought in 40 years ago.[/quote]

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