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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]WHYYYYYYY do we have this same thread over and over and over again? It's like once a week, some young millennial comes on here and complains about how s/he can't afford their dream house. Listen, most of us in our late 40s bought a starter home when we were in our 30s. We were 35 when we bought our first home and it was teeny tiny and outdated. At 45, we traded up to a much nicer single family home a little bit further away from the city.

So, no - you can't afford the $1.7Million new build at age 30, but you can afford something small that works for you now and trade up in the future.[/quote]

+1
The idea of a “starter home” is either skewed or nonexistent to some. [/quote]

I’m 35 and bought my “starter home” as a single 30 year old, expecting to be here for 5 years max. Thankfully it’s a 4/2, albeit 2200sqft, so it’s now become my longer-term home (likely until kid is grown) because I cannot justify re-entering the market with the current interest rates and home prices. We’re a little snug now with 2 adults WFH and a baby, but that 2% interest and $1700 mortgage for a house 10 min from the beach is worth being a little cozy.

We’ve put about $50k in updates and maintenance in this year already since coming to terms with the idea of a starter home being out the window. Next discussion is adding a detached office in the yard rather than an addition to the house itself that could have a Murphy bed or other sleeping arrangement to double as a guest space since the house is a little cramped when family visits. I think trading up is going to slow down for a bit and more creative (cheaper) solutions are going to close the gap for a lot of families like mine.[/quote]

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