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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m 35. We first bought at 25 in a townhouse. Best decision we made that set us up for success.[/quote]

[b]If we had bought at 25 we would have been buying a condo in PG county in 2005, peak of housing bubble. We would still be underwater. [/b]

As long as you can afford to buy a long term house (ie townhouse, SFH, something few simple with good schools and safe neighborhood), do it as early as you can, so that if values do decline you are still happy where you are.

I assume you had no student debt or have Big Jobs?  A townhouse 10 years ago in DMV were still $750k, which is $150k in after tax cash savings and a $3k monthly payment. Hardly 3rd year Fed employee range of options. [/quote]

So many people who comment about PG County without knowing about PG County.  I have live in PG county for over 30 years and have owned 3 properties in PG county since 1995.  The house we bought in 2006  was underwater from 2011 until 2018 and is now about 20% over our purchase value.  Not great but considering that we now own about 70% of the property, and we have loved living here (we got a significantly bigger, newer and nicer home in PG County than we would have gotten in nearby counties and have enjoyed that for 18 years).

I know people who own and have owned condos in northern PG county and likewise, they were underwater for much of the 2010s, but I don't know anyone whose property has not risen to above their purchase price.  And the money that they have paid has gone towards equity in their mortgage and many are mostly paid off.  Only those people who had to sell in the 2010-2018 range had problems with being underwater on their homes.  But those who could afford to wait it out have not gotten back to profitability in house value and now own a significant portion of their home so that they'll get money back at sale.  They are much better off than those who rented the entire time.[/quote]

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