Reply to Buying a first home - did you get the downpayment from your family?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, you're making like $6k a month.  You could spend $1,500 on rent each month and still have tons leftover.  Where's all your money going?[/quote]

I wish. It's $4500 take home after my taxes, thrift contribution (12% of salary + 8% match), life+health+dental+vision insurance. Also, I just hit this level of salary one month ago after a recent promotion. I'm also dumping a LOT ($700+ month) on student loans and didn't finish full-time grad school until I was 29. If it wasn't for grad school, I wouldn't have my very good job (got a 40% raise vs. my job before grad school).

[b]I do have money saved up, but no way do I have $50K+ for the down payment (plus closing costs) for a mediocre condo[/b].[/quote]

Cry me a river.  Six figures at 31, no dependents, and you can't save anything?  Nothing?

Better get cracking to save up that $50K.  You need to start somewhere.[/quote]

[b]OP here:

I'm not crying anything.[/b] I was just trying to see if my experience was typical for young, well educated professionals in DC. Think of my posting as more of a survey than a rant. I freely admit that saving up for a downpayment is hard work and requires sacrifice for most people.

That said, I went to a grad school populated by lots of wealthy students and they compose my main network here in DC. So it sometimes feels like its only me and a few other friends from middle class backgrounds who are struggling with this while all those who are buying are not having the same experience.[/quote]

You are not crying, but you are whining a bit.  You wrote:

[quote]How much help did you get from your family when you bought your first place? Did you ask your parents or did they come to you? I know my dad has some money, but I feel awkward asking him for a handout like that. At the same time, I feel like I'm flushing my money down the toilet by renting.[/quote]

I'm having a hard time wrapping my mind around the idea of a 31yo man earning six figures asking his dad for a handout to buy his own place because he is "flushing ... money down the toilet by renting." OP, if you are flushing money away, it is not because you are renting; it is because you are spending carelessly.  At your age, with that income, you should have enough savings that asking dad for a handout should not have occurred to you.

I rather doubt that you and only a few of your friends are the only 30-somethings who do not have access to family money.  It may feel that way to you, but I can assure you that is not the case.

Maybe you need some new friends who can give you a reality check.[/quote]

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