Anonymous wrote:

Anonymous wrote:Bought a condo at 30 in NW. I couldn't buy at 20 when I wanted because of my legal status. I remember thinking that $550 for a studio was too much rent on 16th street and would've loved to buy instead.
The rowhouses in Columbia Heights were at giveaway prices- $80k I think on Park Road. 1-bedroom in Adams Morgan was also ca $80k.
Now at 40 the condo is almost paid off and rented out. Will not be able to afford a house in DC in a neighborhood I want. Not a house person.

Wait - you are suggesting that in 2008, rowhouses in Columbia Heights and one bedroom condos were each $80,000? That's complete BS. Try again.

Check you math. It sounds like PP was talking about 1998.

Anonymous wrote:

Anonymous wrote:28 in 1998. Townhouse in Clarendon. 1 year out of law school. No help and $100 k in student loans. Worked 2 years before law school to pay off undergrad loans.

Money for down payment?

DP: Back then we were able to get no money down jumbo loans.

I own a title company with offices throughout the area. I am still surprised but most people get family help. For some it a a loan for the fha down payment of 3.5%. For others it is a few million in cash to purchase a multi million dollar house. Most are somewhere in between.

Anonymous wrote:Bought a condo at 30 in NW. I couldn't buy at 20 when I wanted because of my legal status. I remember thinking that $550 for a studio was too much rent on 16th street and would've loved to buy instead.
The rowhouses in Columbia Heights were at giveaway prices- $80k I think on Park Road. 1-bedroom in Adams Morgan was also ca $80k.
Now at 40 the condo is almost paid off and rented out. Will not be able to afford a house in DC in a neighborhood I want. Not a house person.

Wait - you are suggesting that in 2008, rowhouses in Columbia Heights and one bedroom condos were each $80,000? That's complete BS. Try again.

24 in 2004. We graduated undergrad with no debt, (rich parents for her, scholarship for me). Then we each worked two jobs from 21-24 to afford downpayment.

Sold the house in 2018 for more than 2.5x what we bought it for. Bought a cheaper, larger house in the suburbs.

In 2003 dh (27) and I (25) purchased our first condo in DuPont circle. We upgraded to a house a year a few blocks away later. No family help, but we were fortunate to make very high incomes out of school.

I was 29, bought a co-op in Adams Morgan. Borrowed $12,000 from my parents, which I repaid in 2 years. I had about $100,000 in law school debt at the time.

But my parents paid for my undergrad, kept me in their insurance when I was in law school, and paid for my car insurance when I was in school, and countless other little things. To say I got a great deal of help would be a gross understatement, notwithstanding that it didn't come in the form of a $200,000 check for a down payment.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Zahlfan wrote:Just curious about when people were able to afford a house in the DC area. I purchased my first house at age 39 (I didn't have any help, and I purchased by myself). I am wondering whether most people purchase their first house with some help from family (and jointly with a partner).

I think most people who were raised here and stayed here got help from mommy and daddy

What would makr you think that?

I was born and raised here and still live here and my parents never had the means to help me.

I was born and raised here and still live here and my parents did have the means to help me but never did.

This. Every dime was saved by me.

Anonymous wrote:

Anonymous wrote:

Zahlfan wrote:Just curious about when people were able to afford a house in the DC area. I purchased my first house at age 39 (I didn't have any help, and I purchased by myself). I am wondering whether most people purchase their first house with some help from family (and jointly with a partner).

I think most people who were raised here and stayed here got help from mommy and daddy

What would makr you think that?

I was born and raised here and still live here and my parents never had the means to help me.

I was born and raised here and still live here and my parents did have the means to help me but never did.

26, SFH, 1997, North Arlington, $250k

Bought a condo at 30 in NW. I couldn't buy at 20 when I wanted because of my legal status. I remember thinking that $550 for a studio was too much rent on 16th street and would've loved to buy instead.
The rowhouses in Columbia Heights were at giveaway prices- $80k I think on Park Road. 1-bedroom in Adams Morgan was also ca $80k.
Now at 40 the condo is almost paid off and rented out. Will not be able to afford a house in DC in a neighborhood I want. Not a house person.

28, bought it on my own (female), put about 46% down.

At 25 back in 2005. I was single. No family help. I bought a rowhouse in Dupont Circle.
I put zero percent down. It was a 40 years mortgage. Lenders were very “creative” back then.
My income wasn’t enough to afford the mortgage. I rented all 3 bedrooms in the house and slept in the basement.
Rent from the roommates covered most of the mortgage. I sold the house in 2015.

27: 2 bedroom house in Columbia Heights. Family help on downpayment
34: 4 bedroom house in Mt. Pleasant. No outside help.

Anonymous wrote:28 in 1998. Townhouse in Clarendon. 1 year out of law school. No help and $100 k in student loans. Worked 2 years before law school to pay off undergrad loans.

Money for down payment?