Anonymous
Post 12/26/2022 19:41     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:
Anonymous wrote:We spent our 20s in school, with very low-paying jobs, and saved enough to pay for a downpayment on a home when I turned 30.

We lived VERY frugally to achieve this, given our low incomes. We picked up free furniture left in the trashroom by other residents, bought cheap food on sale, cooked from scratch, never ate out or went to the movies or paid for any sort of entertainment, lived in a crappy one-bedroom (with one, then two kids)...

Most people on DCUM can't even imagine living such a frugal life.

And now we're living a middle class life.

But it took 10 years of lean, lean living to get there. And even now, we budget carefully.


I did all of these things because I was poor and crushed by college loans. Just paid mine off about a year ago. I’m middle aged. I guess I can finally start saving for a down payment.


It sounds like you took on too much debt. You opted against lots of paths that would have resulted in less student debt and high enough income to buy a home in the DMV.

The moral here is that decisions have consequences. I see so many posters on this board who went to expensive colleges then went into their low earning passion careers. That's fine if you're willing to make the sacrifices, but don't whine that you can't afford a home. Do people not understand that expensive SLACs and low earning passion careers are for people with family money or high-earning spouses?
Anonymous
Post 12/26/2022 18:41     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:We spent our 20s in school, with very low-paying jobs, and saved enough to pay for a downpayment on a home when I turned 30.

We lived VERY frugally to achieve this, given our low incomes. We picked up free furniture left in the trashroom by other residents, bought cheap food on sale, cooked from scratch, never ate out or went to the movies or paid for any sort of entertainment, lived in a crappy one-bedroom (with one, then two kids)...

Most people on DCUM can't even imagine living such a frugal life.

And now we're living a middle class life.

But it took 10 years of lean, lean living to get there. And even now, we budget carefully.


I did all of these things because I was poor and crushed by college loans. Just paid mine off about a year ago. I’m middle aged. I guess I can finally start saving for a down payment.
Anonymous
Post 12/26/2022 18:21     Subject: Anyone else who will likely never be a home owner?
Some people want a McMansion when they should be happy to call their 1400 sq ft 3 bedroom townhouse a home for $300k or less.
Anonymous
Post 12/26/2022 18:00     Subject: Anyone else who will likely never be a home owner?
Some people live on sailboats or cruise ships or RV’s or lighthouses or in Alaskan without plumbing where they can train their sled dogs. life isn’t defined by if you are a mortgage holder vs renter. Who tf cares about that? No one puts it on their tombstone.
Anonymous
Post 12/26/2022 17:45     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?


How much money have you saved between 18 and mid 30s? What are you current incomes? What are you revenues from side jobs?
Anonymous
Post 12/26/2022 17:02     Subject: Anyone else who will likely never be a home owner?
We had no family support and had to support extended family.
Anonymous
Post 12/26/2022 17:00     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?


That's what we thought but being frugal and extra work hours made it possible. We did move to a low cost area for first property. We didn't furnish or decorate it much until we took care of PMI and we refinanced it to 15 year when rates went lower. We paid it off in 14 years because we didn't buy more than we can chew and extra income increase and bonuses went to mortgage company.

Yes, we weren't able to keep up with the Jonses but will have a roof on our head when we retire. Well, unless high property tax or repairs bankrupted us but we tried.
Anonymous
Post 12/26/2022 15:00     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.


This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.


So hard to imagine that many people in an area known for highky edicared transplants didn't grow up here, didn't live with mom and dad, or spent their savings or had low incomes in their 20s due to higher education. I know TONS of people who weren't able to save for a down payment at the rate prices were increasing in their 20s.


Lots of us did it without family to live with or to give us money. We lived with roommates in crappy rentals and saved money to buy a dated home in a tier 2 or 3 area. You also need to be careful taking on student loans. If that exclusive school is going to saddle you with debt but not a high salary, then you can't afford it. You also can't afford the prestigious but low-paying career. I have no sympathy for people who indulged their egos instead of being financially responsible.

Don't try to live the trust fund lifestyle without a trust fund then come complaining.


+10000. We are relatively high earners and had to make sacrifices for that first down payment. We spent a year or so not going on any vacations, we skipped out on some weddings, didn’t even have iPhones and got by with one older car. The friends we have who have not yet bought a house are all unable to make these kind of sacrifices. Now they are in their 30s and it will be more obvious that they missed the boat.
Anonymous
Post 12/26/2022 14:58     Subject: Anyone else who will likely never be a home owner?
We spent our 20s in school, with very low-paying jobs, and saved enough to pay for a downpayment on a home when I turned 30.

We lived VERY frugally to achieve this, given our low incomes. We picked up free furniture left in the trashroom by other residents, bought cheap food on sale, cooked from scratch, never ate out or went to the movies or paid for any sort of entertainment, lived in a crappy one-bedroom (with one, then two kids)...

Most people on DCUM can't even imagine living such a frugal life.

And now we're living a middle class life.

But it took 10 years of lean, lean living to get there. And even now, we budget carefully.
Anonymous
Post 12/26/2022 14:51     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:There is no way for you to know what your life will be like one year from now or even 6 months from now, so how can you say with certainty that you'll never own a home or that there is no way forward?


Well cause I don’t play the lottery and I can’t get qualified to do anything that pays higher than I earn now.


What do you mean "can't get qualified"? So it's lack of enough education? Go back to school then, or get licensed doing something that pays more than what you're currently doing.

Or maybe you're actually comfortable with the life you have, and the level of success you've reached. That's okay, but don't make it sound like whoa is me...it's everyone else's fault I can't buy a home.


I can’t go to school or get licensed to do something that pays more.


Why?


Not PP but probably because this poster is already spending every minute working and handling children or other dependents.

Not everyone can afford to go back to school - in terms of time and/or money.
Anonymous
Post 12/26/2022 14:47     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:To those saying you’ll never own a home, what is the barrier for you? I get homes in this area are expensive but have a cousin, a single school teacher, who just bought a nice townhome in Laurel (HoCo) for $400k and she qualified for a first time homebuyer program and only put down $25k which took her several years to save. This was before rates went up but she has a doable mortgage which, according to her, still allows her to pay for vacations, etc.

Her house is really cute, but not updated. Nice neighborhood. 3 br / 2 ba. She’s going to update it over time. Sometimes I wonder if people have very high expectations so aren’t willing to think about a different area or go townhome vs SFH.


If I were a single teacher, I’d love this too. Not all of us are young and starting out.


What does being young and starting out have to do with an entry point to home ownership? If you’re saying that you can’t buy a home because it’s unaffordable then the first thing to ask is what are you wanting to buy. If you’re only interested in Bethesda or NW DC or Arlington (or equivalents) then yes, you will find it harder and maybe impossible to buy a home unless you’re wealthy. If you’re not wealthy, you expand your search and expectations.



Agreed with this. Seems like the OP lived a good life being young in dc on u street or Clarendon, then expected to hop into a nearby house in the same areas. Either move out a bit farther and reset expectations or begin to prepare now. Crying about it won’t help you.
Anonymous
Post 12/26/2022 13:55     Subject: Anyone else who will likely never be a home owner?
If you really want to own a home you will find a way. What is likely holding you back is that where you live is more important than owning a home. If you could move somewhere where home ownership is more affordable you could buy a home and maybe eventually graduate to buying a home in the area where you now prefer to live.
Anonymous
Post 12/26/2022 13:52     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.


This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.


I’m a different poster and I’m 33 and I don’t own a home. I have a high income too. I’m pretty satisfied with what I’m paying in rent.
Anonymous
Post 12/26/2022 12:55     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.


This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.


So hard to imagine that many people in an area known for highky edicared transplants didn't grow up here, didn't live with mom and dad, or spent their savings or had low incomes in their 20s due to higher education. I know TONS of people who weren't able to save for a down payment at the rate prices were increasing in their 20s.


Lots of us did it without family to live with or to give us money. We lived with roommates in crappy rentals and saved money to buy a dated home in a tier 2 or 3 area. You also need to be careful taking on student loans. If that exclusive school is going to saddle you with debt but not a high salary, then you can't afford it. You also can't afford the prestigious but low-paying career. I have no sympathy for people who indulged their egos instead of being financially responsible.

Don't try to live the trust fund lifestyle without a trust fund then come complaining.
Anonymous
Post 12/26/2022 11:19     Subject: Anyone else who will likely never be a home owner?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Mid thirties couple here with no way forward regarding buying a home. I feel sad knowing I won’t be able to have a home to call my own and decorate and build a family in.

Anyone else in this boat?

No. You two had at minimum 10 years to live in a condo/townhouse (possible with roommates) and pay down the mortgage. Then take out the equity and buy something bigger. Since you don't seem to have done that, take the money you invested while renting all those years (Usually renting is cheaper than owning, so the difference you invested). You did that, right? If you live in DMV you have known for a long time that it is expensive to live here.
If no,t you two need to move into a studio and both work 1.5 jobs to save up for a townhouse somewhere outside of the city. Within a few years when the interest rates go down again, you should be ready to buy. Get a roommate if you do buy a townhouse or a house.


This. The pp had years to live frugally and save for home ownership. If you suddenly look up at age 33 and wonder why you don't own a home, then that's on you.


So hard to imagine that many people in an area known for highky edicared transplants didn't grow up here, didn't live with mom and dad, or spent their savings or had low incomes in their 20s due to higher education. I know TONS of people who weren't able to save for a down payment at the rate prices were increasing in their 20s.