Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Wow, you spent a whole year without going on vacations? You didn't even have iPhones?? I'm impressed you were able to make those kinds of sacrifices.

Yeah. We can’t afford vacations either and I drive a basic car. We make mid six figures but no inheritance so only fixer upper townhomes are in our price range.

Anonymous wrote:

Anonymous wrote:If you’re not a low wage earner and you can’t buy a home then you’re renting in a neighborhood that’s too expensive for you. Every couple I know still renting is doing the same thing as someone who is leasing a car because the payment is less. You need to move to a less expensive neighborhood and start saving up.

Yes, basically everyone I know who is still renting, not many really, is doing it because they don't want to lower themselves to a less prestigious neighborhood... or whatever.

Anonymous wrote:

Anonymous wrote:

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.

Wow, you spent a whole year without going on vacations? You didn't even have iPhones?? I'm impressed you were able to make those kinds of sacrifices.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

That was your choice. Get on a plan for extreme saving now because home prices will continue to fall for most areas.

Anonymous wrote:

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 wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have hated owning every home I have lived in. It’s a waste of money. Your money is trapped in the house. Somethings always breaking. I’ve spent more money and repair and maintenance for houses that have not been that old that it is ridiculous. I dream of having an apartment. I can’t do that at this point until my kids are out of my house and that’s 10 more years. Being a homeowner really isn’t all that. It also seriously limits your flexibility and if you don’t like the house you’re stuck in it for years because you can’t turn around and sell it right away or you’ll lose money. I cannot wait to run because when I rent a place, if I decide I don’t like it I can move in the lease is up and I don’t lose a thing.

I completely relate. Bought my first place when I was 25 in a rough area because it was cheaper than rent. I have been a homeowner since and owned 3 different properties. There are too many hidden costs to home ownership. You often sacrifice alot of flexibility and comfort vs renting. I think it is overrated.

You’re skipping several steps. Most 25 year olds can’t afford a down payment. Who helped you?

DP but the pp may have benefitted from different loan structures available back then. I only had to put 5% down for my first home.

Anonymous wrote:If you’re not a low wage earner and you can’t buy a home then you’re renting in a neighborhood that’s too expensive for you. Every couple I know still renting is doing the same thing as someone who is leasing a car because the payment is less. You need to move to a less expensive neighborhood and start saving up.

Anonymous wrote:

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

Anonymous wrote: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 wrote:

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.

Same boat. Moved too much to buy and now priced out. It is so depressing.

Anonymous wrote:Early 50s. Same. We moved too often to ever own for more than once for a few years and didn’t benefit from appreciation. We can now only afford a too small fixer upper but don’t have money to fix it up either. Renting until we retire somewhere cheaper. It’s frustrating because our income more than doubled recently and we still can’t buy a house that doesn’t need major work or require an hour plus commute.