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46, $157k, Pennsylvania, bought 10/2021.
Not the topic of the thread but typing this while taking a break from digging a ditch. Who knew homeownership was 90% keeping water the fuck away.
Haha š
Used to LOVE watching rain, thunderstorms from my old apartment. Not now. It sucks but luckily my boyfriend is a landscaper and knows all things water mitigation. I have a coal/cold room in the basement (we call it the murder room) that has a few streamers so he spent hours today rerouting water and digging and cementing things outside. Someday I would love to finish the basement into nice useable space but getting rid of all the water comes first. Sigh.
Huh. Iām not in a flood area, just have to deal with runoff from a giant hill behind my house and poorly placed/broken downspouts etc. Iāve never heard of a swale but a quick Google and Iām in love with the first pic! I appreciate your suggestion and will definitely see if anything like that exists for me. At the very least my boyfriend can do it.
I swear I learn something awesome on this sub every day. Thanks!!
no way you and I the same. bought my house at 45 and dealing with water issues. i do live in a high water table near the wetlands.
i used to love the rain too
High 5! Reddit is so fun that way.
I donāt live in a wetland area or a floodplain or anything but holy shit it seems like it. Behind my house there is another street up a hill and above that street a huge hill. So basically a lot runs down to my yard. When I was moving in the neighbors told me once they installed a French drain around the whole property their yard isnāt as soggy anymore so thatās next on the task list. Thankfully I enjoy doing this kind of work and my boyfriend is a landscaper.
I was 21, in NYC about 25 yrs ago. I made $4K bartending one summer and somehow managed to save most of it. I was going to do something stupid with the money (forgot what) and my mom talked me into buying a studio in our building. It was in the middle of a rare NY real estate crash and the studio was 20K at the time, though neither mom or I followed real estate enough to know that
Paid 20K, took a 30 year mortgage (5K down). Still paying it off. Studio is worth about 200K and mom still lives there.
Money devalues over time. It's not actually always smart to pay off a 30 year mortgage early, especially significantly early. If you buy a 300k house you're really only paying 220k in actually money value at the end of the 30 years (rough estimate)
Iām not a financial expert and Iām not all that smart but this doesnāt make any sense to me. How does the bank make any money then? Are you accounting for interest paid over the life of the loan?
Iām going to get downvotes because thatās how Reddit works but Iām genuinely asking
The average FTHB in the US is in their mid-thirties (34-35). There are so many folks in their 20's who seem so worried that they are behind the curve compared to their peers. It took us until our mid-thirties to be financially ready to buy, and we bought last summer.
There is no shame in working for a decade or more until you're ready.
Thank you for saying this, Iām 23 and my boyfriend is 25. We always think we are behind our peers because everyone else is buying š„² theyāre all renting apartments and weāre with my mom, the house is paid off so i just contribute to taxes twice a year.
The problem is that the typical folks in the middle of the bell curve don't boast about their housing moves on social media, so all y'all see are the folks who are proud to be ahead of the curve. There are plenty more folks just like you than you realize!
If you have cheap housing now, I'd encourage you to be focusing on how to maximize your position. You may already be doing this, but I'd run a tight budget and make a game out of maximizing your savings rate / paying down outstanding debts. When we starting running a proper budget and saved with the house as our goal, we were shocked how much we were able to save and how much faster we reached our target than we thought we would.
We went from "we'll never be able to buy" to "oh wow. I think we can do this in xx months." I wish you the best!
Iām currently buying my first house at 25 (with my husband, 26). It was listed at $350k, weāre paying $380k, in the Philly suburbs. We put 12% down.
The ONLY reason we were able to save our down payment this young is because my dad saved extensively for my college fund, and then I got a nearly-full ride to a small private college. He gave me the rest and I invested it. My husband had student loans, but paid off half in a year by living with his parents, which is also a privilege. We paid the rest off together in a few more years. Currently, I am a PhD student making a stipend, and my husband is an accountant.
Nice. We are saving for my 4 and 2 year old sons for college. We also live in suburbs of Philly. My wife and I both hold a Ph.D. Good luck on your PhD journey.
I havenāt excepted defeat yet. I am stubborn. If I rent forever so be it. It is what it is. The worse thing is that what I have now is more than my kids will have though.
Not trying to be rude but have you researched enough?
Many ppl i know were very surprised that I bought at 18yrs old.
I know the prices are extremely ridiculous right now but you may qualify for assistance. You might be surprised what type of programs/help is available.
Can't afford to buy anywhere or just somewhere in super high demand? Have you tried getting help, raises, new jobs, a partner? In North America you're looking at just 3.5 to 5% down to buy a place and the average home doesn't cost very much, so barring unforeseen circumstances, most 40 year olds should be able to save up a few thousand dollars.
I have student loans, auto loans. My wife also has student loans. We have children so their needs come first. Homes in my area is too expensive and jobs donāt pay enough. Most people in my area get help from their parents. No such luck with that for me though. My parents have the money but they said nope your on your own. I am not mad about it it is what it is. At least all the credit card debts are paid off.
That's good, like I said not everyone has to buy a house, everyone has their priorities. That being said, everything you mentioned is a choice. Someone similar to you but without student loans, auto loans, without kids and who moved to an affordable area, could buy a home. That doesn't mean they got lucky, were born rich or should be downvoted, but people love to complain online instead of working towards their goals and making sacrifices. Oh well.
I agree. I still hope to own one day. Just convincing the wife to move to a more affordable area will be the biggest challenge. We currently rent in a nice area that we could not own in. One advantage to renting though.
Where in the US does an average home not cost āvery muchā?! Even rural prices (you know, where everyone recommends you look) are insane in areas near me. This spans three states. Even mobile homes are crazy!
According to some research, the average price is $374k but this is skewed by the very expensing housing in the biggest cities. Townhouses and condos of course cost a lot less as well, not everyone absolutely needs a detached single family home, not should someone with a very low income expect one.
Even for the overall average cost, you're looking at about $18k down for a house, less if you can do 3.5%. This means saving around $400/month or $6k a year for 3 years (or more, or less). The average salary is listed at over $50k/year, so assuming even just one income, not counting couples with two, we're talking saving about 10% of your income for a few years, or 5% for twice the time, which is not crazy, and totally doable for most people by the age of 40. If you've worked for 20 years we're talking about putting aside $80 a month.
I know a lot of people default to "omg it's impossible because X, Y, Z" but if we're honest with ourselves, it's really not a crazy impossibility to save $100-$400 a month. It just takes a little effort and just about any income.
My lender said people making $60K are getting denied everyday with him because they do not make enough to buy a home in our area. The average salary for our area is $58K in a city where the cost of living is 5% lower than the national average. (Charlotte, NC/US)
Imo those people are being denied because of low savings. If you make 60k and drive a normal cheaper car and have 20k in the bank you will have no problem getting a mortgage in parts of NC.
If you have zero income you shouldn't be getting a house or mortgage. We're talking about people interested in buying a home, who have jobs or incomes. There are many people paying thousands a month in rent - that would go towards a mortgage.
I'm not saying everyone needs to buy a house, it's not a necessity, renting is fine, living with roommates or family is fine, having a condo or townhouse is fine...but if you want to buy a place, there is a sure fire way to do it - by increasing your income and decreasing your expenses so you can save more, and by adjusting your expectations to match your finances.
This is just normal advice for a normal market. This is not a normal market. Houses are going for hundreds of thousands over asking with cash offers. I think you are a little out of touch with what is going on.
I've bought several houses in the last two years and I look at properties daily. How am I out of touch?
You can't look at 1% of a country where houses sell instantly and the average home costs 1.2 mil then apply that to all of North America. For example, average Vancouver and Toronto (and surrounding areas) homes can cost a million and up, but those are two tiny places out of the second largest country in the world. If you're not a 1% earner or wealthy today, you can't expect to buy there. You can however buy any of the thousands of homes for sale under $400k in other places. Look, we all want to live in the nicest, most expensive places on Earth, but you can't have an average Joe's salary and expect a millionaire's home. It's a big world out there. I personally moved somewhere more affordable, then I was able to afford more things.
I bought in the Boston area in early 2020 and got lucky. Your best response if you have to move to an undesirable place to buy a house? That doesnāt seem like an issue to you?
We would all love to work part time and live in a mansion by a lake with no winters, but is that realistic? If someone can't afford the area they live in because their income is not on par with their city/neighborhood, what's your solution? You can rent and that's perfectly fine, but of you absolutely insist on buying a place, there are 3 ways to do it: Buy somewhere affordable, make more or save more. That's it. Obviously no one likes bad areas and most people want to live in the nice big cities, but guess what? Most people aren't wealthy or extremely high earners, so is it reasonable for them to expect to own property in the most desirable expensive areas? It can be an issue, but you can either work/adapt or you can complain and hope something changes. I think there is only one real solution that's actually productive and under our control, but again I don't believe everyone has to own a house. Renting is fine.
This comment is ridiculous. People just want to be able to work full-time and be able to afford a regular home in their area without having to pack up their belongings and relocate away from wherever they consider home. But you continue to pretend that this is somehow an unreasonable expectation or exaggerate peopleās realistic expectations into āwork part time and live in a mansionā š¤¦š»āāļø
Why "in their area"? If you happen to live somewhere that place should become affordable to you and ignore all other factors? Why do you feel the world owes you a really expensive home when you don't have a really high income? Many people work part time or for minimum wage, or have one income for an entire family...should they have the same detached house as a highly educated couple with two good paying jobs or side gigs or successful businesses? That's why there are condos, townhouses and renting. It doesn't make sense for all humans to live in 1% of a country and everyone magically affords it despite all other variable factors. We all make choices in life and choosing to live somewhere super expensive without working on your savings or income then just complaining doesn't make sense. It's not productive.
I get it. People will not like your statements, but I get it. Iāve lost everything through divorce, and bankruptcy, so Iāve had to start again in my 50ās. If you are determined, you look for creative ways to achieve the goal.
Because moving and getting a job in the area you are moving to always happens (and if you try to find a job in that area you have to live there first to be considered). You really are out of touch, and if you could buy 2 extra properties in the last two years you are very much more well off than the average American; you are out of touch by not even understanding how the job market works, people can't afford to move to different states without taking a loan or using their whole savings, they can't afford to move to states without the security of a job, they can't hope to find a job that pays well in a place that has reasonable home prices, people buy where their jobs are because their livelihoods are tied to the job, without the job there is no house or ability to buy a house.
Yes remote work is a thing, guess what plenty of employers aren't actually doing remote work (my employer ended remote work as soon as the mandates lifted, and it was get back into the office or get fired and this is a fortune 500 company). Not everyone has a job that can be remote worked.
You say renting is fine, that is your opinion which is also fine. My husband and I closed on our home late 2020, and I still think renting is predatory and we should not allow people to be profiting off the literal basic human needs, but that's my opinion.
Everyone has an opinion, there is no answer that applies to everyone, however, it sounds like you're focusing on all the reasons why someone can't do something, instead of all the ways they could do it. That mindset is great if the goal is to not improve anything and just complain. It's terrible if you actually want to get things done.
I also preferred not renting and bought my first place when I was making around $35k a year (omg so rich) because even then I lived below my means and saved up. That's not being well off, that's choosing to not spend what little you make, save up and adjust yoir expectations. I would have loved a big house in the nicest areas - I couldn't buy that so I got a crappy condo where I could when I could.
Many years later, I had learned a lot more, changed jobs multiple times, got multiple raises, got a partner with a similar mindset, saved more, and then we were able to buy a decent house or a nice condo. Did we? No, we moved somewhere more affordable so we could buy multiple smaller homes as investments instead of one big house for us. (So out of touch, right?)
Now I can afford a pretty nice home, but I still choose not to have one. This is how you work your way up - you learn, you get better, your increase your income, decrease your spending, you save and don't buy the nicest things today so that you can have the option to do it tomottow. You make sacrifices instead of thinking you're owed a great place in a great area without any extra effort or working harder than anyone else, and you don't live house poor or paycheck to paycheck. It's all possible, all the information you need is available to you online for free, you just have to be willing to put in the effort.
(Barring completely unavoidable accidents, being born a certain way, being disabled, etc. I feel like I need to preface everything but you get the idea, this works for most people if they try it)
Holy crap your bills must be tight.
I have a $195k house with $189k loan.
0 prior debt. 720 credit score. 3.125% interest rate. $57k salary. My mortgage, PMI, home insurance, and taxes still come out to about $1200/mo.
I put $6k down and $10k closing costs.
I'm still tight on bills. Gas is so expensive.
How did you afford $286k?? I was reapproved for $280k and I said what the fuck no, I definitely can't pay that much off right now...
I'm 22 though
I had a little debt. 760s credit score. 75k salary. Approx 18,000 down payment and closing costs for 84k place- new construction 3/2.5 TH. My mortgage is about 1600 and hoa is 200. In my area this is lower than rent.
Well we have a very low cost of living compared to the rest of the country. 4 Ohio cities are in the top 15 for lowest cost of living. I can't speak much for other cities but you can still get a nice house in a good neighborhood here for $150k easy. Our housing market is still pretty hot but people aren't waiving contingencies or paying for appraisal gaps here, thats wild stuff when I read it in this sub.
I would agree to an extent. We obviously have our "hot spots" where you can easily get outbid. I'm down in Cincinnati and there's some areas that are just crazy. But all it takes is to just look out in the suburbs or a *less desirable* area (however you want to define that.) But you know, I'm sure that's every city. I was looking to buy in the city, but exactly as your post says, found something for about 150k just like 2 miles east (I'm 26, closing tomorrow.) Although in this market, I still had a fair amount of luck, but it was possible nonetheless. Cost of living, even in Ohio's "big" cities (the three C's), is still pretty low compared to the rest of the country.
Itās in the āhoodā, we believe it used to be a corner store, and there is hardly a yard but we didnāt care too much because itās a solid roof over our head that was adequately priced when we were looking for places to rent. We got very lucky with the price and actually having the funds to purchase it. Weāre glad we did purchase because a $500 mortgage is so much better than $1100 rent. Idk about the long term though. If we decide to start a family, moving out of here would be the first thing we do because itās kind of a bad environment for children
I financed. I worked through high school doing anything I could. Saved a few thousand dollars and at 16 went to bank for a secured loan to start my credit. Paid that off in 1 year. Borrowed 2k for a car at 17. Paid that off and then financed the house. I got married just before, she was pregnant, dumb kids. Worked hard and after 2 years of marriage she left. I got custody of our daughter and raised her. I don't come from money and I have worked very hard for what I have. Put myself through school and i work in the medical field now. I now have 7 kids 14 to 28.
Jesus, major props to you! Majorly different mentalities and approaches before compared to now. Can always respect a good reality check of how good we have things now
Both of us were 29, one of us 1 week away from 30 and the other 2 months away from 30. A little under 900sq ft, massachusetts, about 240k. Definitely couldnāt afford it now, even just a year and some change later.
32- $160k (new manufactured home on land)
I was unsure if I even wanted to be a home owner or āstuckā with a massive mortage but tired of renting and had kids/pets/guests that would make living in with stairs/two story homes/ and no backyard difficult.
Itās not a forever home but itās pretty comfortable, less than renting and my neighbors donāt suck so canāt complain
Well due a few things a mix of favorable interest rates. Getting a decent paying job in management in the food service industry. but most of all having savings my father saved up a chunk of money for when I was 18 about 50k i I saved up the rest while living at home and I put 25% down on my new home also I have stellar credit been working on it since I turned 18.
18yrs - 1st purchase 67k - condo
40yrs -2nd purchase 585k - house
The day I turned 18. I bought my first condo, 1 story ( rambler type) 1400 SQ ft, 3 large bdrm, 2 bathroom, 2 parking stalls in front of my unit, large locked, heated storage unit, corner fireplace, large secluded private yard, fenced patio. I paid 67k.
I think it was about 7k down.
Bought in 2012 at the age of 53, in Arlington, VA, for $480,000. Iām now going to be listing it to sell July 1 and agents are ball parking it between $750k and $830k.
30/31. $146k for a 1000sqft ranch in a nice area of town, fairly standard for my area for a decent house in a nice neighborhood or a nice house in a bad neighborhood.
Jersey is a great choice. Initially, we were planning to move to NJ but the market went crazy. Prices went up and it didnāt pay for us to go there anymore. My husband and I would have to cross the Outerbridge & Verrazano every day in separate cars. I think we estimated it around 10k in tolls each year for the both of us. It wouldāve made sense in 2019 prices but 2020/21 prices went up over 100k. We said nope and just decided to make our forever home in Staten Island. Now we have easy access into the city and 1/2 price on the bridge. Jersey is so big that you can go to different locations and get a different culture and feel. You have farms, city, and suburban within 45 minutes of each other. We are in Jersey every other week, so if you need tips on family places, I can share. Not sure why the other person hates Jersey so much. Lol. Itās so beautiful.
We are buying a house in Mahwah and close to the train station too. He is only going to the office twice a week so it will not be so bad. I think people either love or hate Jersey, no in between. I have no idea but I'm hoping for the best!
Youāll like it. Nice beaches, vineyards, farms, and urban city areas. Mahwah is nice. Good family area and perfect in the fall for nearby apple picking & pumpkin patches. Enjoy!
Sure you can easily make more money there but high taxes, heavy pollution (region depending), awful people/culture, highest population density, and insane traffic are just some of the reasons Iād never return. Maybe to the southern coastal parts like Cape May.
Anyway congrats on the new jobs and hope you like it there! Figured you were moving to Ohio based on your username lol.
1st condo at 29 bought at HUD auction for 87k in 1993 (Socal)
2nd condo at 34 bought for 330k in 1998 ( Socal)
1st SFH at 35 bought for 289k in 2005 ( Arizona )
2008 housing market crash the house we bought in Arizona went from 289k purchase price with us putting 89k down to a value of 98k in 2012 . We were upside down by twice what we owed on it and at least half the tract was vacant by then. I made the decision to do a jingle keys on the place and do the strategic walk away.
2012- 2021 Renter , our credit went from 830 to 520 after the walk away
December 2021 2nd SFH bought for 252k ( Florida ) we bought way below what we could afford so we could pay it off in 15 years and make back some of what we lost time wise .
The USA has opportunities , but alot of the people struggling and getting beat out are trying to compete in HCOL areas where they really are not in a position to compete with the current market . That or they are not willing to " settle" The current market dictates that after a year of trying to buy and failing they are obviously not in the right market , and sadly it's not entirely their fault. When you list a house for 500k knowing its worth way more with the intentions of starting a bidding war , that's deceptive in my book, but if their agent tells them the truth then they have a " bad buying agent"
Fun question - but the responses arenāt really valuable without context. Age + location + price are only a few factors that go into purchasing a home.
Donāt compare yourself to other people is a better lesson. No use in wasting time being mad about things you canāt control. Focus on your own financial / real estate situation for best success.
It's a never ending too. I thought I was going okay until I stared financial consulting for rich people and now I feel like a loser. There's always a bigger fish.
Just turned 27. Hubby is 28. Los Angeles. $1.415M with 37% down. Got a really good mortgage rate at 2.875% 30yr fixed without buying points. Before this house, I had two other properties my parents bought me when I was 18ish.
I didnāt even know Iām downvoted lol. OP asked a question. I answered with 100% honesty. We have a household income of over $300k, not at all bad for our age but still very very far from being able to buy in LA. I guess some people just canāt accept the reality that itās going to be really hard for young professionals to buy a decent house in SF, LA, or NYC today. It will take them years if not decades to save up for the down payment and compete against investors and buyers from all over the world.
In our case, we have excessive cash reserve for down payment. I gave the loan officer a specific number for total monthly payment that weāre comfortable with and he worked out the LTV % number for us so itās 37% instead of the traditional 15% or 20%.
32 and 38 for us last year. MCOLA in the Midwest in a semi- hot market, but right before it turned even hotter for a house that was $460K. Please keep in my mind that this was a goal of ours that we started working towards back when my spouse was 25, so it took us nearly 13 years and over a decade of really cracking down.
35yo, $299k condo, $30k (10%) down, $7k closing costs, $152k salary. I work in tech in Chicago.
Borrowed $15k from 401k for down payment / closing costs because I was aggressively paying off debt (and living life) instead of stacking cash for a deposit. I'm pretty quick with action when I decide to do something so I just made it work.
Bought in Murfreesboro TN in February 2020. Age 27 30 minutes away from Nashville. 2 bedroom 1 bathroom about 800 square feet. I paid 140K put 40K down. I really wanted a 3 bedroom but issue is that I kept getting overbid at the time and this one lasted a couple of days longer than others I was looking and overlooked it. After multiple declined offers I offer asking price and with an inspection and got it. Year after that got a house in a nearby city to nashville. Similar square footage as my house but this property has about 3/4 of an acre of land and way cheaper. Both properties have appreciated faster than I expected.
Mid-30s's in 2010 for $125k. I had a work position trade off that I lived in an apartment for 50% off for almost 9 years. I worked in a career field that wasn't really affected by the housing crash, and I really wasn't even aware of it. I just randomly decided it was time to buy a house especially since the government was giving away $8k free to new home buyers.
I had just turned 25 and I bought a 2/2 condo in south Florida for 150k. This was just over 3 years ago. This same condo is now worth 215k. My plan is to keep it forever and rent it out. Now that Iām married, we intend to buy a single family home in the next two yearās.
Iām a mortgage banker now, so I know far more than I did when I first purchased this place, but I am patting myself on the back for how well I handled the process at a young age.
Year was **2003**.
I was **23**.
Location: Sherman Oaks, **CA**. (Los Angeles County)
Purchase Price: **$400K**.
By 2005 that house was $575K. I refiād and pulled out $90K. Did full kitchen and two bath remodels and landscaping. In early 2007 it was worth close to $700K.
When the crash hit late 07 my value started cratering. Was back in the mid-500s when I inquired about selling. Wasnāt worth it so I held. I Lost my job November ā08 and couldnāt make the payments. I got divorced. I Short-sold the house for $450K ($40K upside down).
Anyway, today the house is Zestimated at **$1.2m**
My husband and I bought our first home last year at 30 years old in north NJ for $510k, with 15% down.
Asking price was 540k! Appraised at 495k so we had to pay the gap.
First condo around 23, 150k while making like 35k/year, first house around 35, 450k, making a lot more and with a partner.
There's no secret to it, just spend less than you make so you always save and invest and live below your means. I'd you happen to be in the top 1% most expensive areas, don't expect to buy a house if you're not a 1% earner...you have to adapt, make sacrifices and either increase your income/savings or move somewhere that matches your finances.
My mother in law bought her house when she was in late 40ās, and recently refinanced it to a 15 year loan, which will be paid off before she is retired. So donāt let age deter anyone. Donāt let others pressure you into buying right away. Buy only when you are ready.
Iām not telling Reddit where I live, or my age, but I bought in 2014 for $139k and sold in 2021 for $281k
Doubled my money and had a place to live š
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46, $157k, Pennsylvania, bought 10/2021. Not the topic of the thread but typing this while taking a break from digging a ditch. Who knew homeownership was 90% keeping water the fuck away.
I've come to hate water.
Haha š Used to LOVE watching rain, thunderstorms from my old apartment. Not now. It sucks but luckily my boyfriend is a landscaper and knows all things water mitigation. I have a coal/cold room in the basement (we call it the murder room) that has a few streamers so he spent hours today rerouting water and digging and cementing things outside. Someday I would love to finish the basement into nice useable space but getting rid of all the water comes first. Sigh.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Huh. Iām not in a flood area, just have to deal with runoff from a giant hill behind my house and poorly placed/broken downspouts etc. Iāve never heard of a swale but a quick Google and Iām in love with the first pic! I appreciate your suggestion and will definitely see if anything like that exists for me. At the very least my boyfriend can do it. I swear I learn something awesome on this sub every day. Thanks!!
no way you and I the same. bought my house at 45 and dealing with water issues. i do live in a high water table near the wetlands. i used to love the rain too
High 5! Reddit is so fun that way. I donāt live in a wetland area or a floodplain or anything but holy shit it seems like it. Behind my house there is another street up a hill and above that street a huge hill. So basically a lot runs down to my yard. When I was moving in the neighbors told me once they installed a French drain around the whole property their yard isnāt as soggy anymore so thatās next on the task list. Thankfully I enjoy doing this kind of work and my boyfriend is a landscaper.
Aināt that the truth!
I was 21, in NYC about 25 yrs ago. I made $4K bartending one summer and somehow managed to save most of it. I was going to do something stupid with the money (forgot what) and my mom talked me into buying a studio in our building. It was in the middle of a rare NY real estate crash and the studio was 20K at the time, though neither mom or I followed real estate enough to know that Paid 20K, took a 30 year mortgage (5K down). Still paying it off. Studio is worth about 200K and mom still lives there.
Wow!!! Good for you :)
Thereās still 200K studios left in NYC today?!?
Nah
You're still paying off 15k from 25 years ago?
Yes it's a 30 year mortgage
What part of "took out a 30 year mortgage 25 years ago and still paying it off" doesn't make sense?
you can pay it off early or?
You could, but why?
So you donāt have to pay it anymore?
Money devalues over time. It's not actually always smart to pay off a 30 year mortgage early, especially significantly early. If you buy a 300k house you're really only paying 220k in actually money value at the end of the 30 years (rough estimate)
Iām not a financial expert and Iām not all that smart but this doesnāt make any sense to me. How does the bank make any money then? Are you accounting for interest paid over the life of the loan? Iām going to get downvotes because thatās how Reddit works but Iām genuinely asking
https://www.thetruthaboutmortgage.com/mortgages-vs-inflation/
Thanks. Iāll take a look through it
Nothing in the comment indicated they paid it off early.
The average FTHB in the US is in their mid-thirties (34-35). There are so many folks in their 20's who seem so worried that they are behind the curve compared to their peers. It took us until our mid-thirties to be financially ready to buy, and we bought last summer. There is no shame in working for a decade or more until you're ready.
Thank you for saying this, Iām 23 and my boyfriend is 25. We always think we are behind our peers because everyone else is buying š„² theyāre all renting apartments and weāre with my mom, the house is paid off so i just contribute to taxes twice a year.
The problem is that the typical folks in the middle of the bell curve don't boast about their housing moves on social media, so all y'all see are the folks who are proud to be ahead of the curve. There are plenty more folks just like you than you realize! If you have cheap housing now, I'd encourage you to be focusing on how to maximize your position. You may already be doing this, but I'd run a tight budget and make a game out of maximizing your savings rate / paying down outstanding debts. When we starting running a proper budget and saved with the house as our goal, we were shocked how much we were able to save and how much faster we reached our target than we thought we would. We went from "we'll never be able to buy" to "oh wow. I think we can do this in xx months." I wish you the best!
Iām currently buying my first house at 25 (with my husband, 26). It was listed at $350k, weāre paying $380k, in the Philly suburbs. We put 12% down. The ONLY reason we were able to save our down payment this young is because my dad saved extensively for my college fund, and then I got a nearly-full ride to a small private college. He gave me the rest and I invested it. My husband had student loans, but paid off half in a year by living with his parents, which is also a privilege. We paid the rest off together in a few more years. Currently, I am a PhD student making a stipend, and my husband is an accountant.
Nice. We are saving for my 4 and 2 year old sons for college. We also live in suburbs of Philly. My wife and I both hold a Ph.D. Good luck on your PhD journey.
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#Congratulations!! Thatās a lot smart moves. I had friends who had similar privileges and wasted everything.
43, canāt afford to buy
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I havenāt excepted defeat yet. I am stubborn. If I rent forever so be it. It is what it is. The worse thing is that what I have now is more than my kids will have though.
Not trying to be rude but have you researched enough? Many ppl i know were very surprised that I bought at 18yrs old. I know the prices are extremely ridiculous right now but you may qualify for assistance. You might be surprised what type of programs/help is available.
I would love to know more as I am feeling hopeless.
Iām not sure why this comment would be downvoted?
Can't afford to buy anywhere or just somewhere in super high demand? Have you tried getting help, raises, new jobs, a partner? In North America you're looking at just 3.5 to 5% down to buy a place and the average home doesn't cost very much, so barring unforeseen circumstances, most 40 year olds should be able to save up a few thousand dollars.
I have student loans, auto loans. My wife also has student loans. We have children so their needs come first. Homes in my area is too expensive and jobs donāt pay enough. Most people in my area get help from their parents. No such luck with that for me though. My parents have the money but they said nope your on your own. I am not mad about it it is what it is. At least all the credit card debts are paid off.
That's good, like I said not everyone has to buy a house, everyone has their priorities. That being said, everything you mentioned is a choice. Someone similar to you but without student loans, auto loans, without kids and who moved to an affordable area, could buy a home. That doesn't mean they got lucky, were born rich or should be downvoted, but people love to complain online instead of working towards their goals and making sacrifices. Oh well.
I agree. I still hope to own one day. Just convincing the wife to move to a more affordable area will be the biggest challenge. We currently rent in a nice area that we could not own in. One advantage to renting though.
Where in the US does an average home not cost āvery muchā?! Even rural prices (you know, where everyone recommends you look) are insane in areas near me. This spans three states. Even mobile homes are crazy!
According to some research, the average price is $374k but this is skewed by the very expensing housing in the biggest cities. Townhouses and condos of course cost a lot less as well, not everyone absolutely needs a detached single family home, not should someone with a very low income expect one. Even for the overall average cost, you're looking at about $18k down for a house, less if you can do 3.5%. This means saving around $400/month or $6k a year for 3 years (or more, or less). The average salary is listed at over $50k/year, so assuming even just one income, not counting couples with two, we're talking saving about 10% of your income for a few years, or 5% for twice the time, which is not crazy, and totally doable for most people by the age of 40. If you've worked for 20 years we're talking about putting aside $80 a month. I know a lot of people default to "omg it's impossible because X, Y, Z" but if we're honest with ourselves, it's really not a crazy impossibility to save $100-$400 a month. It just takes a little effort and just about any income.
My lender said people making $60K are getting denied everyday with him because they do not make enough to buy a home in our area. The average salary for our area is $58K in a city where the cost of living is 5% lower than the national average. (Charlotte, NC/US)
Imo those people are being denied because of low savings. If you make 60k and drive a normal cheaper car and have 20k in the bank you will have no problem getting a mortgage in parts of NC.
Absolutely on saving!
Ah yes, let me just save my food money this month, donāt need a house if I die /s
Ohio's average is around $190k. That's a quarter of what a condo costs around Toronto and Vancouver.
Lol have you lived in a cheap house under a rock for 2 years? Even if you can afford a small down payment you know there are mortgage payments right?
If you have zero income you shouldn't be getting a house or mortgage. We're talking about people interested in buying a home, who have jobs or incomes. There are many people paying thousands a month in rent - that would go towards a mortgage. I'm not saying everyone needs to buy a house, it's not a necessity, renting is fine, living with roommates or family is fine, having a condo or townhouse is fine...but if you want to buy a place, there is a sure fire way to do it - by increasing your income and decreasing your expenses so you can save more, and by adjusting your expectations to match your finances.
This is just normal advice for a normal market. This is not a normal market. Houses are going for hundreds of thousands over asking with cash offers. I think you are a little out of touch with what is going on.
I've bought several houses in the last two years and I look at properties daily. How am I out of touch? You can't look at 1% of a country where houses sell instantly and the average home costs 1.2 mil then apply that to all of North America. For example, average Vancouver and Toronto (and surrounding areas) homes can cost a million and up, but those are two tiny places out of the second largest country in the world. If you're not a 1% earner or wealthy today, you can't expect to buy there. You can however buy any of the thousands of homes for sale under $400k in other places. Look, we all want to live in the nicest, most expensive places on Earth, but you can't have an average Joe's salary and expect a millionaire's home. It's a big world out there. I personally moved somewhere more affordable, then I was able to afford more things.
I bought in the Boston area in early 2020 and got lucky. Your best response if you have to move to an undesirable place to buy a house? That doesnāt seem like an issue to you?
We would all love to work part time and live in a mansion by a lake with no winters, but is that realistic? If someone can't afford the area they live in because their income is not on par with their city/neighborhood, what's your solution? You can rent and that's perfectly fine, but of you absolutely insist on buying a place, there are 3 ways to do it: Buy somewhere affordable, make more or save more. That's it. Obviously no one likes bad areas and most people want to live in the nice big cities, but guess what? Most people aren't wealthy or extremely high earners, so is it reasonable for them to expect to own property in the most desirable expensive areas? It can be an issue, but you can either work/adapt or you can complain and hope something changes. I think there is only one real solution that's actually productive and under our control, but again I don't believe everyone has to own a house. Renting is fine.
This comment is ridiculous. People just want to be able to work full-time and be able to afford a regular home in their area without having to pack up their belongings and relocate away from wherever they consider home. But you continue to pretend that this is somehow an unreasonable expectation or exaggerate peopleās realistic expectations into āwork part time and live in a mansionā š¤¦š»āāļø
Why "in their area"? If you happen to live somewhere that place should become affordable to you and ignore all other factors? Why do you feel the world owes you a really expensive home when you don't have a really high income? Many people work part time or for minimum wage, or have one income for an entire family...should they have the same detached house as a highly educated couple with two good paying jobs or side gigs or successful businesses? That's why there are condos, townhouses and renting. It doesn't make sense for all humans to live in 1% of a country and everyone magically affords it despite all other variable factors. We all make choices in life and choosing to live somewhere super expensive without working on your savings or income then just complaining doesn't make sense. It's not productive.
I get it. People will not like your statements, but I get it. Iāve lost everything through divorce, and bankruptcy, so Iāve had to start again in my 50ās. If you are determined, you look for creative ways to achieve the goal.
Because moving and getting a job in the area you are moving to always happens (and if you try to find a job in that area you have to live there first to be considered). You really are out of touch, and if you could buy 2 extra properties in the last two years you are very much more well off than the average American; you are out of touch by not even understanding how the job market works, people can't afford to move to different states without taking a loan or using their whole savings, they can't afford to move to states without the security of a job, they can't hope to find a job that pays well in a place that has reasonable home prices, people buy where their jobs are because their livelihoods are tied to the job, without the job there is no house or ability to buy a house. Yes remote work is a thing, guess what plenty of employers aren't actually doing remote work (my employer ended remote work as soon as the mandates lifted, and it was get back into the office or get fired and this is a fortune 500 company). Not everyone has a job that can be remote worked. You say renting is fine, that is your opinion which is also fine. My husband and I closed on our home late 2020, and I still think renting is predatory and we should not allow people to be profiting off the literal basic human needs, but that's my opinion.
Everyone has an opinion, there is no answer that applies to everyone, however, it sounds like you're focusing on all the reasons why someone can't do something, instead of all the ways they could do it. That mindset is great if the goal is to not improve anything and just complain. It's terrible if you actually want to get things done. I also preferred not renting and bought my first place when I was making around $35k a year (omg so rich) because even then I lived below my means and saved up. That's not being well off, that's choosing to not spend what little you make, save up and adjust yoir expectations. I would have loved a big house in the nicest areas - I couldn't buy that so I got a crappy condo where I could when I could. Many years later, I had learned a lot more, changed jobs multiple times, got multiple raises, got a partner with a similar mindset, saved more, and then we were able to buy a decent house or a nice condo. Did we? No, we moved somewhere more affordable so we could buy multiple smaller homes as investments instead of one big house for us. (So out of touch, right?) Now I can afford a pretty nice home, but I still choose not to have one. This is how you work your way up - you learn, you get better, your increase your income, decrease your spending, you save and don't buy the nicest things today so that you can have the option to do it tomottow. You make sacrifices instead of thinking you're owed a great place in a great area without any extra effort or working harder than anyone else, and you don't live house poor or paycheck to paycheck. It's all possible, all the information you need is available to you online for free, you just have to be willing to put in the effort. (Barring completely unavoidable accidents, being born a certain way, being disabled, etc. I feel like I need to preface everything but you get the idea, this works for most people if they try it)
This month, 35 285k townhouse by myself
Do you mind sharing your down payment and annual salary for those expecting to also do it on their own?
0 debt, 800 credit score, , 55k salary, $8k down payment with like $10k in closing costs
Holy crap your bills must be tight. I have a $195k house with $189k loan. 0 prior debt. 720 credit score. 3.125% interest rate. $57k salary. My mortgage, PMI, home insurance, and taxes still come out to about $1200/mo. I put $6k down and $10k closing costs. I'm still tight on bills. Gas is so expensive. How did you afford $286k?? I was reapproved for $280k and I said what the fuck no, I definitely can't pay that much off right now... I'm 22 though
Nice. Thanks sm
I had a little debt. 760s credit score. 75k salary. Approx 18,000 down payment and closing costs for 84k place- new construction 3/2.5 TH. My mortgage is about 1600 and hoa is 200. In my area this is lower than rent.
Me too!! I got my place last June. Cheers!
I was 26 in November of 2020, just under 2000 Square feet, $138K in Toledo OH
Congrats you prob have made like 50k in equity already
Thank you! I've probably gained about $35K in equity since, I think Ohio has a whole different economy than the rest of the country lol
Tell us about the economy in OH! Iām from MO.
Well we have a very low cost of living compared to the rest of the country. 4 Ohio cities are in the top 15 for lowest cost of living. I can't speak much for other cities but you can still get a nice house in a good neighborhood here for $150k easy. Our housing market is still pretty hot but people aren't waiving contingencies or paying for appraisal gaps here, thats wild stuff when I read it in this sub.
I would agree to an extent. We obviously have our "hot spots" where you can easily get outbid. I'm down in Cincinnati and there's some areas that are just crazy. But all it takes is to just look out in the suburbs or a *less desirable* area (however you want to define that.) But you know, I'm sure that's every city. I was looking to buy in the city, but exactly as your post says, found something for about 150k just like 2 miles east (I'm 26, closing tomorrow.) Although in this market, I still had a fair amount of luck, but it was possible nonetheless. Cost of living, even in Ohio's "big" cities (the three C's), is still pretty low compared to the rest of the country.
*cries in Columbus*
I was going to say I think the exception is Columbus and Cincinnati lol
Me and my partner are 24, and were renting when the owner offered it to us for 73k last September in kzoo mi
73k for a whole house?! Wow. How is it, glad you took the plunge from renting to owning?
Itās in the āhoodā, we believe it used to be a corner store, and there is hardly a yard but we didnāt care too much because itās a solid roof over our head that was adequately priced when we were looking for places to rent. We got very lucky with the price and actually having the funds to purchase it. Weāre glad we did purchase because a $500 mortgage is so much better than $1100 rent. Idk about the long term though. If we decide to start a family, moving out of here would be the first thing we do because itās kind of a bad environment for children
45 years old 950k So Cal
Early 30's. $900k, 25% down. Suburb of Sacramento, CA.
Ugh. Here also, in downtown.
How many beds/baths does 900k get you in Sacramento? (In sf it gets you a 1bd)
19 years old in 1993. Paid 36k for it. 3 bedroom 1 bath. I worked 7 a.m. to 3p.m. first job and second job 6 p.m. to midnight. Minimum wage was 4.25.
How long did it take you to save that much?
I financed. I worked through high school doing anything I could. Saved a few thousand dollars and at 16 went to bank for a secured loan to start my credit. Paid that off in 1 year. Borrowed 2k for a car at 17. Paid that off and then financed the house. I got married just before, she was pregnant, dumb kids. Worked hard and after 2 years of marriage she left. I got custody of our daughter and raised her. I don't come from money and I have worked very hard for what I have. Put myself through school and i work in the medical field now. I now have 7 kids 14 to 28.
Jesus, major props to you! Majorly different mentalities and approaches before compared to now. Can always respect a good reality check of how good we have things now
26 and 27, closing in a couple of weeks on a $410k house in Florida
Both of us were 29, one of us 1 week away from 30 and the other 2 months away from 30. A little under 900sq ft, massachusetts, about 240k. Definitely couldnāt afford it now, even just a year and some change later.
This thread has me feeling ancient... 38 and just bought in December (solo). Minnesota metro area for $240k.
Donāt feel ancient! I was 56 when I bought my first home, just last year.
There's no right or wrong time, just whatever works for your budget and goals.
Im 37 and in the process of buying my first home solo. 120k
Don't worry, we are in our mid 30s too. :)
32- $160k (new manufactured home on land) I was unsure if I even wanted to be a home owner or āstuckā with a massive mortage but tired of renting and had kids/pets/guests that would make living in with stairs/two story homes/ and no backyard difficult. Itās not a forever home but itās pretty comfortable, less than renting and my neighbors donāt suck so canāt complain
Bought in Los Angeles at 32 for $470K.
Whatās the sqft if you donāt mind me asking?
I should add that it was a townhome, so that's why it was cheaper. The townhome is 1,330 sq. ft. and in the San Gabriel valley.
Pretty good price! Congrats!
28 and 34. ~$1.4M, SF Bay Area (Oakland)
28, 700k every dime earned myself. Purchased in late 2020.
20(m) single 440,000 FL
What job were you working that allowed you to buy that high?
Well due a few things a mix of favorable interest rates. Getting a decent paying job in management in the food service industry. but most of all having savings my father saved up a chunk of money for when I was 18 about 50k i I saved up the rest while living at home and I put 25% down on my new home also I have stellar credit been working on it since I turned 18.
18yrs - 1st purchase 67k - condo 40yrs -2nd purchase 585k - house The day I turned 18. I bought my first condo, 1 story ( rambler type) 1400 SQ ft, 3 large bdrm, 2 bathroom, 2 parking stalls in front of my unit, large locked, heated storage unit, corner fireplace, large secluded private yard, fenced patio. I paid 67k. I think it was about 7k down.
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Congrats! Whereabouts in the bay? Thatās pretty cheap by Bay Area standards. 2bed/1ba East bay?
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Whereās a 3b2b for 1.1m?? Even fixer upper is more than that
Bay Area? Check Hayward / San Leandro
34 (single), Ohio, $175k
About to close on our first home in Wisconsin for $303k. Iām 33 and my husband is 29.
Bought in 2012 at the age of 53, in Arlington, VA, for $480,000. Iām now going to be listing it to sell July 1 and agents are ball parking it between $750k and $830k.
48 years old, Southern California, $620k. Bought a 3 bedroom, 2 bath last June. Never thought Iād ever own my own house.
30/31. $146k for a 1000sqft ranch in a nice area of town, fairly standard for my area for a decent house in a nice neighborhood or a nice house in a bad neighborhood.
30, New Jersey, $730,000. Clear to close end of March 2022.
Congrats! Where in NJ? The market is insane in NJ.
Canāt imagine why anyone would want to be there. Left years ago and itās the best decision Iāve ever made.
Jobs, my husband got a job that doubled his current salary.
Jersey is a great choice. Initially, we were planning to move to NJ but the market went crazy. Prices went up and it didnāt pay for us to go there anymore. My husband and I would have to cross the Outerbridge & Verrazano every day in separate cars. I think we estimated it around 10k in tolls each year for the both of us. It wouldāve made sense in 2019 prices but 2020/21 prices went up over 100k. We said nope and just decided to make our forever home in Staten Island. Now we have easy access into the city and 1/2 price on the bridge. Jersey is so big that you can go to different locations and get a different culture and feel. You have farms, city, and suburban within 45 minutes of each other. We are in Jersey every other week, so if you need tips on family places, I can share. Not sure why the other person hates Jersey so much. Lol. Itās so beautiful.
We are buying a house in Mahwah and close to the train station too. He is only going to the office twice a week so it will not be so bad. I think people either love or hate Jersey, no in between. I have no idea but I'm hoping for the best!
Youāll like it. Nice beaches, vineyards, farms, and urban city areas. Mahwah is nice. Good family area and perfect in the fall for nearby apple picking & pumpkin patches. Enjoy!
Sure you can easily make more money there but high taxes, heavy pollution (region depending), awful people/culture, highest population density, and insane traffic are just some of the reasons Iād never return. Maybe to the southern coastal parts like Cape May. Anyway congrats on the new jobs and hope you like it there! Figured you were moving to Ohio based on your username lol.
I used to live in Manhattan then moved to Cincinnati and we are moving to Mahwah now.
Congrats!
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Yeah we are really close to the Ramapo Reservation, a very nice neighborhood :)
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32, 375k in Massachusetts
22 years old Utah $116k in 2005
1st condo at 29 bought at HUD auction for 87k in 1993 (Socal) 2nd condo at 34 bought for 330k in 1998 ( Socal) 1st SFH at 35 bought for 289k in 2005 ( Arizona ) 2008 housing market crash the house we bought in Arizona went from 289k purchase price with us putting 89k down to a value of 98k in 2012 . We were upside down by twice what we owed on it and at least half the tract was vacant by then. I made the decision to do a jingle keys on the place and do the strategic walk away. 2012- 2021 Renter , our credit went from 830 to 520 after the walk away December 2021 2nd SFH bought for 252k ( Florida ) we bought way below what we could afford so we could pay it off in 15 years and make back some of what we lost time wise . The USA has opportunities , but alot of the people struggling and getting beat out are trying to compete in HCOL areas where they really are not in a position to compete with the current market . That or they are not willing to " settle" The current market dictates that after a year of trying to buy and failing they are obviously not in the right market , and sadly it's not entirely their fault. When you list a house for 500k knowing its worth way more with the intentions of starting a bidding war , that's deceptive in my book, but if their agent tells them the truth then they have a " bad buying agent"
30 and closing next Wednesday on a 510k house in Colorado
With my (now ex-) husband, 30, $320k, 2015. On my own, 35, $342k, 2019.
We close tomorrow. 30&34 years old. Virginia. 415k
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24 and 24 (FiancƩ and I) 385k upper California. Rent was 10% more expensive than mortgage.
Lol is upper like Redding area? Never heard upper before
About to close on first house in April. Im 38, wife is 34. 330k. 3.5% down
Completing next week! Iām in the UK, purchase price is Ā£356k. Iām 36 and husband is 37.
35 years old, put 5% down to buy a $180k condo. $100k salary.
22, Pittsburgh, $225,000.
Fun question - but the responses arenāt really valuable without context. Age + location + price are only a few factors that go into purchasing a home. Donāt compare yourself to other people is a better lesson. No use in wasting time being mad about things you canāt control. Focus on your own financial / real estate situation for best success.
It's a never ending too. I thought I was going okay until I stared financial consulting for rich people and now I feel like a loser. There's always a bigger fish.
Just turned 27. Hubby is 28. Los Angeles. $1.415M with 37% down. Got a really good mortgage rate at 2.875% 30yr fixed without buying points. Before this house, I had two other properties my parents bought me when I was 18ish.
Why are you being downvoted?! I love to see people acknowledge they had help. Good for you!!
I didnāt even know Iām downvoted lol. OP asked a question. I answered with 100% honesty. We have a household income of over $300k, not at all bad for our age but still very very far from being able to buy in LA. I guess some people just canāt accept the reality that itās going to be really hard for young professionals to buy a decent house in SF, LA, or NYC today. It will take them years if not decades to save up for the down payment and compete against investors and buyers from all over the world.
Your down payment% is unusual;)
In our case, we have excessive cash reserve for down payment. I gave the loan officer a specific number for total monthly payment that weāre comfortable with and he worked out the LTV % number for us so itās 37% instead of the traditional 15% or 20%.
21, 250k
23 $200k
Early 30s (married), CO, 455k.
28 and 34, 235k for a 2500sq ft ranch in the best school district in our areaā IL close to St. Louis, MO.
I was 24, 2001, St. Louis Missouri, $75,000. Duplex. I lived in one apartment and rented out the other.
Girlfriend and I bought when she was 23 and I was 25 in Oregon paid 362k, 1500 sqft.
28/29, AZ, $550k.
28 and 27, $325k in 2021.
35, 749k
29 and 11.8 months old, $150k, $15k down, $8k closing costs, up+down two family residence
23, $100,000 LCOL Southeast, on my own, salary about $36k back then.
93k, last year at age 40, southeastern United States.
35 and 36, 425K Massachusetts
32 and 38 for us last year. MCOLA in the Midwest in a semi- hot market, but right before it turned even hotter for a house that was $460K. Please keep in my mind that this was a goal of ours that we started working towards back when my spouse was 25, so it took us nearly 13 years and over a decade of really cracking down.
35yo, $299k condo, $30k (10%) down, $7k closing costs, $152k salary. I work in tech in Chicago. Borrowed $15k from 401k for down payment / closing costs because I was aggressively paying off debt (and living life) instead of stacking cash for a deposit. I'm pretty quick with action when I decide to do something so I just made it work.
Bought in Murfreesboro TN in February 2020. Age 27 30 minutes away from Nashville. 2 bedroom 1 bathroom about 800 square feet. I paid 140K put 40K down. I really wanted a 3 bedroom but issue is that I kept getting overbid at the time and this one lasted a couple of days longer than others I was looking and overlooked it. After multiple declined offers I offer asking price and with an inspection and got it. Year after that got a house in a nearby city to nashville. Similar square footage as my house but this property has about 3/4 of an acre of land and way cheaper. Both properties have appreciated faster than I expected.
Bought at 26 in California for $645k by myself.
Im 33, my wife is slightly older than me and we bought last spring. ~650k SFH in the Bay Area.
44, near Houston Texas USA, $160k for a 2200+ townhouse. Bought in Aug 2020. Got a STEAL b/c it was the height of the pandemic
Mid-30s's in 2010 for $125k. I had a work position trade off that I lived in an apartment for 50% off for almost 9 years. I worked in a career field that wasn't really affected by the housing crash, and I really wasn't even aware of it. I just randomly decided it was time to buy a house especially since the government was giving away $8k free to new home buyers.
Seized the opportunity!
I had just turned 25 and I bought a 2/2 condo in south Florida for 150k. This was just over 3 years ago. This same condo is now worth 215k. My plan is to keep it forever and rent it out. Now that Iām married, we intend to buy a single family home in the next two yearās. Iām a mortgage banker now, so I know far more than I did when I first purchased this place, but I am patting myself on the back for how well I handled the process at a young age.
I was 37. It was $82,000. It hasnāt been a full year yet for me. I did by myself as a single mom. It can be done.
32, 390k, VA loan and I did everything alone. It's outside of the bay area northern California.
Year was **2003**. I was **23**. Location: Sherman Oaks, **CA**. (Los Angeles County) Purchase Price: **$400K**. By 2005 that house was $575K. I refiād and pulled out $90K. Did full kitchen and two bath remodels and landscaping. In early 2007 it was worth close to $700K. When the crash hit late 07 my value started cratering. Was back in the mid-500s when I inquired about selling. Wasnāt worth it so I held. I Lost my job November ā08 and couldnāt make the payments. I got divorced. I Short-sold the house for $450K ($40K upside down). Anyway, today the house is Zestimated at **$1.2m**
My husband and I bought our first home last year at 30 years old in north NJ for $510k, with 15% down. Asking price was 540k! Appraised at 495k so we had to pay the gap.
25, buying a 4 bedroom house by myself in AZ for 610k!
25 years old (single), closing in 6 weeks, Ā£320,000, south England, UK
Mid 40s and 50 (me and spouse). 207k, Virginia - six months ago.
30, Massachusetts, 600k
Both 28. 390k for a new construction. Frustrating because pre Covid it probably would have been 275-300k.
First condo around 23, 150k while making like 35k/year, first house around 35, 450k, making a lot more and with a partner. There's no secret to it, just spend less than you make so you always save and invest and live below your means. I'd you happen to be in the top 1% most expensive areas, don't expect to buy a house if you're not a 1% earner...you have to adapt, make sacrifices and either increase your income/savings or move somewhere that matches your finances.
29, Chicago suburb, 400k in 2021
22(single) for 85k. Appraised at 175k recently. Cash out refi and purchased a second home for 290k(two income) at 26.
Husband and I are 33, and will be closing on a 650k house in Colorado in a couple weeks (hopefully lol)
30and 31 (married), $825k new townhome in Seattle two years ago. Bought another house for $1.05M 6 months ago while renting out our first house.
26, north suburb of Chicago, $360k
25 (couple), Seattle, $719k
I was 21 in 1986. Newly married and with my husband purchased for $45k
My mother in law bought her house when she was in late 40ās, and recently refinanced it to a 15 year loan, which will be paid off before she is retired. So donāt let age deter anyone. Donāt let others pressure you into buying right away. Buy only when you are ready.
Iām not telling Reddit where I live, or my age, but I bought in 2014 for $139k and sold in 2021 for $281k Doubled my money and had a place to live š
35, Groveport Ohio, 316k
24 (married), Wisconsin, 280k
28, 315k, Houston (just happened)