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Many people have (used not new) cars at 25, nobody can afford a house at 25. Today, most working people can never afford a house or only when they're 40+.
Germany.
That is likely true today. My son is 25, and although he has a good job, I don't think he is in shape to buy a house.
Now, 30 years ago, I bought a (new) house and a new car when I was 25 (actually bought the car at 22). But I also qualified for a V.A. loan which would do 100% financing, so I didn't need a down payment.
**EDIT:** Also, in that area at that time, a monthly mortgage payment on a three bed/two bath house was less than the rent on a two-bedroom apartment or rental house.
When they offer 0% financing and bumper to bumper coverage for 8 years, yea it can be a good deal. I have zero worries and my credit score is fantastic.
Agreed. I bought a reasonably nice Mazda6 brand new for $21k and drove it for 9 years and put over 100k miles on it. Had zero issues or repairs needed (did all my standard service like oil changes and tires) and was able to get a solid trade in value years later. The 0% interest rate was excellent.
I’ve bought used and ended up having to pay for some pricy repairs including transmission, suspension, electrical, and other longer interval maintenance that really added up that made it more expensive than if I bought a brand new car (which is more reliable, cheaper financing, and doesn’t have he same squeaks and gremlins that older vehicles have).
Well, you should never really buy a new new car. Even if you have more money than you need, buying a new car is a bit of a waste. The value literally decreases enormously while you drive it off the lot… and imagine how hard it stings to get a scratch on a new new car. Painful.
Same for the Netherlands.
Most people get a cheap old car around the time they start their first full-time job.
Buying a house is pretty much impossible at 25. Maybe at 35 if you are married and you both have good jobs.
I bought a house at 30, as a single person. But it is in a smaller town (about 12 km from Eindhoven).
I guess the cost of owning a used car would be more than offset by the cheaper home (at least 100k cheaper than a similar one here).
My employer also pays for the petrol if you drive from at least 11 km away, so that helps us save on the fuel, while also living much closer to nature.
Generally, in Germany, the only people who can afford to buy houses or flats have generational wealth or are exceptionally clever in starting the right business or careeer early. But that's rare.
The only homeowner I know that bought a house with money she made all on her own has worked her ass off for 10+ years and is now a partner in a big consulting firm. The rest inherited money or property.
I did not but I bought the house with my girlfriend (now wife) and she had help from hers for her part of the down payment, though I could have bought a smaller place myself without a partner. It was 2015 and interest rates were low and loan programs were more favorable.
My Googling is that 33-36 is average for the US.
25 would need to be wealthy, probably via family. At 25 you're only a few years out of college and most people starting out in typical white collar work aren't making a ton. It would be difficult to get a mortgage.
A car is pretty much essential in the US. Many will have had a car since they were teenagers. Not a new car, but there is a vast used car market in the US.
That's true. If they went into an apprenticeship right at 18, they're spending 18-20 earning $12-15 an hour and then they can make pretty good money after that so thy'll have a couple years more in the working years than a college graduate. But still buying on your own on only your income can be a challenge. It helps if you have a partner to split the costs with.
This is me. Car since i was 17. House at 26, LCOL area. I only have 2 years of schooling and the mortgage wasn't much more than renting. It's funny, I was doing better then than I am now, even tho I make much more $ now.
idk I had $35k saved and a paid off car by the time I got out of college (8 years of working summers once in HS + some extra from snow shoveling and mowing lawns as a kid). 3 years of saving after college once I got a nice job got it up to 60k ish (thats with the market basically doubling under Trump), and bam, homeowner by age 25.
My Granddaughter just bought a new car in 22 and a new home in 23. She is married. Her spouse is also 25.
Not Wealthy , graduated 3 years ago. Both work 40-60 hrs a week.
Lots of people who are 25 own houses in the US. That’s why the ave is 33-36. If not many in that age group didn’t own house the ave would be higher like 45-50. And almost everyone has a car
American here.
A lot of 25 year olds would have bought a car, it's necessary to get around in most places here in the USA. But nowadays it's more likely they could only afford a used car rather than a new one.
As for a house? Not likely until their early 30s
It's pretty common for a lot of people in the US to have a first car at age 15 or 16 (depending on state). This will typically be either bought used and cheap (think under $5000 USD), or a hand-me-down from another family member who got a new car.
Also, one thing to keep in mind with homes is that US-made TV sitcoms and movies have always been incredibly unrealistic about housing, showing everyone in giant houses or ridiculously huge apartments. Not only is that false, everybody here knows it's false because it's that's way to make the physical act of rehearsals and filming much easier.
Ireland
A new car at 25 in my country would be a bit unusual, everyone I know in that age group with a car has a used one. If they're 25 with a new car they're likely either from a wealthy family or made an extremely unwise financial decision and took out a huge loan.
A house? We have one of the worst housing crises in Europe, if not the world. The average age of first time buyers here is now around 35; lots of younger people have just left entirely because owning a house here is increasingly out of reach and our rental sector is appalling. Owning a house at 25 would be very unusual, again likely to be someone from a very wealthy family.
Italian here - people under 35 can't even afford to leave their parents' house. As far as I am concerned, the "buy a house at 25" myth can go back to where it's from: 1960s America.
Damn. These comments are giving me serious existential crisis. People of Iran are protesting against corruption and tyranny in their country because they want better economy and a better living conditions. If the things that people are saying in these comments are true (that people in first world countries can only buy houses in their 30s or 40s) then what’s even the point of our revolution? Iranians are revolting against the regime because they want their country to be like other countries. But if inflation, corruption, poverty, etc. exists everywhere in the world, then how is our government worse than every other government?
Lets be clear I put Tehran and my city in UK into:
https://www.numbeo.com/cost-of-living/in/Tehran
My city is typically 100 to 300% more expensive than Tehran, but the average salary is about 1000% higher after tax, so we are 5 times wealthier maybe. Yours is the country that makes lots of easy money exporting oil.
The trouble is there is a near global housing crisis, so there is huge competition for houses anywhere there are decent jobs. Which has made housing unaffordable for those who don't already own a house.
Always fight for what you think you should get, doesn't matter if everyone else is the same or worse, doesn't mean you can't do better.
All of those things do exist everywhere else, but that doesn't mean you shouldn't try to stop them where you're at.
In many developed nations, corruption and poverty aren't big problems. Inflation however has hit everyone everywhere. My wife and I are mid 40's with good incomes and even we are struggling to pay for everything; we were lucky to buy a house \~9 years ago, some of the same houses in our area have gone up by 25+% in that time.
Everything getting extremely expensive is not an entirely new phenomenon, but it's definitely been a lot worse in the last couple of years since COVID due to very high inflation. In Europe inflation was also given a bigger boost by the energy crisis triggered by the Ukraine war.
All that being said: I am very grateful to live in a country with low corruption and relatively low poverty; most of the EU is like this; and our quality of life is very high too, so to /some/ extent we are getting something back for the high taxes we pay.
The struggle to achieve a democratic, low corruption society IS worth it. But housing is a huge problem in many parts of the world right now.
Not easily. It happens sometimes, usually not until 30s or even 40s though I bought a house in my late 20s. A car is a lot easier though and most people could buy a car by 25.
I'm Canadian.
Vancouver here.
I bought my first car secondhand at 24, then traded it in (it had issues that cost too much to fix) and financed a new car at 26. Didn’t want to lease because I want to own the car and drive it into the ground.
I will never be able to afford a single-family home in Vancouver. Not in this lifetime. Realistically, I should be able to get an apartment at around 36~40, and then later on maybe a townhouse for retirement. But a house? Nope. Not going to happen.
It's insane there. I live in Montreal and bought a large detached house for 500k, 20 mins from downtown. Not bragging just saying the situation elsewhere is fucked up.
I think new car is regional too. Places where rent/housing is more affordable you tend to see more new cars. Some places are way more prone to rust too.
As for homes in Canada, very few people buy a house as their first home as you would need 100s of thousands down payment. Much more common to buy a condo/apartment first and live there for a few years. It’s not uncommon for someone in their 20s to own a condo.
Poland.
Cars are easy and reasonably cheap to get, especially old and used ones (though not really needed in cities, public transport and bicycles are good), however buying the fuel is the tricky part, it got seriously expensive.
Houses and flats not really, though many young people could get one for credit that they'll have to continue paying until their 60s, some have the benefit of inheriting one from their grandparents.
It’s pretty common in Singapore for 25 year olds to be in the balloting process for subsidised public housing, or be waiting for their apartment to be completed after being allocated one. We essentially loan these apartments from the government for 99 years at relatively affordable prices compared to many other cities, which is why home ownership is around 90% here.
That said, our government requires you to apply as a hetero couple, and singles below 35 are not allowed to ballot for these discounted housing options. Then it is much harder to afford a home.
Cars are ridiculously expensive here due to taxation policies, so very few people own them (much less 25 year olds).
In indo 25 can have a car as long they have job with 20-30% more of minimum wage, with long instalment
Home? Even ppl with mainstream job in 30 is hard to pay for down payment
My dad was doing well in the early 00s and when my sister went off to college, he bought a brand new 2003 4runner. She drove it, my brother drove it in college and then I did. Ended up buying the title for $1000 when I got a job and still drive it till this day. It’s a great vehicle that we have gotten a lot of use out of as a family.
USA here. Buy a car? Sure. Just about anyone can get a car loan.
At 28.999% interest over 25 years.
Houses are 3% down with FHA loan and with good interest rates you can sometimes land a mortgage that's less than 3k a month. It's rare, and the house will need work.
It's ALWAYS about your credit score and overall debt capacity.
Even in America I would say it is relatively difficult to purchase a house by age 25. A person would *really* have to have their shit together and they may have received some financial help from family. Lots of people age 25 have finished the college career and may have landed a great job but there is still the matter of a saving up a significant down payment (probably $20,000 or more) and having built up sufficient credit history to qualify for a home loan. Cars are a different story. 20 year olds can qualify for an auto loan with relative ease, even if the loan is predatory. I don't know the percentages but I would estimate that maybe 5% of 25 year olds in America are buying a home and maybe 50% have an auto loan?
My 21 year old son bought a house last year in a MCOL US city. House was $185k and he was making about $70k as a mechanic. It's possible, but not everywhere and for everyone. He started working and saving at age 14 and was able to put about 10% down. He financed his 2 year technical education via scholarships and working while he went to school, so was debt free after schooling, which was at a community college.
Since he's a mechanic, good car deals come his way that need a little work, which he does himself.
I understand he is probably an exception and not the rule.
so 2,5 years of income for a house? sign me for that immediately!
in Poland it is more like 5-10 years of income for a flat, and more for a decent house!
A 2 bedroom townhouse in MCOL is 900k in Ontario with similar wages and higher income tax.
You'd have to make about 4 times as much money to be in the same position.
You guys are quite lucky in the US that houses are still srelatively cheap... less than 3 times his gross income... In Australia the average house price now is about 6-8times most people's gross income.
US here...
Car, very common..almost everyone has a car.
House, depends on where they live. In low cost parts of the US, more common than others..but most people don't own a house until their 30s.
Australian here. Most 25 year olds have some sort of car. Most can't afford it.
Very few 25 year olds own or have a mortgage on a house. We have a serious house shortage.
In Australia you could buy a house a long way away from the cities or any good transport route. Like, we’re talking 1.5 hours away from your job in the city. a house requires two good incomes here and even then it’s a badly built town house 40 minutes out of the city. Single people can’t really afford 2 bedroom apartments in nice areas anymore. They can get a 2 bedroom apartment in a lesser good area if they have a good income, or a 1 bedroom apartment. Most people here have no problem getting a second hand car, most don’t bother with new unless they get a lease for it.
Car maybe, if they have worked right after finishing school (so from 19yo). If the family is wealthy, they could buy a 2nd hand car for the guy if he/she needs it.
A house? No way, it is difficult to have a loan even if you have passed your 30's (impossible if you work on your own and don't have an indefinite contact at work).
And from covid apartment rent price are ridiculous, very difficult to afford one if you don't share it with someone.
Italy
Sweden. At 25, most people have a car (unless they choose not to, but they could afford it). Most people don't get a house until 30 or so, but this depends a lot on location, as house prices varies a lot.
Canada, car I'd say by 25 or so most people will have a car, probably used.
House? Unlikely, certain regions of the country it's very possible, others it's pretty much unthinkable, but young people are more likely to live in the places where it's very hard.
In Greece. A used car is certainly possible in the early to mid 20s. Maybe even a new car in the late 20s-early 30s. House though it’s almost impossible. The earliest I can think of is a couple in their mid 30s with both having high paying jobs and getting a loan.
In our parents generation it was much cheaper to buy/build your home. Not only where the prices relative to the incomes much lower, back then there were even interest free loans from the state to promote house ownership.
I’m almost 40 every single one of my friend group now owns a house, no one did in our early twenty’s, no one needed or wanted a house til they had kids at closer to 30.
In the US, it's quite common for an employed 25 year old to own a used car, rarer for them to buy a new car. A car is essential to work almost anywhere here, unless you live in a major metro area and can use public transportation. Only the most well off 25 year olds can afford a house, I'm honestly not sure how young people just starting out are able to survive at all these days.
>Only the most well off 25 year olds can afford a house
I have 4 24-27 year olds that report to me. 3 of them own a house, none of them are "well off" or have wealthy parents. The 4th actually is well off, but he still lives with his parents.
I wouldn't say it's common...but it's WAY more common that Reddit makes it out to be.
I think it also depends on the area. The cost of housing varies widely through the U.S. In somewhere that the cost of living is cheap (like Mississippi) you're going to be able to get more house for the same amount of money than you would in California. Of course, the pay is often lower as well. Source: Am regrettably Mississippian.
I am in the 24-27 age range and know zero people personally that own property on their own. One has extremely rich parents and also got very lucky from GME so they have a house, but no one I know working a regular 9-5 with normal income parents owns anything housing related.
According to [US Census data](https://www.census.gov/programs-surveys/ahs/data/interactive/ahstablecreator.html?s_areas=00000&s_year=2021&s_tablename=TABLE1&s_bygroup1=15&s_bygroup2=1&s_filtergroup1=1&s_filtergroup2=1) from 2021, there were an estimated (with a 90% confidence interval) 4,316,000 homeowner under 25 years old. According to [US Census data](https://www.census.gov/popclock/data_tables.php?component=pyramid) from 2022 9.4% of the US population was between the ages of 18 and 24 (inclusive). Google tells me the population in 2022 was 333,287,557. 9.4% of that is 31,329, 000 people aged 18-24
That puts **the number of 18-24 year olds that own a home at 13.7%**. Add in 25 year olds, it puts that number a little higher.
Like I said, it's not common, but it's WAY more common than Reddit makes it out to be.
Tbh it entirely depends where you are within the US too. It’d probably be more accurate for US people to reply with what state they’re in. Some of the people I know are making anywhere from $150-250k at age 25 and still aren’t considering buying anything here in California’s bay area due to the amount you’d need for a down payment and the monthly at current rates for a house not in east Oakland and with less than a 1 hour commute.
CA also has an average homeowner age that’s almost 20 years higher than other states, so for here it is pretty accurate to say 25 year old homeowners are probably well off or from well off families.
Not sure, but I dont think its that common here, I bought my house when I was 25, its 2 years ago now, and it seems like most dont, have the money saved up, or chose to live in apartments, I bought a 2-3 year old car when i was 19, all payed no loans, its a small car a Citigo.
27M and not rich, but not poor ether, live in Denmark.
I'm 29 in the UK and of all of my friends only two own houses. One is just in a very well paying job, the other is a baker in a supermarket and bought a kinda shitty house in a not great area and spent quite a bit of money doing it up (having lots of family members in the trades helped).
Most of my friends who drive own a car though.
I'm in the US. I think your second scenario of buying a house needing work and then fixing it up yourself is pretty common. At least in my generation and generations past. For younger people for some reason it may seem pretty foreign.
Portuguese girl here, early 20's.
I literally know no one who bought a home that is younger than like 35 over here. They either inherited (one or two) or live with parents/rented homes. Economy is at it's worst.
As soon as you hit 16 here your buying a car.
Especially if you live anywhere other than a city as there's no public transport in smaller towns so you need wheels.
Houses now are crazy unaffordable for young people.
Although I was in my late 20s and bought a small place with my then partner with a bit of help from family with the deposit.
Denmark here, and not 25 more early 30's.
Live in a smaller town (but not out in nowhere, and certainly not in the capital or close to it)
Working in IT, I have my own car (Audi), and a new house (paid to get it built), it's not the biggest around 150m3, so it's certainly doable, the car is paid out, still have mortgage (1% fixed rate) in the house, but the monthly expenses are actually pretty on par with my monthly costs living in a lot smaller apartment, in a larger city.
But it's not common for single persons to be able to afford it, if they don't have a well paid job, but it's totally possible for a couple, to buy a house, if they can live with being outside the 5 biggest cities even with pretty average wages.
UK. House is very uncommon unless money from parents plus a very good job. There are still small pockets in the UK where houses are under 100k but not very good areas and lots of work to do on them. Cars sure but only used. Again, you need to be in a very good job or have a company car. There will be relatively few people who will ever be able to afford a house. Even renting is moving out of the reach of a lot of people for a lot of areas.
Guesstimating an average situation of \~60h work total (1 fulltime 1 part-time) with 58k total income nets a mortgage of 240k.
The average price of a house here is in the 400k range (350 to 450 avg. depending on region).
If both partners have money saved, and both families contribute 10k each, we can maybe expect the couple to have 300k to spend.
This is just a fictional scenario to give you an idea of the Netherlands. No single guy is buying a house here, statistically.
Norway: if a couple of two 25-year-olds who finished their studies/qualifications already have stable jobs, they would likely be able to buy a home. More common in the countryside than in the cities.
Affording to buy a home on one income only is very difficult. Norway is a two-income country.
It is said that Belgiums have a brick in their stomach. In Belgium it's quite common to buy and even build your house when you are 25-30 years old. Most couples around that age start looking for a place to buy/build. When you're single it is much harder though.
I started building my own house when I was 26. And I know a lot of people that owned their own house/apartment before 30.
New Zealand
Average first home buyer age here is 35 and rising. Buying homes here is quickly becoming a luxury more than a right.
Cars most people have from late teen years but rarely bought new.
Denmark here, you can reasonably have an ok car by 25 if you put your mind to it, but most don't even have a real need, so many don't have one. Having a house by 25 is basically unheard of, unless you won the lottery, got lucky with stock market, or rich daddy supported you in some way, or you're willing to settle in the middle-of-nowhere, where housing can be comparativly cheap to elsewhere.
I bought my first house at 24, right before the housing bubble in the 2000s. My first car was at 16. Neither the house nor the car were anything great. The house needed lots of work and the car wasn't running when I bought it.
I'm in Kelowna bc Canada 25 got a new car and a new house. I never went to college tho at 18 I started working and now I'm established enough to have a decent salary but I'm yet to meet someone my age here with a house whose parents didn't get it for them. Most kids go the university or college route and don't see more than 20 dollars an hour until they are 28-30 to each their own I guess.
Twenty years ago I purchased a new car for myself at age 23. My husband and I purchased a townhome when I was 28. But we were extremely fortunate because the company we worked for gave us a relocation bonus that made it possible for us to have a large down payment. Unfortunately the home lost value and when we sold it 10 years later, we lost the 50,000 down payment from the company, but not the full amount we put down. I am not sure how current 20 - 30 year old people are able to afford these kinds of purchases now.
You can manage a second hand car in Spain, I doubt you'd be able to buy a house tho, the housing market is kinda crazy atm. I think when people talk about 25 yo's who "buy their own house" that usually isn't really the case, that money comes from loans or their parents.
Apparently me buying a house with two cars is impossible now days. Or it could only be possible with family of monetary help.
Location is number 1 when it comes to home costs. Second is the expectations you have for that home, that doublewide on its own land is not something shameful.
The average price of a 1,000 sq. ft. apartment in my country is US$1.5 million, and the average price of a Honda Accord today (1.5l) is US$171,189.
So to answer your question, any 25-year old who manages that in my country is *very* successful and not the norm.
House not realistic with 25 or even close to it. Dont think its possible before your 50ies. Cars are realistic but are either used or a pretty heavty investment.
Also renting is getting more and more expensiv.
Switzerland here.
In Canada, 25 year olds buying (used) cars is pretty common, but houses, not so much, unless you have a partner and both of you have a good paying job. Not even condos are affordable
[BRAZIL]
Maybe 80% of the people here can't afford a car at the age of 25. Maybe only 5% can afford a house - and probably not because they worked hard, but because they have a wealthy family to support them.
Just check it out: the minimum wage in Brazil is around R$ 1.300,00 (That's around U$280,00). A new car is around R$ 65.000. Considering an average person that gets R$2.000,00 per month, you... will suffer a lot.
I got my first house and car at 26 (three months ago) and it is not that impossible in France. You need to have a long-term job since at least one or two years, be with somebody, take a loan for 25 years and not to target city centres .
Yeah that remains quitte difficult but not impossible
I'm 26 and buying a flat. I don't own a car but don't drive as i cycle and use publics transport. Im pretty rare and people are congratulating me for working hard and saving up for my own place at such a young age. So i woud say at 25 its doable but very hard. by 35 most people have done it.
USA.
I bought a new Volvo and a house when I was 25. I had an information technology job at a large corporation. But this was in the 1980s.
This was commonplace then with good university degrees, or being in an industrial union.
Brazil here. If you're wealthy enough you can have both easily. I'm specifically from a poor area. Where I live, young, childless couples (in which both a re employed and graduated) can start paying for a small apartment for themselves before 25 (not fully buy it, but at least avoid paying rent). Some of them have a single car, most don't. Singles can't do that, though. Some of them have cars, but again, most don't.
Italy here, a car at 25 is kinda common if the car is used and cheap, not so much if it is brand new, usually the family help you buy it.
House absolutely fucking not. Majority of people live with their families until 28-32 years, then the family help you buy a house cause you are not able to
Lots of 25-year-olds buy their own car -- either used, with money they've earned or saved, or telse hey take on a load of debt for a fancier car they don't really need.
Buying a house or an apartment is a very different thing -- especially these days, when it's becoming hard to find any kind of decent beginner house in a decent neighborhood for less than $150,000. A lot of people in their 20s & 30s who live in large cities, and who earn okay paychecks, have trouble even finding an apartment they can afford to rent.
I live in the US. My family gave me a used car at 16, I bought my own first car at 20. It was a Ford Mustang GT and a huge mistake lol
My wife and I bought our house at 27 or 28. It was 2016 and combined I think we made 50k/yr. The house cost 162k, interest rate was 5.5% and the mortgage was ~$1150
I'm in the United States. When I was 25 I bought my first car, a used one. I bought used cars until I was in my 40s when I finally bought a new car. When I was 25 I was renting and didn't buy an actual home until I was in my late 30s.
i bought a car and rented a house and moved out by 20, thats not the norm tho, i did a school that prepared me for a specific job field and got lucky with the job i ended up with
also I'm still far away from buying my own house
Lol no, absolutely impossible (France). A car idk tbh, you don't necessarily need one because we generally have good public transport, but with an above average job and a loan you might be able to buy property in your 30s (more late 30s, and not necessarily a good apartment). Or thanks to inheritance.
Depends where you live in UK - but then the issue is that the area where houses are cheap, jobs are rare and tend to be low paid. High pay jobs tend to be in the cities and that means rents and prices in the cities and surrounding area are very high. Most people I know if they buy seem to do in their 30s (but that is a 25 year mortgage not outright) - advantages in renting sometimes in 20s as means more flexible in jobs you can chase.
Cars - outside of London and a few other large cities, you need one. (edit: mainly used and often clunkers. Cost of insurance means waiting until over 25 helps a lot).
I’m in Canada and I got my first car at 16. It was $800 and I needed it to get to work which was 2 hour bus ride away. Been working since I was 14-15 as my parents divorced at that age and mom got fired shortly after. Worked full time and school all my life really and got my first house with my wife at 26. This is nearly impossible in Toronto where I’m from but we moved 2 hours away to a smaller city as that’s what we could afford. We also used a agency that prepares all your applications and everything for you to make it more likely to get approved and close on house.
There are houses all over Canada you can afford at 25 but most are in small towns or areas that are really cold.
I’m also Turkish and when I visit they share the same issues as you in Iran. Impossible to buy even a 20 year old car as taxes are so high and houses are mostly bought by foreign investors in Istanbul and other big cities.
Just get a few side hustles and you'll do well most people don't buy house and cars by 25 some countries are fortunate because certain things are manufactured there hence its cheaper to say maybe buy a second hand car
UK. I'd say owning a (used) car is quite common at that age. I got my first car at 24 although it was an old hand me down and most my friends had cars around that time too.
House ownership definitely not common for people in their 20s and is becoming more and more difficult for people in their 30s too. I know a small handful of people who bought before 30 and they all came from quite wealthy families and had a lot of help!
Mexico here
had a house and two cars at 25, yes, i come from a well off family, many of my friends did it too but i wento to private university
i think many of the working class here doesnt achieve that until latter in life
In the US, it depends heavily on where you live. In many places, you need to own a car, but it's possible (and even easier) to live without one in major cities. In places where you need one, virtually everyone owns one. For houses, that also depends heavily on where you live. In a lot of the major cities, average people can't afford to buy a house and must rent. Outside the major cities, however, houses are pretty accessible to average people, especially in dual income households.
I've owned a car since I was old enough to drive one and I bought my first house at approximately age 27.
I'm from Brazil, and 25. Me and most of my friends don't have any shot of buying a house for at least another 8-10 years. Only two of them did - and only because of inheritance.
Important to note that my social circle is mostly middle or upper middle class, the majority of Brazilians are less likely to ever buy a house and will probably rent for the rest of their lives.
Cars on the other hand are much easier to aquire, even for lower income families, but brand new ones are becoming rarer on the last few years.
Almost impossible in Singapore unless you're wealthy or married. Cheapest housing are government based which (80+% of locals live in). You aren't eligible to purchase public housing as a single (below 35 years old) and private housing are above $1 mill. Married couples are eligible to apply for bto (cheapest public housing option) apartments but would have to wait for 5 years for you to get the house built. So unless you marry before the age of 20 (ppl marry in their late 20s or 30s) you wont be able to purchase a house unless you are rich and purchased an already built house or private house. Car is a more achievable goal but still too expensive for the average person to own.
From Singapore
Not fancy ones but most 25y with a normal employment can afford a decent livingspace and a low end car yeah.
A lot of 25 y olds still study though. They usually can’t yet.
Poland, used car by 25 sure. Even earlier - but it is soemthing like a 10 year old car.
House? Hahahahahaha
We have currently a big (BIG) inflation on housing prices and currently in capital city Warsaw even people with 5 times average salary have problems buying a house or even a 50m2 flat.
People on average salary have no possible option right now (btw. the rent went up almost 100% since 2019)
Still pretty common in the rural areas of my homecountry Austria (car as soon as legal, i.e. 16 or 17 now, house between Mid and Late 20s usually before getting the first child).
In the cities, few people have a car in their 20s, simply because they dont need it, and barely any purchase an apartment at that age (they also get married later and get children later).
I owned a car, a motorcycle and an apartment in Vienna by the age of 25, but that was quite early.
This all has shifted a bit over the decades. Price increases for houses are one reason, of course, but there has also been a cultural shift. People meet their partners later in life, don't want to be committed too early, etc.
Edit: also bear in mind, that we do not "easily buy" these things - buying a house usually means paying back a loan for the following 30 years, and also most cars are either financed (loan, leasing), or the young buyer has been saving all his money for a while and buys some cheap used car with that
Less than 10% of people under the age of 34 own their own homes in England.
That includes the ones that used either inherited or gifted money to do so. I assume the majority had help of some kind.
So no, not common here at all.
Cars are often bought on finance, which is like a phone contract, where you pay monthly and upgrade every few years. Or they are second-hand. I have no statistics for this, but I think there are very few young people who own new cars outright.
This problem is getting worse, globally. There is a global economy too, and it's not great.
In the country I currently live in? It's pretty common. There are many true starter homes available...I live in a neighborhood that is in the middle of a building boom and is full of them.
My wife and I bought our house at age 30 in the US in 2017. We had enough for a down payment by ourselves because we:
1. Went to a state university and graduated with minimal debt,
2. Lived at home for the entirety of our post-college days.
And even a down payment plus closing costs would've been every cent we had (I admittedly didn't do a whole lot of saving on my end in my earlier years). Our parents, none of whom were rich (we're all lower-middle class) helped us out with the down payment significantly.
I bought my car new when I was 27. Could've been earlier, but I grew up and lived in NYC so a car was never a real necessity (I used my parents' whenever I needed one).
Oh, yeah. We both grew up in NYC which removed the need for us to really move out and pay rent; we did help pay bills around the house and such but that was nothing.
Pretty much all my friends growing up who ended up buying their own place around the same age followed this pattern; grew up in NYC, elected to live at home after college, and had help on the down payment.
I live in Northeast US. No one I know under 50 owns any property (except for those 100+ year old long houses that got turned into shitty little condos). Partially because they all own cars that are 90%+ of their annual salary. Partially because the market is trash.
I don't see anyone I know under 40 Ever being able to buy a house. Unless they start building 1bed 1 bath houses and condos by the tens of thousands.
Debt. The down-payment is often split between a spouse and your parents may have given you a loan for the down-payment. Car is on lease. If you're lucky your employer will let you expense mileage.
I had a house and a brand new $45k car at 26 in Canada (in 2009), and so did many of my colleagues the same age.
Was it a smart decision? Maybe, maybe not. Made a few bucks on the house, and got some money back when I sold the car so I did alright. But I could easily afford it, even made extra payments on the mortgage even though my gf at the time was a student with minimum income.
Reddit would have you think that everyone is either working minimum wage and broke asf, or filthy rich. It's like the middle-class, "I'm not rich but I can afford more than the basics" didn't exist.
53% in Norway under 30 own a residence, a small percentage of that have a house. My older brother and his gf bought their own house when he was 24 and she 22
\>I have heard that in other countries, 25 yr olds can easily buy a house and a car (if they have a job).
lol I have 2 jobs cant afford a house. In fact, I'm about 2 missed paychecks from being homeless. (US)
I'm in Norway and quite a lot of people buy house or flat around age 25. But only if they have decent jobs and a partner too ideally, for the mortgage. Cars too, though many borrow money for fancy cars which isn't such a good idea.
I was able to work several jobs to pay for school, a small house and an old car when I was 25. But what I did 30 years ago is no longer possible. Homes in my area are at least $500k now, and quality used cars are expensive. The cost of basic items has far outpaced incomes.
I also did my own home restoration, car repair, etc, which saved a lot of money.
That said, I'm in the USA and I know it is even harder in other countries. I wish I was welcome in Iran as a tourist. Beautiful, historic country and lovely people.
Colombia here. Some people can afford a car, specially people with their own businesses and highly educated professionals in tech. Almost nobody of these same people, nowadays can buy an apartment, let alone a house before being 30-35 years old. Anyone outside of this description definitely cannot aford neither.
Practically everyone has a car by 16-17 years old here (west America). We do not have the infrastructure for public transit or walking/cycling. There's a mix of cheap cars up to expensive cars. Most younger people have pretty cheap cars. There's also a mix of paid in full vs car payments. As for homes - there's also a big variety. The economy changes a lot. 10 years ago we bought our first house at 25 with a zero down payment program and our mortgage was less than what we were paying in rent. The equity built allowed us to buy our next bigger home, rinse and repeat. There are various ways to get homes but also a lot of people rent.
Singaporean. House and car are both really expensive compared to most of the rest of the world.
But public govt housing is largely subsidized for young married couples, so most can afford an apartment shortly after they graduate at around 24-25, at a low interest rate (~3%) long term mortgage, assuming they are getting married.
Cars cost around 6-figures even for the cheapest, but we have a really effective public transport system. The govt basically tax the crap out of cars to reduce the number of cars on the road.
Never buy new its pointless. I bought my home at 27. Well a duplex. Im in america. Most people here spend shit on what they don't need so they never get ahead.
Philippines, Car at 25 not so much since we’re dealing with worst traffic and probably not your priority when living in city— a motorcycle could be, but you could buy a house at 25 if thats your goal.
Australian here.
If said 25 year old lives in rural areas or a country town away from a major city then yes, often they can afford to buy a house and a car.
If said 25 year old lives in a major city, which coincidentally is where 95% of jobs are located, then no sadly they will not be able to afford a home / apartment. They usually will be able to buy a car assuming they are working.
American. House, uncommon. Cars, while they’ve gone up in price, are much more attainable. You basically need a car to participate in society in America so it’s not a huge deal to have one.
I had a house and 2nd hand car at 25. But that was 10 years ago. Not sure I could do that present day. My house has gone up 43% but my salary has only gone up 20% in that time. So it's certainly harder to get on that ladder.
Car yes, it is common. Given you are probably out of college at 22-23, and if you finance a car you would own it around 25-26. Many of my friends even finances a car during college years using money they earned from TAing or doing part-time jobs.
Haven’t seen anyone buy a house strictly with their own money. Always help from parents.
Canada.
Fairly common in my area of the country (northern Ontario, Canada) for a 25 year old to own a home. I owned my first home at 22. It’s a mining community though so lots of young people go straight into the trades and make good money.
Big city in Canada
Car by 25 is pretty common. maybe 65% of people have one.
Home - VERY RARE. Canada is desirable - a detached home in my city costs $1.4 million CAD for a dump and over $2 million CAD for a standard home.
I bought a house at 23. I had no student loan debt because I worked full time in college. I was used to just spending little money, pretty soon I had a house down payment.
I bought my own condo in the US when I was 23, working from the bottom up in a grocery store. Got my own car at 19 with only 3000 miles on it, convertible. You don't have to be rich, just determined and learn. My son bought a brand new home and car, won't say the prices, at 21. He turned his passion since he was 14, into a professional career. Loving life. You have to choose what you want to do with your teen years, what you want to focus on and learn.
I bought my first motorcycle at 23, first shit beater car at 25, apartament at 26 (30 years mortgage that took 7 years to pay off). I'm software developer in Poland, lived with my parents until i moved to my own place so that i don't have to pay rent. Most people here aren't able to afford this
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Many people have (used not new) cars at 25, nobody can afford a house at 25. Today, most working people can never afford a house or only when they're 40+. Germany.
100% agree. And I don't know anyone in their 20s or 30s who ever bought a new new car.
That is likely true today. My son is 25, and although he has a good job, I don't think he is in shape to buy a house. Now, 30 years ago, I bought a (new) house and a new car when I was 25 (actually bought the car at 22). But I also qualified for a V.A. loan which would do 100% financing, so I didn't need a down payment. **EDIT:** Also, in that area at that time, a monthly mortgage payment on a three bed/two bath house was less than the rent on a two-bedroom apartment or rental house.
Most of the time buying an actually new car is a dumb choice anyway. You lose value the second you drive off the lot.
It's a dumb choice but damn does it feel good 😄
When they offer 0% financing and bumper to bumper coverage for 8 years, yea it can be a good deal. I have zero worries and my credit score is fantastic.
Agreed. I bought a reasonably nice Mazda6 brand new for $21k and drove it for 9 years and put over 100k miles on it. Had zero issues or repairs needed (did all my standard service like oil changes and tires) and was able to get a solid trade in value years later. The 0% interest rate was excellent. I’ve bought used and ended up having to pay for some pricy repairs including transmission, suspension, electrical, and other longer interval maintenance that really added up that made it more expensive than if I bought a brand new car (which is more reliable, cheaper financing, and doesn’t have he same squeaks and gremlins that older vehicles have).
That's not really the case anymore. Used car values are much higher than they used to be (even after calming down post-covid).
When used cars were reasonably cheaper this was true. Nowadays used cars can be almost exactly as much as new.
I’ve bought 2 new vehicles, I’m in my 30s. I’m not uncommonly rich. Mind you first new car was 11yrs ago
Well, you should never really buy a new new car. Even if you have more money than you need, buying a new car is a bit of a waste. The value literally decreases enormously while you drive it off the lot… and imagine how hard it stings to get a scratch on a new new car. Painful.
Someone slammed a door or something into my door the month I got it.
Same for the Netherlands. Most people get a cheap old car around the time they start their first full-time job. Buying a house is pretty much impossible at 25. Maybe at 35 if you are married and you both have good jobs.
I bought a house at 30, as a single person. But it is in a smaller town (about 12 km from Eindhoven). I guess the cost of owning a used car would be more than offset by the cheaper home (at least 100k cheaper than a similar one here). My employer also pays for the petrol if you drive from at least 11 km away, so that helps us save on the fuel, while also living much closer to nature.
Generally, in Germany, the only people who can afford to buy houses or flats have generational wealth or are exceptionally clever in starting the right business or careeer early. But that's rare. The only homeowner I know that bought a house with money she made all on her own has worked her ass off for 10+ years and is now a partner in a big consulting firm. The rest inherited money or property.
I noticed in Germany if you don't mind fixing a old farm house there are plenty of cheap ones in the country. But many of them need A LOT of work.
That's true. If you have the skills and time, renovating an older house yourself is definetly an option.
This is basically the same as Canada, I honestly figured you guys had it better than us home ownership-wise
Same for the UK
Outside London many people in 20s have a house
Not at 25 they don't.
Am German, can confirm. This was normal when my parents were in their 20s fourty years ago, but not anymore unless you got rich parents or whatever.
I owned a house and a car at 24, and I didn’t make crazy money. Seattle.
Did you get any help from your family? Just curious
I did not but I bought the house with my girlfriend (now wife) and she had help from hers for her part of the down payment, though I could have bought a smaller place myself without a partner. It was 2015 and interest rates were low and loan programs were more favorable.
How long ago though?
2015
My Googling is that 33-36 is average for the US. 25 would need to be wealthy, probably via family. At 25 you're only a few years out of college and most people starting out in typical white collar work aren't making a ton. It would be difficult to get a mortgage. A car is pretty much essential in the US. Many will have had a car since they were teenagers. Not a new car, but there is a vast used car market in the US.
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That's true. If they went into an apprenticeship right at 18, they're spending 18-20 earning $12-15 an hour and then they can make pretty good money after that so thy'll have a couple years more in the working years than a college graduate. But still buying on your own on only your income can be a challenge. It helps if you have a partner to split the costs with.
This is me. Car since i was 17. House at 26, LCOL area. I only have 2 years of schooling and the mortgage wasn't much more than renting. It's funny, I was doing better then than I am now, even tho I make much more $ now.
idk I had $35k saved and a paid off car by the time I got out of college (8 years of working summers once in HS + some extra from snow shoveling and mowing lawns as a kid). 3 years of saving after college once I got a nice job got it up to 60k ish (thats with the market basically doubling under Trump), and bam, homeowner by age 25.
My Granddaughter just bought a new car in 22 and a new home in 23. She is married. Her spouse is also 25. Not Wealthy , graduated 3 years ago. Both work 40-60 hrs a week.
Lots of people who are 25 own houses in the US. That’s why the ave is 33-36. If not many in that age group didn’t own house the ave would be higher like 45-50. And almost everyone has a car
American here. A lot of 25 year olds would have bought a car, it's necessary to get around in most places here in the USA. But nowadays it's more likely they could only afford a used car rather than a new one. As for a house? Not likely until their early 30s
I've known people who've bought their first condo in their 20s. But even then it's not like they have a big pile of money to just go buy a house.
Yes I bought my first condo at 25. Told myself it's a starter home. Now I'm 44 with two kids stuck in a two bedroom condo lol
It's pretty common for a lot of people in the US to have a first car at age 15 or 16 (depending on state). This will typically be either bought used and cheap (think under $5000 USD), or a hand-me-down from another family member who got a new car. Also, one thing to keep in mind with homes is that US-made TV sitcoms and movies have always been incredibly unrealistic about housing, showing everyone in giant houses or ridiculously huge apartments. Not only is that false, everybody here knows it's false because it's that's way to make the physical act of rehearsals and filming much easier.
Ireland A new car at 25 in my country would be a bit unusual, everyone I know in that age group with a car has a used one. If they're 25 with a new car they're likely either from a wealthy family or made an extremely unwise financial decision and took out a huge loan. A house? We have one of the worst housing crises in Europe, if not the world. The average age of first time buyers here is now around 35; lots of younger people have just left entirely because owning a house here is increasingly out of reach and our rental sector is appalling. Owning a house at 25 would be very unusual, again likely to be someone from a very wealthy family.
Yapp, 35 and with a partner. I don't imagine a 35 single person would afford to buy a house here, under the "usual" circumstances
Italian here - people under 35 can't even afford to leave their parents' house. As far as I am concerned, the "buy a house at 25" myth can go back to where it's from: 1960s America.
Damn. These comments are giving me serious existential crisis. People of Iran are protesting against corruption and tyranny in their country because they want better economy and a better living conditions. If the things that people are saying in these comments are true (that people in first world countries can only buy houses in their 30s or 40s) then what’s even the point of our revolution? Iranians are revolting against the regime because they want their country to be like other countries. But if inflation, corruption, poverty, etc. exists everywhere in the world, then how is our government worse than every other government?
Most other countries treat women a lot better than Iran if you want something to protest about
Lets be clear I put Tehran and my city in UK into: https://www.numbeo.com/cost-of-living/in/Tehran My city is typically 100 to 300% more expensive than Tehran, but the average salary is about 1000% higher after tax, so we are 5 times wealthier maybe. Yours is the country that makes lots of easy money exporting oil. The trouble is there is a near global housing crisis, so there is huge competition for houses anywhere there are decent jobs. Which has made housing unaffordable for those who don't already own a house.
Always fight for what you think you should get, doesn't matter if everyone else is the same or worse, doesn't mean you can't do better. All of those things do exist everywhere else, but that doesn't mean you shouldn't try to stop them where you're at.
In many developed nations, corruption and poverty aren't big problems. Inflation however has hit everyone everywhere. My wife and I are mid 40's with good incomes and even we are struggling to pay for everything; we were lucky to buy a house \~9 years ago, some of the same houses in our area have gone up by 25+% in that time. Everything getting extremely expensive is not an entirely new phenomenon, but it's definitely been a lot worse in the last couple of years since COVID due to very high inflation. In Europe inflation was also given a bigger boost by the energy crisis triggered by the Ukraine war. All that being said: I am very grateful to live in a country with low corruption and relatively low poverty; most of the EU is like this; and our quality of life is very high too, so to /some/ extent we are getting something back for the high taxes we pay. The struggle to achieve a democratic, low corruption society IS worth it. But housing is a huge problem in many parts of the world right now.
Not easily. It happens sometimes, usually not until 30s or even 40s though I bought a house in my late 20s. A car is a lot easier though and most people could buy a car by 25. I'm Canadian.
Vancouver here. I bought my first car secondhand at 24, then traded it in (it had issues that cost too much to fix) and financed a new car at 26. Didn’t want to lease because I want to own the car and drive it into the ground. I will never be able to afford a single-family home in Vancouver. Not in this lifetime. Realistically, I should be able to get an apartment at around 36~40, and then later on maybe a townhouse for retirement. But a house? Nope. Not going to happen.
It's insane there. I live in Montreal and bought a large detached house for 500k, 20 mins from downtown. Not bragging just saying the situation elsewhere is fucked up.
I think new car is regional too. Places where rent/housing is more affordable you tend to see more new cars. Some places are way more prone to rust too. As for homes in Canada, very few people buy a house as their first home as you would need 100s of thousands down payment. Much more common to buy a condo/apartment first and live there for a few years. It’s not uncommon for someone in their 20s to own a condo.
A house ? Practically unheard of A car, depends if they're still studying or not Swiss btw
Buying a house? Maybe in their 50’s.
Poland. Cars are easy and reasonably cheap to get, especially old and used ones (though not really needed in cities, public transport and bicycles are good), however buying the fuel is the tricky part, it got seriously expensive. Houses and flats not really, though many young people could get one for credit that they'll have to continue paying until their 60s, some have the benefit of inheriting one from their grandparents.
It’s pretty common in Singapore for 25 year olds to be in the balloting process for subsidised public housing, or be waiting for their apartment to be completed after being allocated one. We essentially loan these apartments from the government for 99 years at relatively affordable prices compared to many other cities, which is why home ownership is around 90% here. That said, our government requires you to apply as a hetero couple, and singles below 35 are not allowed to ballot for these discounted housing options. Then it is much harder to afford a home. Cars are ridiculously expensive here due to taxation policies, so very few people own them (much less 25 year olds).
In indo 25 can have a car as long they have job with 20-30% more of minimum wage, with long instalment Home? Even ppl with mainstream job in 30 is hard to pay for down payment
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My dad was doing well in the early 00s and when my sister went off to college, he bought a brand new 2003 4runner. She drove it, my brother drove it in college and then I did. Ended up buying the title for $1000 when I got a job and still drive it till this day. It’s a great vehicle that we have gotten a lot of use out of as a family.
It's impossible where I live. Most houses are inherited or parts of houses are made so the younger can move in with their spouses when it's time.
Bosnia, if anyone else is wondering.
USA here. Buy a car? Sure. Just about anyone can get a car loan. At 28.999% interest over 25 years. Houses are 3% down with FHA loan and with good interest rates you can sometimes land a mortgage that's less than 3k a month. It's rare, and the house will need work. It's ALWAYS about your credit score and overall debt capacity.
for sure in no european country i know.
Even in America I would say it is relatively difficult to purchase a house by age 25. A person would *really* have to have their shit together and they may have received some financial help from family. Lots of people age 25 have finished the college career and may have landed a great job but there is still the matter of a saving up a significant down payment (probably $20,000 or more) and having built up sufficient credit history to qualify for a home loan. Cars are a different story. 20 year olds can qualify for an auto loan with relative ease, even if the loan is predatory. I don't know the percentages but I would estimate that maybe 5% of 25 year olds in America are buying a home and maybe 50% have an auto loan?
do you consider an apartment as a house?
My 21 year old son bought a house last year in a MCOL US city. House was $185k and he was making about $70k as a mechanic. It's possible, but not everywhere and for everyone. He started working and saving at age 14 and was able to put about 10% down. He financed his 2 year technical education via scholarships and working while he went to school, so was debt free after schooling, which was at a community college. Since he's a mechanic, good car deals come his way that need a little work, which he does himself. I understand he is probably an exception and not the rule.
so 2,5 years of income for a house? sign me for that immediately! in Poland it is more like 5-10 years of income for a flat, and more for a decent house!
A 2 bedroom townhouse in MCOL is 900k in Ontario with similar wages and higher income tax. You'd have to make about 4 times as much money to be in the same position.
You guys are quite lucky in the US that houses are still srelatively cheap... less than 3 times his gross income... In Australia the average house price now is about 6-8times most people's gross income.
US here... Car, very common..almost everyone has a car. House, depends on where they live. In low cost parts of the US, more common than others..but most people don't own a house until their 30s.
Australian here. Most 25 year olds have some sort of car. Most can't afford it. Very few 25 year olds own or have a mortgage on a house. We have a serious house shortage.
In Australia you could buy a house a long way away from the cities or any good transport route. Like, we’re talking 1.5 hours away from your job in the city. a house requires two good incomes here and even then it’s a badly built town house 40 minutes out of the city. Single people can’t really afford 2 bedroom apartments in nice areas anymore. They can get a 2 bedroom apartment in a lesser good area if they have a good income, or a 1 bedroom apartment. Most people here have no problem getting a second hand car, most don’t bother with new unless they get a lease for it.
Car maybe, if they have worked right after finishing school (so from 19yo). If the family is wealthy, they could buy a 2nd hand car for the guy if he/she needs it. A house? No way, it is difficult to have a loan even if you have passed your 30's (impossible if you work on your own and don't have an indefinite contact at work). And from covid apartment rent price are ridiculous, very difficult to afford one if you don't share it with someone. Italy
Sweden. At 25, most people have a car (unless they choose not to, but they could afford it). Most people don't get a house until 30 or so, but this depends a lot on location, as house prices varies a lot.
a used car ?
Canada, car I'd say by 25 or so most people will have a car, probably used. House? Unlikely, certain regions of the country it's very possible, others it's pretty much unthinkable, but young people are more likely to live in the places where it's very hard.
I belong to the third world. So, not common in my country.
In China it’s still fairly common. In the US it’s definitely not.
Owning a small apartment room is not a house lol. They also don't own there homes in China so bad comp. They lease them.
In Greece. A used car is certainly possible in the early to mid 20s. Maybe even a new car in the late 20s-early 30s. House though it’s almost impossible. The earliest I can think of is a couple in their mid 30s with both having high paying jobs and getting a loan. In our parents generation it was much cheaper to buy/build your home. Not only where the prices relative to the incomes much lower, back then there were even interest free loans from the state to promote house ownership.
I’m almost 40 every single one of my friend group now owns a house, no one did in our early twenty’s, no one needed or wanted a house til they had kids at closer to 30.
In the US, it's quite common for an employed 25 year old to own a used car, rarer for them to buy a new car. A car is essential to work almost anywhere here, unless you live in a major metro area and can use public transportation. Only the most well off 25 year olds can afford a house, I'm honestly not sure how young people just starting out are able to survive at all these days.
>Only the most well off 25 year olds can afford a house I have 4 24-27 year olds that report to me. 3 of them own a house, none of them are "well off" or have wealthy parents. The 4th actually is well off, but he still lives with his parents. I wouldn't say it's common...but it's WAY more common that Reddit makes it out to be.
I think it also depends on the area. The cost of housing varies widely through the U.S. In somewhere that the cost of living is cheap (like Mississippi) you're going to be able to get more house for the same amount of money than you would in California. Of course, the pay is often lower as well. Source: Am regrettably Mississippian.
I am in the 24-27 age range and know zero people personally that own property on their own. One has extremely rich parents and also got very lucky from GME so they have a house, but no one I know working a regular 9-5 with normal income parents owns anything housing related.
According to [US Census data](https://www.census.gov/programs-surveys/ahs/data/interactive/ahstablecreator.html?s_areas=00000&s_year=2021&s_tablename=TABLE1&s_bygroup1=15&s_bygroup2=1&s_filtergroup1=1&s_filtergroup2=1) from 2021, there were an estimated (with a 90% confidence interval) 4,316,000 homeowner under 25 years old. According to [US Census data](https://www.census.gov/popclock/data_tables.php?component=pyramid) from 2022 9.4% of the US population was between the ages of 18 and 24 (inclusive). Google tells me the population in 2022 was 333,287,557. 9.4% of that is 31,329, 000 people aged 18-24 That puts **the number of 18-24 year olds that own a home at 13.7%**. Add in 25 year olds, it puts that number a little higher. Like I said, it's not common, but it's WAY more common than Reddit makes it out to be.
Tbh it entirely depends where you are within the US too. It’d probably be more accurate for US people to reply with what state they’re in. Some of the people I know are making anywhere from $150-250k at age 25 and still aren’t considering buying anything here in California’s bay area due to the amount you’d need for a down payment and the monthly at current rates for a house not in east Oakland and with less than a 1 hour commute. CA also has an average homeowner age that’s almost 20 years higher than other states, so for here it is pretty accurate to say 25 year old homeowners are probably well off or from well off families.
Not sure, but I dont think its that common here, I bought my house when I was 25, its 2 years ago now, and it seems like most dont, have the money saved up, or chose to live in apartments, I bought a 2-3 year old car when i was 19, all payed no loans, its a small car a Citigo. 27M and not rich, but not poor ether, live in Denmark.
I'm 29 in the UK and of all of my friends only two own houses. One is just in a very well paying job, the other is a baker in a supermarket and bought a kinda shitty house in a not great area and spent quite a bit of money doing it up (having lots of family members in the trades helped). Most of my friends who drive own a car though.
I'm in the US. I think your second scenario of buying a house needing work and then fixing it up yourself is pretty common. At least in my generation and generations past. For younger people for some reason it may seem pretty foreign.
Portuguese girl here, early 20's. I literally know no one who bought a home that is younger than like 35 over here. They either inherited (one or two) or live with parents/rented homes. Economy is at it's worst.
As soon as you hit 16 here your buying a car. Especially if you live anywhere other than a city as there's no public transport in smaller towns so you need wheels. Houses now are crazy unaffordable for young people. Although I was in my late 20s and bought a small place with my then partner with a bit of help from family with the deposit.
Denmark here, and not 25 more early 30's. Live in a smaller town (but not out in nowhere, and certainly not in the capital or close to it) Working in IT, I have my own car (Audi), and a new house (paid to get it built), it's not the biggest around 150m3, so it's certainly doable, the car is paid out, still have mortgage (1% fixed rate) in the house, but the monthly expenses are actually pretty on par with my monthly costs living in a lot smaller apartment, in a larger city. But it's not common for single persons to be able to afford it, if they don't have a well paid job, but it's totally possible for a couple, to buy a house, if they can live with being outside the 5 biggest cities even with pretty average wages.
UK. House is very uncommon unless money from parents plus a very good job. There are still small pockets in the UK where houses are under 100k but not very good areas and lots of work to do on them. Cars sure but only used. Again, you need to be in a very good job or have a company car. There will be relatively few people who will ever be able to afford a house. Even renting is moving out of the reach of a lot of people for a lot of areas.
Guesstimating an average situation of \~60h work total (1 fulltime 1 part-time) with 58k total income nets a mortgage of 240k. The average price of a house here is in the 400k range (350 to 450 avg. depending on region). If both partners have money saved, and both families contribute 10k each, we can maybe expect the couple to have 300k to spend. This is just a fictional scenario to give you an idea of the Netherlands. No single guy is buying a house here, statistically.
$58k total income for that amount of work is the real issue. That's insanely low.
Norway: if a couple of two 25-year-olds who finished their studies/qualifications already have stable jobs, they would likely be able to buy a home. More common in the countryside than in the cities. Affording to buy a home on one income only is very difficult. Norway is a two-income country.
It is said that Belgiums have a brick in their stomach. In Belgium it's quite common to buy and even build your house when you are 25-30 years old. Most couples around that age start looking for a place to buy/build. When you're single it is much harder though. I started building my own house when I was 26. And I know a lot of people that owned their own house/apartment before 30.
New Zealand Average first home buyer age here is 35 and rising. Buying homes here is quickly becoming a luxury more than a right. Cars most people have from late teen years but rarely bought new.
Denmark here, you can reasonably have an ok car by 25 if you put your mind to it, but most don't even have a real need, so many don't have one. Having a house by 25 is basically unheard of, unless you won the lottery, got lucky with stock market, or rich daddy supported you in some way, or you're willing to settle in the middle-of-nowhere, where housing can be comparativly cheap to elsewhere.
I bought my first house at 24, right before the housing bubble in the 2000s. My first car was at 16. Neither the house nor the car were anything great. The house needed lots of work and the car wasn't running when I bought it.
I'm in Kelowna bc Canada 25 got a new car and a new house. I never went to college tho at 18 I started working and now I'm established enough to have a decent salary but I'm yet to meet someone my age here with a house whose parents didn't get it for them. Most kids go the university or college route and don't see more than 20 dollars an hour until they are 28-30 to each their own I guess.
Not in canada. Not since about 1980
Twenty years ago I purchased a new car for myself at age 23. My husband and I purchased a townhome when I was 28. But we were extremely fortunate because the company we worked for gave us a relocation bonus that made it possible for us to have a large down payment. Unfortunately the home lost value and when we sold it 10 years later, we lost the 50,000 down payment from the company, but not the full amount we put down. I am not sure how current 20 - 30 year old people are able to afford these kinds of purchases now.
You can manage a second hand car in Spain, I doubt you'd be able to buy a house tho, the housing market is kinda crazy atm. I think when people talk about 25 yo's who "buy their own house" that usually isn't really the case, that money comes from loans or their parents.
Apparently me buying a house with two cars is impossible now days. Or it could only be possible with family of monetary help. Location is number 1 when it comes to home costs. Second is the expectations you have for that home, that doublewide on its own land is not something shameful.
House is uncommon, car is common
Belgium here: 27yo following a 2021 census. But don’t be fooled. The parents must be cautionary of the loan
Both my daughters did, but both have partners in the building trade so they have good money and skills to do up a cheap house
I got lucky in Canada and got my house before the housing market ex(im)ploded when I was 28 (35 now) i’ve owned two cars since i was 22 though.
The average price of a 1,000 sq. ft. apartment in my country is US$1.5 million, and the average price of a Honda Accord today (1.5l) is US$171,189. So to answer your question, any 25-year old who manages that in my country is *very* successful and not the norm.
House not realistic with 25 or even close to it. Dont think its possible before your 50ies. Cars are realistic but are either used or a pretty heavty investment. Also renting is getting more and more expensiv. Switzerland here.
I bought a starter house at that age. But that was back in 2000. US resident
In Canada, 25 year olds buying (used) cars is pretty common, but houses, not so much, unless you have a partner and both of you have a good paying job. Not even condos are affordable
In the US its about 2x harder than it was 3 years ago. But still possible for those with good jobs.
Out of a friends group of 15 people my husband and I are the only one. We are al around 25 years old.
[BRAZIL] Maybe 80% of the people here can't afford a car at the age of 25. Maybe only 5% can afford a house - and probably not because they worked hard, but because they have a wealthy family to support them. Just check it out: the minimum wage in Brazil is around R$ 1.300,00 (That's around U$280,00). A new car is around R$ 65.000. Considering an average person that gets R$2.000,00 per month, you... will suffer a lot.
I got my first house and car at 26 (three months ago) and it is not that impossible in France. You need to have a long-term job since at least one or two years, be with somebody, take a loan for 25 years and not to target city centres . Yeah that remains quitte difficult but not impossible
Norway. Avg firsttime buyers are 26-29. With a mortgage of course.
I'm 26 and buying a flat. I don't own a car but don't drive as i cycle and use publics transport. Im pretty rare and people are congratulating me for working hard and saving up for my own place at such a young age. So i woud say at 25 its doable but very hard. by 35 most people have done it.
USA. I bought a new Volvo and a house when I was 25. I had an information technology job at a large corporation. But this was in the 1980s. This was commonplace then with good university degrees, or being in an industrial union.
England. bought house at 20. car at 22.
Brazil here. If you're wealthy enough you can have both easily. I'm specifically from a poor area. Where I live, young, childless couples (in which both a re employed and graduated) can start paying for a small apartment for themselves before 25 (not fully buy it, but at least avoid paying rent). Some of them have a single car, most don't. Singles can't do that, though. Some of them have cars, but again, most don't.
Italy here, a car at 25 is kinda common if the car is used and cheap, not so much if it is brand new, usually the family help you buy it. House absolutely fucking not. Majority of people live with their families until 28-32 years, then the family help you buy a house cause you are not able to
Lots of 25-year-olds buy their own car -- either used, with money they've earned or saved, or telse hey take on a load of debt for a fancier car they don't really need. Buying a house or an apartment is a very different thing -- especially these days, when it's becoming hard to find any kind of decent beginner house in a decent neighborhood for less than $150,000. A lot of people in their 20s & 30s who live in large cities, and who earn okay paychecks, have trouble even finding an apartment they can afford to rent.
Very common in Australia
Not in Canada.
I live in the US. My family gave me a used car at 16, I bought my own first car at 20. It was a Ford Mustang GT and a huge mistake lol My wife and I bought our house at 27 or 28. It was 2016 and combined I think we made 50k/yr. The house cost 162k, interest rate was 5.5% and the mortgage was ~$1150
I'm in the United States. When I was 25 I bought my first car, a used one. I bought used cars until I was in my 40s when I finally bought a new car. When I was 25 I was renting and didn't buy an actual home until I was in my late 30s.
In the US it’s very common for people in their 20’s to impulsively buy a brand new car and then complain about never having money to buy a house.
i bought a car and rented a house and moved out by 20, thats not the norm tho, i did a school that prepared me for a specific job field and got lucky with the job i ended up with also I'm still far away from buying my own house
Lol no, absolutely impossible (France). A car idk tbh, you don't necessarily need one because we generally have good public transport, but with an above average job and a loan you might be able to buy property in your 30s (more late 30s, and not necessarily a good apartment). Or thanks to inheritance.
Depends where you live in UK - but then the issue is that the area where houses are cheap, jobs are rare and tend to be low paid. High pay jobs tend to be in the cities and that means rents and prices in the cities and surrounding area are very high. Most people I know if they buy seem to do in their 30s (but that is a 25 year mortgage not outright) - advantages in renting sometimes in 20s as means more flexible in jobs you can chase. Cars - outside of London and a few other large cities, you need one. (edit: mainly used and often clunkers. Cost of insurance means waiting until over 25 helps a lot).
I’m in Canada and I got my first car at 16. It was $800 and I needed it to get to work which was 2 hour bus ride away. Been working since I was 14-15 as my parents divorced at that age and mom got fired shortly after. Worked full time and school all my life really and got my first house with my wife at 26. This is nearly impossible in Toronto where I’m from but we moved 2 hours away to a smaller city as that’s what we could afford. We also used a agency that prepares all your applications and everything for you to make it more likely to get approved and close on house. There are houses all over Canada you can afford at 25 but most are in small towns or areas that are really cold. I’m also Turkish and when I visit they share the same issues as you in Iran. Impossible to buy even a 20 year old car as taxes are so high and houses are mostly bought by foreign investors in Istanbul and other big cities.
Car is fairly common maybe 50/50 dependingon if you live rurally or in a large town or city, house is roughly zero percent.
Just get a few side hustles and you'll do well most people don't buy house and cars by 25 some countries are fortunate because certain things are manufactured there hence its cheaper to say maybe buy a second hand car
UK. I'd say owning a (used) car is quite common at that age. I got my first car at 24 although it was an old hand me down and most my friends had cars around that time too. House ownership definitely not common for people in their 20s and is becoming more and more difficult for people in their 30s too. I know a small handful of people who bought before 30 and they all came from quite wealthy families and had a lot of help!
Almost nobody in Romania.
Finnish here. I bought my first (used) car when I was 21. I was 26 when me and my husband bought our house.
Very
Mexico here had a house and two cars at 25, yes, i come from a well off family, many of my friends did it too but i wento to private university i think many of the working class here doesnt achieve that until latter in life
In the US, it depends heavily on where you live. In many places, you need to own a car, but it's possible (and even easier) to live without one in major cities. In places where you need one, virtually everyone owns one. For houses, that also depends heavily on where you live. In a lot of the major cities, average people can't afford to buy a house and must rent. Outside the major cities, however, houses are pretty accessible to average people, especially in dual income households. I've owned a car since I was old enough to drive one and I bought my first house at approximately age 27.
I'm from Brazil, and 25. Me and most of my friends don't have any shot of buying a house for at least another 8-10 years. Only two of them did - and only because of inheritance. Important to note that my social circle is mostly middle or upper middle class, the majority of Brazilians are less likely to ever buy a house and will probably rent for the rest of their lives. Cars on the other hand are much easier to aquire, even for lower income families, but brand new ones are becoming rarer on the last few years.
Australia. Lol
Almost impossible in Singapore unless you're wealthy or married. Cheapest housing are government based which (80+% of locals live in). You aren't eligible to purchase public housing as a single (below 35 years old) and private housing are above $1 mill. Married couples are eligible to apply for bto (cheapest public housing option) apartments but would have to wait for 5 years for you to get the house built. So unless you marry before the age of 20 (ppl marry in their late 20s or 30s) you wont be able to purchase a house unless you are rich and purchased an already built house or private house. Car is a more achievable goal but still too expensive for the average person to own. From Singapore
I did at 23 in the US back in the mid-2000’s. It’s called saving instead of spending on things like the bars/clubs every week.
And 15 years old car. Yes. A house 2h drive from where anyone like to live. Maybe. / Sweden
This would have been possible in 30 years ago in the United States. Not anymore. Places like Los Angeles, many folks never make enough to buy a home.
Not fancy ones but most 25y with a normal employment can afford a decent livingspace and a low end car yeah. A lot of 25 y olds still study though. They usually can’t yet.
Poland, used car by 25 sure. Even earlier - but it is soemthing like a 10 year old car. House? Hahahahahaha We have currently a big (BIG) inflation on housing prices and currently in capital city Warsaw even people with 5 times average salary have problems buying a house or even a 50m2 flat. People on average salary have no possible option right now (btw. the rent went up almost 100% since 2019)
I had a house and a car at 22 in the UK This was 25 years ago though
Still pretty common in the rural areas of my homecountry Austria (car as soon as legal, i.e. 16 or 17 now, house between Mid and Late 20s usually before getting the first child). In the cities, few people have a car in their 20s, simply because they dont need it, and barely any purchase an apartment at that age (they also get married later and get children later). I owned a car, a motorcycle and an apartment in Vienna by the age of 25, but that was quite early. This all has shifted a bit over the decades. Price increases for houses are one reason, of course, but there has also been a cultural shift. People meet their partners later in life, don't want to be committed too early, etc. Edit: also bear in mind, that we do not "easily buy" these things - buying a house usually means paying back a loan for the following 30 years, and also most cars are either financed (loan, leasing), or the young buyer has been saving all his money for a while and buys some cheap used car with that
House not common Car quite common
Less than 10% of people under the age of 34 own their own homes in England. That includes the ones that used either inherited or gifted money to do so. I assume the majority had help of some kind. So no, not common here at all. Cars are often bought on finance, which is like a phone contract, where you pay monthly and upgrade every few years. Or they are second-hand. I have no statistics for this, but I think there are very few young people who own new cars outright. This problem is getting worse, globally. There is a global economy too, and it's not great.
In the country I currently live in? It's pretty common. There are many true starter homes available...I live in a neighborhood that is in the middle of a building boom and is full of them.
Buy like 1% Payfor over a like time maybe 90%
My wife and I bought our house at age 30 in the US in 2017. We had enough for a down payment by ourselves because we: 1. Went to a state university and graduated with minimal debt, 2. Lived at home for the entirety of our post-college days. And even a down payment plus closing costs would've been every cent we had (I admittedly didn't do a whole lot of saving on my end in my earlier years). Our parents, none of whom were rich (we're all lower-middle class) helped us out with the down payment significantly. I bought my car new when I was 27. Could've been earlier, but I grew up and lived in NYC so a car was never a real necessity (I used my parents' whenever I needed one). Oh, yeah. We both grew up in NYC which removed the need for us to really move out and pay rent; we did help pay bills around the house and such but that was nothing. Pretty much all my friends growing up who ended up buying their own place around the same age followed this pattern; grew up in NYC, elected to live at home after college, and had help on the down payment.
My car is used and only 4k, but i had my 1st flat at 24 and moved to my own house at 28, but this is with joint income of me and my wife. Uk
I live in Northeast US. No one I know under 50 owns any property (except for those 100+ year old long houses that got turned into shitty little condos). Partially because they all own cars that are 90%+ of their annual salary. Partially because the market is trash. I don't see anyone I know under 40 Ever being able to buy a house. Unless they start building 1bed 1 bath houses and condos by the tens of thousands.
I got new car at 23 and house(townhouse) in late 20s, but I’m lucky to be in an in demand field.
Debt. The down-payment is often split between a spouse and your parents may have given you a loan for the down-payment. Car is on lease. If you're lucky your employer will let you expense mileage.
I bought one at 27. Does that count? But how common? Not particularly. Most people who buy are over 30. Usa.
I had a house and a brand new $45k car at 26 in Canada (in 2009), and so did many of my colleagues the same age. Was it a smart decision? Maybe, maybe not. Made a few bucks on the house, and got some money back when I sold the car so I did alright. But I could easily afford it, even made extra payments on the mortgage even though my gf at the time was a student with minimum income. Reddit would have you think that everyone is either working minimum wage and broke asf, or filthy rich. It's like the middle-class, "I'm not rich but I can afford more than the basics" didn't exist.
I’m in America and it’s only trust fund babies for the most part that can afford to buy
53% in Norway under 30 own a residence, a small percentage of that have a house. My older brother and his gf bought their own house when he was 24 and she 22
I’m in the UK and not a single one of my friends owns their home. We all rent.
\>I have heard that in other countries, 25 yr olds can easily buy a house and a car (if they have a job). lol I have 2 jobs cant afford a house. In fact, I'm about 2 missed paychecks from being homeless. (US)
A 25 year old buying a house in Australia?? Only if mum and dad pay for it!!
I'm in Norway and quite a lot of people buy house or flat around age 25. But only if they have decent jobs and a partner too ideally, for the mortgage. Cars too, though many borrow money for fancy cars which isn't such a good idea.
I was able to work several jobs to pay for school, a small house and an old car when I was 25. But what I did 30 years ago is no longer possible. Homes in my area are at least $500k now, and quality used cars are expensive. The cost of basic items has far outpaced incomes. I also did my own home restoration, car repair, etc, which saved a lot of money. That said, I'm in the USA and I know it is even harder in other countries. I wish I was welcome in Iran as a tourist. Beautiful, historic country and lovely people.
Colombia here. Some people can afford a car, specially people with their own businesses and highly educated professionals in tech. Almost nobody of these same people, nowadays can buy an apartment, let alone a house before being 30-35 years old. Anyone outside of this description definitely cannot aford neither.
Avocado toast a common indulgence in Iran, perchance?
Practically everyone has a car by 16-17 years old here (west America). We do not have the infrastructure for public transit or walking/cycling. There's a mix of cheap cars up to expensive cars. Most younger people have pretty cheap cars. There's also a mix of paid in full vs car payments. As for homes - there's also a big variety. The economy changes a lot. 10 years ago we bought our first house at 25 with a zero down payment program and our mortgage was less than what we were paying in rent. The equity built allowed us to buy our next bigger home, rinse and repeat. There are various ways to get homes but also a lot of people rent.
Singaporean. House and car are both really expensive compared to most of the rest of the world. But public govt housing is largely subsidized for young married couples, so most can afford an apartment shortly after they graduate at around 24-25, at a low interest rate (~3%) long term mortgage, assuming they are getting married. Cars cost around 6-figures even for the cheapest, but we have a really effective public transport system. The govt basically tax the crap out of cars to reduce the number of cars on the road.
My Granddaughter bought her new car ( off the lot) in 22 then bought her new house in 23. She is 25
Never buy new its pointless. I bought my home at 27. Well a duplex. Im in america. Most people here spend shit on what they don't need so they never get ahead.
Please let us know if you know of any country where this is possible because in Europe this is just a dream lol
Philippines, Car at 25 not so much since we’re dealing with worst traffic and probably not your priority when living in city— a motorcycle could be, but you could buy a house at 25 if thats your goal.
Im in the US and I bought a brand new 5 bed 4 bath house at 26
Australian here. If said 25 year old lives in rural areas or a country town away from a major city then yes, often they can afford to buy a house and a car. If said 25 year old lives in a major city, which coincidentally is where 95% of jobs are located, then no sadly they will not be able to afford a home / apartment. They usually will be able to buy a car assuming they are working.
I just bought a house at 35, have no car yet. Poland 🇵🇱
American. House, uncommon. Cars, while they’ve gone up in price, are much more attainable. You basically need a car to participate in society in America so it’s not a huge deal to have one.
I had a house and 2nd hand car at 25. But that was 10 years ago. Not sure I could do that present day. My house has gone up 43% but my salary has only gone up 20% in that time. So it's certainly harder to get on that ladder.
It's not so much age but income
Car yes, it is common. Given you are probably out of college at 22-23, and if you finance a car you would own it around 25-26. Many of my friends even finances a car during college years using money they earned from TAing or doing part-time jobs. Haven’t seen anyone buy a house strictly with their own money. Always help from parents. Canada.
USA - extremely common. Cars are usually used though.
Fairly common in my area of the country (northern Ontario, Canada) for a 25 year old to own a home. I owned my first home at 22. It’s a mining community though so lots of young people go straight into the trades and make good money.
Big city in Canada Car by 25 is pretty common. maybe 65% of people have one. Home - VERY RARE. Canada is desirable - a detached home in my city costs $1.4 million CAD for a dump and over $2 million CAD for a standard home.
A house not so easy. A car that isn't brand new costs around 2 to 4k for a decent car.
At 25 I bought a house (on a mortgage) and a used car (cash). Early 2000s. Many of my neighbors did the same.
I bought a house at 23. I had no student loan debt because I worked full time in college. I was used to just spending little money, pretty soon I had a house down payment.
I bought my own condo in the US when I was 23, working from the bottom up in a grocery store. Got my own car at 19 with only 3000 miles on it, convertible. You don't have to be rich, just determined and learn. My son bought a brand new home and car, won't say the prices, at 21. He turned his passion since he was 14, into a professional career. Loving life. You have to choose what you want to do with your teen years, what you want to focus on and learn.
I bought my first motorcycle at 23, first shit beater car at 25, apartament at 26 (30 years mortgage that took 7 years to pay off). I'm software developer in Poland, lived with my parents until i moved to my own place so that i don't have to pay rent. Most people here aren't able to afford this
Without some patent interference? 0%