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My parents bought a house when they were 23. Not a bad house either. it sold a couple years ago for over 1/2 million
my mom was 1 year out of college when they bought, and she worked at a bank. my dad didnt go to college and his job was fixing electric poles... neither of them had any help at all (my grandpa's were a trucker and a railroad worker, and each had 4 children, so obviously neither were rich)
I am in my mid 20's now and i have no hope of being able to afford a house within 3-4 years. its messed up. Things are getting worse for the American public, not better. yet people have no problem with getting taxed more and more, and allowing illegal immigrants to take american jobs.
well the good news is your thinking of buying and wanting a home a better life. Here are some positive things,
prices are coming down so maybe they will be more affordable for people
All good things come to those who wait
You can save and possibly get a great mortgage rate one day
and most important, you may meet the women of your dream, marry and have a dual income and her salary with yours may make you the happiest man on earth!!! A wife and a home!!!! Think positive!
Altough I agree that things are much harder (or so it seems) compared to our parents or grandparents, reality is that they didn't have to HAVE 4 TV's w/ Cable/Satellite, 4 cars in the drive way, cell phones, 2 PC's or 2 Laptops w/ wifi, XBOX or PS2 or 3 or 4. Or they didn't need to go on vacation to Europe or Mexico or some exotic places (the jersey shore did just fine). What they had was patience & sacrifice and oh yes, smarts. JMO.
Here's a few things that may be making the difference:
- Did Mom and Dad have a car loan? Do you?
- Did Mom and Dad have student loans? Do you?
- Did Mom and Dad have credit card debt? Do you?
- Did Mom and Dad take lavish vacations, go out partying every weekend, etc? Do you?
- Did Mom and Dad have a $100/month cable bill, $40/mo hi-speed internet access, and $100/month phone/voicemail/texting/email bill? Do you?
These things aren't meant as digs against you, but rather to show the differences between then and now that make it harder for young folks to buy a home. Add in the disparity in the affordability index between then and now, and you see the problem.
Altough I agree that things are much harder (or so it seems) compared to our parents or grandparents, reality is that they didn't have to HAVE 4 TV's w/ Cable/Satellite, 4 cars in the drive way, cell phones, 2 PC's or 2 Laptops w/ wifi, XBOX or PS2 or 3 or 4. Or they didn't need to go on vacation to Europe or Mexico or some exotic places (the jersey shore did just fine). What they had was patience & sacrifice and oh yes, smarts. JMO.
I agree, Alex. Not to mention - look at pay rate 20 years ago vs home price, compared to today (which still doesn't break even, but the difference is noticeable), along with inflation, and population increases.
(Btw - I was just wondering where you were last night, I hadn't seen you post in a while!)
I agree, Alex. Not to mention - look at pay rate 20 years ago vs home price, compared to today (which still doesn't break even, but the difference is noticeable), along with inflation, and population increases.
(Btw - I was just wondering where you were last night, I hadn't seen you post in a while!)
Well, I also think that Mom & Pop's when they bought their home, they got something modest & decent, not a McMansion w/ 10 bedrooms and 5 bathrooms w/ a rec room, a family room, an entertainment room, a formal dining room a breakfast nook, a finished basement, a pool, a guest house, a dog house, a tree house....etc...etc...etc...you catch my drift LOL
I've been around, spent the w/e with DW and son enjoying a good MD. But don't worry PL, the force is strong in me, I'm still around.
Well, I also think that Mom & Pop's when they bought their home, they got something modest & decent, not a McMansion w/ 10 bedrooms and 5 bathrooms w/ a rec room, a family room, an entertainment room, a formal dining room a breakfast nook, a finished basement, a pool, a guest house, a dog house, a tree house....etc...etc...etc...you catch my drift LOL
I've been around, spent the w/e with DW and son enjoying a good MD. But don't worry PL, the force is strong in me, I'm still around.
This is exactly right. Unfortunately, your description is now a "Starter Home" for many.
Altough I agree that things are much harder (or so it seems) compared to our parents or grandparents, reality is that they didn't have to HAVE 4 TV's w/ Cable/Satellite, 4 cars in the drive way, cell phones, 2 PC's or 2 Laptops w/ wifi, XBOX or PS2 or 3 or 4. Or they didn't need to go on vacation to Europe or Mexico or some exotic places (the jersey shore did just fine). What they had was patience & sacrifice and oh yes, smarts. JMO.
Exactly! I remember my parents saving up to buy a car... none of this new car every 2 yr crap! And dad was out every weekend washing, polishing, shining up the white walls.... now, if it gets dirty, we just trade it in. We're a "spoiled" generation... we have to have all the gadgets and all the designer labels. Well at least we did..or I did but this recession has taught me some very valuable lessons - it's been a very humbling experience to say the least!
I am in my mid 20's now and i have no hope of being able to afford a house within 3-4 years. its messed up. Things are getting worse for the American public, not better. yet people have no problem with getting taxed more and more, and allowing illegal immigrants to take american jobs.
New Jersey needs big changes.
We just got done with a housing bubble. Prices will drop substantially in a year.
Because it's expensive here, it pays to be resourceful. If you're in your mid 20s, you probably don't have much need for the space that comes with a 3br house (or the property taxes that go with a more expensive place). So either rent on the cheap, or get something that's well within your means so that you can make pre-payments and build equity at a good pace.
btw, immigration, illegal or otherwise, has very little to do with unemployment (and if you're competing with illiterate day-laborers for jobs, you probably won't be able to afford a house any time soon)
Exactly! I remember my parents saving up to buy a car... none of this new car every 2 yr crap! And dad was out every weekend washing, polishing, shining up the white walls.... now, if it gets dirty, we just trade it in. We're a "spoiled" generation... we have to have all the gadgets and all the designer labels. Well at least we did..or I did but this recession has taught me some very valuable lessons - it's been a very humbling experience to say the least!
Oh trust, spoiled indeed. During these hard economic times, we've all had to make adjustments and I hope that most of us understand now the sacrificies that our parents made for us by not having all the extra gadgets. These are the words I live by..."I'm a simple man, trying to live a simple life". Uncomplicated and simplicity works for me. Now, if only life was as easy...sigh.
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