Article in Seattle times talks about people in their 20s and 30s leaving Seattle due to high housing costs. (Shoreline: real estate market, rental)

[annonymous0381]

Originally Posted by flyingsaucermom

Our plan is to do the same. We paid off our mortgage last year and we just started saving for the down payment on the next townhome. We hope to purchase before the first kid goes off to college (yes, he's not even in high school yet). Will rinse, wash and repeat for the younger son.

Ideally, we'll have three paid off units before either of them have graduated from university. We'll rent them out until either one or both wants/needs to live in them. If they want to relocate somewhere else then we'll have a choice to continue renting out or sell. If we can collectively swing it, I'd prefer that they live in them, just pay the taxes and HOAs and then put a lot more into their investments.

It's a very slow way to build up wealth and it's challenging to balance with investing for retirement and college.

Its nice to have a place for your kids when they get out od college.

[Seacove]

Originally Posted by annonymous0381

Its nice to have a place for your kids when they get out od college.

You need to get yourself into a condo. Find a place with two bedrooms and rent one or something but start saving for a downpayment. Don't mean to make it sound too easy but you don't want to be at the mercy of renting forever.

[amaiunmei]

Is it really so terrible to rent?

My husband and I are making good money, but we've decided not to buy here because signing on the dotted line at the current prices is just too much pressure. Since most other markets are cheaper, we figure we'll just save money here and wait to buy a house for cash later.

[annonymous0381]

Originally Posted by Seacove

You need to get yourself into a condo. Find a place with two bedrooms and rent one or something but start saving for a downpayment. Don't mean to make it sound too easy but you don't want to be at the mercy of renting forever.

Thats my plan

[horrordude0215]

Originally Posted by James Bond 007

LOL - how do you know? Are you telling me there's no 20-something or 30-somethings in those 3 cities?

Just chiming in as a millennial (24 years old) that currently lives in Sacramento... I definitely do not want to live here, and if it wasn't for the fact that my lease doesn't end until July, I wouldn't be.

[noah]

Be aware of the trends before you take the dive and buy and also your timeline. Will you own the home 10+ years, if so go for it. Signs are pointing to a changing rental market. According to the latest Zumper report YOY rents for in Seattle are up just 2% and outside of Seattle, SD, LA all other of the most expensive rent cities are all down YOY, with some like SF down nearly 10%. Add to this 10,000 new units this year and 13,000 next year in Seattle.

https://www.zumper.com/blog/rental-price-data

[Ruth4Truth]

Originally Posted by annonymous0381

Im sure there are 20 and 30 somethings in those 3 cities.

There are, and some of them are refugees from San Francisco's and the Bay Area's high housing costs.

[Ruth4Truth]

Originally Posted by noah

Be aware of the trends before you take the dive and buy and also your timeline. Will you own the home 10+ years, if so go for it. Signs are pointing to a changing rental market. According to the latest Zumper report YOY rents for in Seattle are up just 2% and outside of Seattle, SD, LA all other of the most expensive rent cities are all down YOY, with some like SF down nearly 10%. Add to this 10,000 new units this year and 13,000 next year in Seattle.

https://www.zumper.com/blog/rental-price-data

That article greatly overstates the cost of a 1-br. apt. in San Francisco. The price is cites is for a luxury 1-br. in a high-end neighborhood, not a standard 1-br anywhere in town. And it's hard to believe rents are going down there and in Oakland; techies are still flocking there.

[noah]

It's not really an article, they track rents monthly by analyzing over 1 million rental listings. Based on just jobs yes it would be hard to believe but remember the huge number of units being built and coming on line in these cities.

Originally Posted by Ruth4Truth

That article greatly overstates the cost of a 1-br. apt. in San Francisco. The price is cites is for a luxury 1-br. in a high-end neighborhood, not a standard 1-br anywhere in town. And it's hard to believe rents are going down there and in Oakland; techies are still flocking there.

[87112]

In 10 years it will be the Puget Sound of America. Enjoy the room while you can.