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I’m 26 years old born in 1993, I’m a millennial as you all know the millennial generation was born between the years 1981-1996 as stated by various polling and demographic experts in the field state. By the way, people born after 1995 are can absolutely be referred to as millennials as several people view millennials those born before 2000 or in some circles before the 9/11 attacks (https://en.wikipedia.org/wiki/Millennials).
I recently rented my first home, that’s right, not a condo or a townhome but an actual single family house which has 4 bedrooms and 2 full size bathrooms. The size of the home is around 1500 square feet, built in 1952 (fairly historic). My house isn’t all the way out in the far suburbs either, I’m located in an established gentrified neighborhood fairly close to the heart of the city (work at home so NO COMMUTE!!!) and in very close proximity to everything!
House prices in my neighborhood have been increasing every year since 2012 and homes in my area are now worth between $350,000-$850,000. Prices are still increasing dramatically with no intention of decreasing anytime soon, if ever.
I'm lame and don't have any loans which means my credit score is only marginal since I have no debt and I put a $2,000 deposit on the place and split the home with family helping with financing the rest so my monthly rent is super low it’s cheaper than paying any of my neighbors mortgage!
Now that I have rented a house I plan on having children very soon. I don't know why it's relevant just thought y'all should know
So as a young millennial renter at only 26 years old I can say I’ve done pretty well for myself considering there are way more homeowners in debt than single family home renters at my age and majority of the people my age live in an apartment with gallons of debt or "own" a home with a 30 years of bank payments, property taxes, maintenance costs, and emergency costs so yeah...
I’m also pretty fortunate considering I can rent in a good area with increasing value which will for sure keep increasing in the future, while I get to live under rent stability protections for as long as I hold my lease; But if something drastic changes in the neighborhood I can make the right adjustments and find a better deal in a better neighborhood. Housing prices are still on the rise in every major city across the country, so it’s going to get way more difficult owning a home. It’s already hard for most millennials since a lot of them still live in apartments or with their parents and hate it. Fortunately I have no issues with this and actually enjoy caring for my aging in-laws and plan to take advantage of our family time as well as the extra savings and time we all get to enjoy because of it.
Now imagine the next generation of kids born after 2000, I feel really sorry for the next generation with these increasing prices! If they listen to OP and their family isn't super rich or they have a "very very good career" it will seem impossible for a 20-something year old to own a house in the next coming decades.
But that's okay! Life isn't a race and you're youth isn't done at 25. Don't think that just because you don't come from money or poured decades of debt down your throat that you're a failure destined to live off your parents. Only you can decide that; you can decide to take whatever path you want. If anything us millennials have discovered that homeownership probably isn't for all of us and that's okay. There is no shame in renting and the fact that mortgages are the same as rent says more about home ownership than it does about all inclusive renting. Remember that ownership is hard work that never stops, and if your young that means giving up a whole bunch of freedoms and money. I enjoy not having to worry about the cost of roof repairs or how I'm going to pay for new appliances. If my neighborhood does take a turn for the worse I lose nothing and can get out much easier than a owner. Instead of having to do repairs and maintenance I can spend my money out enjoying time with my husband. And most importantly I'm comfortable! I don't worry about what I should own or what my possessions are in relation to my age, and I honestly think that makes me a happier and more focused individual. So as us millennials say, you do you!
Do not assume a house or anything will continue to increase in value, 2008 is calling. Historically, housing tends to increase equally with inflation. There are reasons to buy a house, but don't assume it will be a great investment. Also, it can be a money pit.
Tell her never to post here! She's bound to be accused of all kinds of shenanigans with the bottom line that you didn't charge her rent and therefore her own efforts are meaningless.
But in all seriousness good for her. I had about 20k saved by my junior year of college from various jobs I worked. I thought I was RICH. Ha! But it's not a small effort at that point in life. She should be commended.
They don't know my backup plan which is we all move from here and I buy all of us new houses. I just want them to give it their all and they are. So proud
so you locked yourself into a house instead of using that down payment money for some kind of REAL investment? and how has owning a house made your life better at such a young age?
Well if the OP graduated from high school and got a job in construction (which pays well where I am), lived with mom and dad so there were no actual living expenses then the OP could save $18,571 a year for those 7 years to come up with that. I think a young person could save that kind of cash if living with parents.
It is also possible that the OP went to college and worked close to full time at the same time and when they graduated, again lived with mom and dad while working, to save up that kind of cash.
It is doable if you live with a parent who pays for your living expenses. It is also doable on your own if you have a couple of roommates working in a well-paying job (construction, engineering, etc). Ramen noodles exist for a reason. ;-)
When I bought my first house my go to was 99 cent store. Looking back it was all worth it. Every so often I still make myself a bologna sandwich on pita bread with mayo. It reminds me of the struggle times. But it’s a good reminder.
I still go to 99 cent store to buy canned salmon to make tuna sandwiches with the salmon.
Jack....I can only hope the entire rest of the world adopts your feelings toward Tennessee ! CONTINUE to spread the word !!
We have paradise on earth here, (and most of us have discovered shoes too !) and too many refugees from over taxed, over regulated, over populated chit holes from around the country are apparently finding out about us, and the minute they move in, want to change here into that same place they fled from.
I'd carry on, but I have to get on down to the garden and hoe my 'taters' so I don't starve to death this winter.
Ughhhh, that whole scene just looks depressing.
Too tempting to just sit around and get fat and run into a bunch of folks with bad teeth
There's no obligation for anyone to come back and explain or defend themselves. People sometimes start threads just to share an experience or opinion. It's not a debate. The OP said that they bought a house. Everyone piled on them with ridiculous suspicions because the OP is probably in a much better financial situation than many posting here so it couldn't POSSIBLY be true. Sour. Grapes. Now everyone is howling for blood because the OP didn't want to engage in further nastiness. I don't blame him/her. I'm glad to see that the OP isn't taking the bait.
Again OP, don't let this collection of malcontents rain on your parade.
<sigh back at you>
Again, as I wrote in my previous response to your earlier post saying the same thing, i.e. that it must be "sour grapes" from everyone else:
Quote:
Originally Posted by karen_in_nh_2012
Come on, it's not sour grapes -- it's people wondering, naturally enough, how a 25-year-old came up with $130,000 for a down payment on a house -- which the OP has not come back to say. If he had earned/saved that $130,000 himself, seems like that would have been part of his "story" in the first post (given all the other things he had to say about himself) -- but it wasn't.
Now if it WAS something that he somehow did all himself -- well, good for him, and he has every right to be proud of himself. But if he got that $130,000 as a gift or inheritance -- well, good for him for buying a house and I hope he has many happy years there, but come on, that's not exactly "doing it yourself," as he suggested in the first post. (So at least let's be honest about that, yes?)
Perhaps he will come back to clarify.
Quote:
Originally Posted by riaelise
I bought in my early twenties too. I worked at a law firm, which paid well and moved in briefly with my mom (I had been renting an apartment before) in order to sock even more money away and I still wouldn't be able to save $130,000.
If he did get help, there's no shame in that. But don't make it sound like it was a "I got up by muh own bootstraps" type of thing when it's not that exactly.
^^^ This, the bolded part in particular. Given the tone of the OP's first post in this thread, if he had indeed saved $130,000 from his own efforts by the age of 25, I'm sure he would have told us (and has had many opportunities to come back and tell us). But I think it's pretty normal to be skeptical. As rialise said: just don't make it sound like you did something all yourself (with the implication that everyone else should be able to, too) when you didn't.
Yeah, maybe in Tennessee. But we must admit thats not the most desirable place for most people to live.
OP, nothing special about you putting down an abnormally large downpayment that you probably inherited. and for the prices you listed, you should probably name the state and city.
Also, getting into a home is actually not that hard. Maintaining is. Many athletes and entertainers had lavish homes and ended up foreclosing or doing a short sale.
Based on postings in a Houston thread, probably Sharpstown, a suburb of Houston that is somewhere between gentrifying and an area with a fair amount of gang-related crime activity.
Poster is also not above slinging mud at other working class neighborhoods, so take from that what you will.
Come on, it's not sour grapes -- it's people wondering, naturally enough, how a 25-year-old came up with $130,000 for a down payment on a house -- which the OP has not come back to say. If he had earned/saved that $130,000 himself, seems like that would have been part of his "story" in the first post (given all the other things he had to say about himself) -- but it wasn't.
Now if it WAS something that he somehow did all himself -- well, good for him, and he has every right to be proud of himself. But if he got that $130,000 as a gift or inheritance -- well, good for him for buying a house and I hope he has many happy years there, but come on, that's not exactly "doing it yourself," as he suggested in the first post. (So at least let's be honest about that, yes?)
Perhaps he will come back to clarify.
Why does it matter where I got the money from? I own a single family house in Houston Tx the 3rd largest city in the nation and I live only 20 minutes away from the city center. I don’t have a suburban address
so you locked yourself into a house instead of using that down payment money for some kind of REAL investment? and how has owning a house made your life better at such a young age?
My house appreciates by $30k every year if that’s not a good investment then what is?
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I just want them to give it their all and they are. So proud 
(So at least let's be honest about that, yes?)
