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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. ;-)
If your parents continue to completely support you - providing a place to live, paying for all utilities, all food, maybe even for a car, car insurance and so on, then they are still subsidizing that person's down payment to buy a house, compared with those who have to actually pay their own way and save what they can. So that is still perhaps not quite the accomplishment OP boasted about of "doing very well for his or her self" since that's a huge financial benefit paid for by their parents that most people wouldn't be able to access.
Of course it's not that buying a house at 25 is a bad thing. It's the holier than thou attitude with no explanation of how they accomplished it that's the problem.
If your parents continue to completely support you - providing a place to live, paying for all utilities, all food, maybe even for a car, car insurance and so on, then they are still subsidizing that person's down payment to buy a house, compared with those who have to actually pay their own way and save what they can. So that is still perhaps not quite the accomplishment OP boasted about of "doing very well for his or her self" since that's a huge financial benefit paid for by their parents that most people wouldn't be able to access.
Of course it's not that buying a house at 25 is a bad thing. It's the holier than thou attitude with no explanation of how they accomplished it that's the problem.
Oh I don't disagree with your sentiment, but I do think it is doable to save that kind of money by the time you are 25. You could do it on your own, but obviously, it would be much harder and require working more hours.
I mean waaaaay back when minimum wage was $3.35 an hour, I netted $6,000 over a summer working insane hours at two jobs when I was off college. I lived in a craphole of a rental with two friends and ate pasta salad pretty much all the time. Noodles in those big bags were cheap!
It can be done without parental support, but it is just harder.
If your parents continue to completely support you - providing a place to live, paying for all utilities, all food, maybe even for a car, car insurance and so on, then they are still subsidizing that person's down payment to buy a house, compared with those who have to actually pay their own way and save what they can. So that is still perhaps not quite the accomplishment OP boasted about of "doing very well for his or her self" since that's a huge financial benefit paid for by their parents that most people wouldn't be able to access.
Of course it's not that buying a house at 25 is a bad thing. It's the holier than thou attitude with no explanation of how they accomplished it that's the problem.
It's extremely rare that someone is supported to that degree well into their 20s. Once people get to some level of financial stability, it's rare that they'd live at home, even if they are allowed to.
Dang keyboards will just lay down and let people type anything on them nowadays...
The OP did not state the total price of this newer "1983" model home he bought. If he bought a $450K home, then $130K down would be reasonable. But if his $130K down payment did not at least pay half of the homes cost, I do not think he invested his cash well.
Not with todays low APR home loan rates and with home values peaking out. He could have just paid $30K down on a $250K home and got more ROI in the markets over time, using his $100K kept in hand. JMO though
Frugality is key. A lot of my generation (and really any generation) is going to the convenience store every day to drop $20 on cigarettes and/or vape juice, candy, and energy drinks. People don't realize how much the little stuff adds up.
People are also going to have to learn that they don't need designer clothes, don't need fancy cars, and don't need a new cell phone every few months. If you want to be able to afford a house you have to forego a lot of the conveniences and fancy things early on in life.
Frugality is key. A lot of my generation (and really any generation) is going to the convenience store every day to drop $20 on cigarettes and/or vape juice, candy, and energy drinks. People don't realize how much the little stuff adds up.
People are also going to have to learn that they don't need designer clothes, don't need fancy cars, and don't need a new cell phone every few months. If you want to be able to afford a house you have to forego a lot of the conveniences and fancy things early on in life.
But, as OP found out, it pays off.
Lol, you make the statement without even having a clue where the OP obtained money from.
That’s cool and I’m happy for you. While I understand you’re happy and excited it really sounds like you’re bragging. While we have no idea how you got the down it doesn’t really matter imo. When I bought my first house I got a little help from my mom. I did pay her back.
Either way wether you got help or not congrats and good luck.
My thoughts exactly.
OP, I know you're elated, but your post does kinda reek of bragging. Others, in other generations have done it before you (at a higher interest rate to boot), and you won't be the last. Doesn't take away from the accomplishment, just sayin'.
Also, nothing wrong with starting out with a condo. A condo is a deeded piece of real estate, just like a SFH. You own it.
My very first real estate purchase in my early 20s was a condo apartment. 2/2, 1100 sq ft handyman special. When I got older, married, then we bought a SFH together. Now we're on our second SFH together. Didn't feel less of a homeowner because I owned a condo instead of a brick and mortar house. Maybe if people started off small and then graduated to bigger things like a SFH, that'd be a good thing. As a single woman who worked crazy hours and lived in a hyper expensive city, there was no way I could handle the rigors of owning a SFH with a yard. The only SFH that were available were old and in questionable neighborhoods. No thanks.
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