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I was 24. A 3 bed 2 bath 1500sqft ranch for $106k with an 80/20 no down payment mortgage. Sold 12 years later for $107k...gotta love that midwest appreciation.
Never moved back to my parents after leaving for college at 18. Got an apartment with a roommate at 20 and moved out of dorms.
Sounds like my situation - was a 2/1 with a USDA loan - but else, same/same. If you are buying cheap-cheap-cheap and can make a 2 bedroom or otherwise small home work, that no one else will touch, you're at a cost advantage, even if you see little to no appreciation. It can do wonders for your cashflow.
Sounds like my situation - was a 2/1 with a USDA loan - but else, same/same. If you are buying cheap-cheap-cheap and can make a 2 bedroom or otherwise small home work, that no one else will touch, you're at a cost advantage, even if you see little to no appreciation. It can do wonders for your cashflow.
That was pretty much just the going rate for a nice house in suburbia in Dayton, OH not particularly cheap for the market.
But that roommate of mine moved and bought down in Austin and saw six figure equity gains over the same period. There’s a real opportunity cost to living in a stagnant market.
That was pretty much just the going rate for a nice house in suburbia in Dayton, OH not particularly cheap for the market.
But that roommate of mine moved and bought down in Austin and saw six figure equity gains over the same period. There’s a real opportunity cost to living in a stagnant market.
If there was a career move to be made, it could be worth it. Home prices, property tax rates (Texas is brutal), and salary bump all considered. You can then cash out on those returns if you move back to somewhere cheap if you stay in the local market it's likely your next home has appreciated similarly, too.
I joined the Navy in 1950 at the age of 19 when my draft notice was in the post office. I was discharged in July 1954 at age of 23, and bought a newly built home in the Silicon valley a year later.
I bought my first house in 2015 when I was 30. Most of my 20s I wasn't in a position financially to buy a place. I would say around 27-28 I was financially there, but home ownership wasn't a priority at that time. I probably would have waited longer, had one of my friends not been moving. It wasn't that I was against buying, I just didn't have any reasons (or didn't explore the reasons) why I should buy. It started as "Hey, you should buy my house!" part joking part serious. It got a conversation going about home ownership, pros and cons. I started doing my own research and talking to other friends & family about it. And decided to pull the trigger. I was fine with apartment living, it was the financial aspects that did it for me. For a number of reasons I didn't end up buying friend's house, but I did buy a house.
I'm glad I had that event that triggered my path to buying.
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if you stay in the local market it's likely your next home has appreciated similarly, too.
