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on my own at 19, self employed at 22, and bought 1st home at 25, solo.
sold it for double 6yrs later;
did the same with 2nd home (w/acreage) - sold for double 12yrs later.
One I'm in now has a LOTTA acreage - in it 5yrs and already worth double (land is skyrocketing!).
All because I had $5000 to put down to get into the first house (small fixer) - never wasted a dime on rent past 24yo.
70k fixer-upper, 10% down, 30-year 12% interest rate - I knew some paying 16%. Sold it 3 years later for 90k. Today its worth 700k (500k is land value).
I was on my own at 19. I bought the first house with my husband at 30.
I notice so many people on here were on their own at 16 – 20, and they bought their first house at 22 - 35. I wonder if most of these people are "Boomers". I am.
I see so many of the younger ones now are still living with their parents at 25 - 30 something. One of my children is very responsible and independent. He was on his own at 18, away for university. He was working during high school and every summer during university. When he graduated, he moved back with us, and moved out at 25 (3 years ago). Now, I told him I could give him some money for a down payment, not full though, to buy a starter home or a condo, or an apartment, but he said no. He does not want to buy a house yet because of the uncertainty of employment nowadays. Today you have a job, tomorrow you have none. It's scary to have a house and mortgage when you don't have a job.
I wonder if my son is alone in thinking like this, not wanting to buy a house when his parents offer to help, or there are many younger people are thinking the same?
I told him when you rent, you throw money away. When you buy a house, you pay mortgage, and eventually the house is paid off and it's yours. He still says no. I see he has a good reason. Except for those who have a lot of money and don't have to worry about anything, I wonder if the younger people are thinking smarter than we are about not to buy a house/condo/apartment in the current situation in the world? Or vice versa?
Last edited by AnOrdinaryCitizen; 12-07-2020 at 09:28 PM..
Was on my own in college, from 18-22. Moved out of parents' house for good after college (so, 22). Rented until I bought at 31. I am now on my second house, with my husband.
Last edited by Flyers Girl; 12-08-2020 at 01:26 PM..
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