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Old 07-07-2017, 10:42 PM
 
Location: Silicon Valley, CA
13,561 posts, read 10,361,420 times
Reputation: 8252

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Quote:
Originally Posted by Perma Bear View Post
I'm in the top 10% or higher of millennials in net worth. I'd go out on a limb and say I'm exact proof the situation is unsustainable.
Well, then, you're actually in a pretty good situation, you just have to be patient. I wasn't really a homeowner until I was 40 (I'm in my 50s now).
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Old 07-07-2017, 11:03 PM
 
4,369 posts, read 3,725,536 times
Reputation: 2479
Quote:
Originally Posted by silverkris View Post
Well, then, you're actually in a pretty good situation, you just have to be patient. I wasn't really a homeowner until I was 40 (I'm in my 50s now).
That was just poor planning on your part. Assuming you were in your 20s in the 80s you could have bought in the east bay for 50k or in upscale neighborhoods in Pennsylvania cities for 100k. This was doable with a median income of 20k back then.
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Old 07-08-2017, 11:03 PM
 
Location: Silicon Valley, CA
13,561 posts, read 10,361,420 times
Reputation: 8252
Quote:
Originally Posted by Perma Bear View Post
That was just poor planning on your part. Assuming you were in your 20s in the 80s you could have bought in the east bay for 50k or in upscale neighborhoods in Pennsylvania cities for 100k. This was doable with a median income of 20k back then.
You don't know squat about my situation or career. I moved around a lot from place to place in various cities around the world. I'm not complaining at all about how it turned out for me. I'm happy that I'm a homeowner later in life - there was no dying desire like you are to get a mortgage in your early adulthood. My home is paid off, I got savings in the bank, I'm pretty happy.
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Old 07-09-2017, 07:06 AM
 
4,369 posts, read 3,725,536 times
Reputation: 2479
Quote:
Originally Posted by silverkris View Post
You don't know squat about my situation or career. I moved around a lot from place to place in various cities around the world. I'm not complaining at all about how it turned out for me. I'm happy that I'm a homeowner later in life - there was no dying desire like you are to get a mortgage in your early adulthood. My home is paid off, I got savings in the bank, I'm pretty happy.
The difference is I give up all earthly pleasure to save and invest and I will be homeless despite being a millionaire at 40 because of the cost of living.
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Old 07-09-2017, 10:36 AM
 
Location: Silicon Valley, CA
13,561 posts, read 10,361,420 times
Reputation: 8252
Quote:
Originally Posted by Perma Bear View Post
The difference is I give up all earthly pleasure to save and invest and I will be homeless despite being a millionaire at 40 because of the cost of living.
Well, are you a millionaire yet?

You'll have to start somewhere. Maybe get a small condo further out - and start building equity, and trade up to what you want.

Bemoaning your lot in life and hoping for a housing crash is probably not very productive.
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Old 07-09-2017, 10:50 AM
 
4,369 posts, read 3,725,536 times
Reputation: 2479
Quote:
Originally Posted by silverkris View Post
Well, are you a millionaire yet?

You'll have to start somewhere. Maybe get a small condo further out - and start building equity, and trade up to what you want.

Bemoaning your lot in life and hoping for a housing crash is probably not very productive.
About 15% Of the way there. Waiting for a housing crash is my only hope.
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Old 07-09-2017, 01:58 PM
 
Location: Bay Area
402 posts, read 538,903 times
Reputation: 335
Quote:
Originally Posted by Perma Bear View Post
About 15% Of the way there. Waiting for a housing crash is my only hope.
Find rich wife.
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Old 07-09-2017, 02:27 PM
 
4,369 posts, read 3,725,536 times
Reputation: 2479
Quote:
Originally Posted by viceversa1 View Post
Just do it the Asian way. Live with parents. Save and then buy a house in your mid 20's.

Moving out at 18 just to prove you can be on your own and waste 60% of your income on rent doesn't prove anything.
I don't think you can do math. There's virtually no way to buy a house in your mid 20s unless you're making 300k after tax even if you save every penny.
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Old 07-09-2017, 02:40 PM
 
4,369 posts, read 3,725,536 times
Reputation: 2479
Quote:
Originally Posted by viceversa1 View Post
It's called a mortgage.
Which you can't qualify for without an obscene downpayment or income neither of which is possible in the early 20s. For instance having 151000 dollars in net worth and 60k income would be in the top 10% at 25 and you still have 0 shot with owning a home.
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Old 07-09-2017, 03:24 PM
 
Location: Murrieta California
3,038 posts, read 4,777,870 times
Reputation: 2315
Quote:
Originally Posted by Perma Bear View Post
Which you can't qualify for without an obscene downpayment or income neither of which is possible in the early 20s. For instance having 151000 dollars in net worth and 60k income would be in the top 10% at 25 and you still have 0 shot with owning a home.
I worked with many people in their 20's and 30's that made well over $100k a year in SV.
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