Home Owners Thread

[lude4life13]

I feel like in socal, it is nearly impossible for the younger generation without having a money gift from parents or family. My wife and I both went to college, both graduated with decent paying jobs in a professional services firm by the time we were 23, both went to a CSU (little to no school debt), and we can't even dream about home ownership for at least 5 years. We also don't spend a lot of money on anything besides bills. The reality for us is that we WILL NOT buy a house until we have a sub $1800 mortgage (including the FHA loan insurance stuff), so we would need close to a six figure down payment to get in that range with current prices.

The more I think about it, the more I think we will be renters until shit crashes again, which I believe will happen within the next 10 years. People these days are becoming more confident in intangible securities, companies with "innovative" ideas, commodity prices like gold are decreasing again, and once there is a "scare" again, I feel like houses etc will decrease in value again.

That being said, I don't know a single co-worker with a comparable age who has bought a house without their down payment being a wedding gift from their families. As time goes on it will continue to be harder and harder for the lower class to move up, and there will be a bigger gap between upper and middle/lower.

[redline racer510]

Average down payments in my area are 50-60k, who in there right mind expects people to have 60k in cash to blow on a down payment?

[ZenkiKid]

Originally Posted by lude4life13

I feel like in socal, it is nearly impossible for the younger generation without having a money gift from parents or family. My wife and I both went to college, both graduated with decent paying jobs in a professional services firm by the time we were 23, both went to a CSU (little to no school debt), and we can't even dream about home ownership for at least 5 years. We also don't spend a lot of money on anything besides bills. The reality for us is that we WILL NOT buy a house until we have a sub $1800 mortgage (including the FHA loan insurance stuff), so we would need close to a six figure down payment to get in that range with current prices.

The more I think about it, the more I think we will be renters until shit crashes again, which I believe will happen within the next 10 years. People these days are becoming more confident in intangible securities, companies with "innovative" ideas, commodity prices like gold are decreasing again, and once there is a "scare" again, I feel like houses etc will decrease in value again.

That being said, I don't know a single co-worker with a comparable age who has bought a house without their down payment being a wedding gift from their families. As time goes on it will continue to be harder and harder for the lower class to move up, and there will be a bigger gap between upper and middle/lower.

Yup. I am in the same boat as this guy. Every person who I know either bought a house or is living somewhere bad ass obviously got a financial boost from their families.

Me and my girlfriend dont have the same luxury when it comes to financial support and to be honest it kind of scares me as to what the future holds, but at the same time I know that this is how my parents started out when they first got here.

2 weeks ago I had a talk with a childhood friend of mine who works at an engineering firm. He too agrees with me with renting being dumb because of the fact that youre essentially throwing money away and making someone else rich off of your own money when you could be building equity.


Im not going to lie. Im not going to move out till my GF and I can afford our own mortgage. Like what I said earlier I truly believe that renting is stupid other than getting you used to the "shock" of making such a huge payment every month. So I will probably be at the earliest 28, but I will have a decent enough downpayment to bring my overall monthly to 2k including utilities + a little extra every month.

So until then ill be saving my money and waiting until

1. My gf finally finishes nursing school.
2. When the housing market is where I like it to be when I buy.