Everyone is buying houses!

amother

Apple

Thu, Jun 16 2022, 9:01 pm

The whole idea that 26 year olds with three kids feel pressure to buy a six bedroom 4 bathroom 3000-3500 square foot house is laughable. We received no family help, bought a house in Lakewood well into our 30’s and did not come out emotionally scarred. We take pride in the fact that we are self sufficient and didn’t have to run to mommy and daddy for help. Wouldn’t do it any other way,

amother

Poinsettia

Thu, Jun 16 2022, 9:05 pm

I live out so prices are different.
We bought our house last year, I am 23 and dh 26.
We were living in ey and came home for covid Pesach and got stuck living by my parents for 8 months.
We saved on rent and had a down payment.
We got our house for 350.

Now our mortgage is less than rent, but its still hard to cover the month....

amother

NeonPink

Thu, Jun 16 2022, 9:05 pm

amother [ Apple ] wrote:

same

amother

Iris

Thu, Jun 16 2022, 9:06 pm

amother [ Apple ] wrote:

I'm not looking for that at all. A small 3 bedroom house would be fine for me. But even that is insanely expensive now. I also take pride in the fact that we are self sufficient, but the fact is that we will probably never be able to buy a house (unless maybe we move to some really far out cheap super OOT place). And most of mine and dh's friends who bought recently purchased small simple houses as well. but even that cannot be done without family help

amother

Iris

Thu, Jun 16 2022, 9:10 pm

amother [ Poinsettia ] wrote:

I wish we could move in with either my parents or in-laws to save on rent. But unfortunately it is not an option

Everyone I know who bough a house had help in some way, shape, or form-either they lived with their parents for an extended time, or parents or grandparents gave them $, or their grandparents had an extra apartment that they could live in temporarily rent free.

Again, I'm not bitter or blaming anyone. I'm just stating a fact that without any help in any form we will probably never be able to buy. And I'm trying my best to come to terms with it and be at peace with renting forever.

amother

Thu, Jun 16 2022, 9:14 pm

amother [ Poinsettia ] wrote:

You lived by your parents for 8 months which means you probably saved at least $12,000... (thats assuming your rent was "only" 1500.. where I live there is no way you can rent for less than 1950... im in far rockaway for reference)

did you buy in NY?

amother

Apple

Thu, Jun 16 2022, 9:15 pm

amother [ Iris ] wrote:

Not true for one simple reason: despite bubbles and volatility in the long term housing prices closely track wages. At some point either average wages go up or housing prices stagnate. As long as your salary is decent relative to the average and keeps pace you will eventually find housing more affordable.

amother

Rainbow

Thu, Jun 16 2022, 9:18 pm

amother [ Black ] wrote:

Mortgage Rates are high now as well. I wonder why they bought at this time.

In 1980 a new 3 family 20' house sold for about 150,000 and a 24' house for about 225,000, etc

Whoever bought then, was told that theyre insane.

amother

Iris

Thu, Jun 16 2022, 9:21 pm

amother [ Apple ] wrote:

In the field I work in I get zero raises ever and the salary has been the same for decades (as I've heard from people older than me). DH has a bit more potential than me so hopefully he will do better than me. But I am still not hopeful that I will ever be able to buy a house.

amother

Sienna

Thu, Jun 16 2022, 9:22 pm

If both husband and wife got unemployment during Covid and they are young and have a small family then it was probably easier for them to have a down payment etc.. plus there was stimulus and for those who are on the programs also means they’re paying less taxes etc…

Personally I’m 24 and me and hubs put a 50k down payment on a house it mostly was my unemployment (Hubs worked and got paid regularly) we paid full taxes so our stimulus went straight to tax.

For others it can be parents helping, yerusha, insurance payouts for accidents etc.

But yes definitely better to invest in your own house than flush money down the toilet every month.

amother

Thu, Jun 16 2022, 9:25 pm

amother [ Sienna ] wrote:

How many kids did you have at the time you bought? Where did you buy? What is your profession?

I feel like those are all factors

and btw I am speaking as a slp. I have 95k in loans to pay back and I make peanuts every month

amother

Iris

Thu, Jun 16 2022, 9:30 pm

amother [ Sienna ] wrote:

You're making a lot of assumptions and generalizations based on your personal experience. BH it worked out well for you, but being on unemployment for a few months does not mean you can suddenly afford a house. And most people on unemployment needed to use at least some of that money to live. If your DH makes enough to support your family, and all of your money could go into savings, then you are already at a financial advantage that many of us do not havr

amother

Bluebonnet

Thu, Jun 16 2022, 9:41 pm

OP, you mentioned two couples. That's not everybody. Though obviously the real estate market has been hot most places.

That said, I understand you're frustrated. It must feel terrible to feel like everyone is moving to a certain stage of life that you are not yet reaching and can't figure out how to get there.

I see three ways this happens:

1. Family gives (or heartily helps out with) downpayment to buy home.

2. Couple makes a ton of money. (Or perhaps one has some sort of inheritance).

If you don't fall into either of these categories, you'll have to do what I assume everyone else does.

3. Live below your means. The simpler you can live and the more you can put away the faster you will have a nice downpayment. The couples who do this from day one are smart. You start out with wedding money and with no kids yet it's so easy to keep expenses very low. Much bigger challenge as time goes on but still possible.

Hope you achieve your dream soon.

amother

Bronze

Thu, Jun 16 2022, 9:55 pm

amother [ Natural ] wrote:

Interesting how no one pointed out the pp buying homes when they get section 8, Medicaid, food stamps, etc.

Yeah, that's a discussion of it's own. They work & buy on someone else's name.

amother

cornflower

Thu, Jun 16 2022, 10:01 pm

Housing is really expensive now and with interest rates going up its a really hard situation. Especially for people who were working hard to save and now the money they saved up isn't enough. Not everyone is lucky enough to have help. The best thing to do is try to save as much as you can and hopefully a good deal will come your way at some point. It's really tough now. Hang tight and hopefully things will get better.

amother

Black

Thu, Jun 16 2022, 10:02 pm

amother [ Bronze ] wrote:

Yeah, that's a discussion of it's own. They work & buy on someone else's name.

Nothing wrong with that if you ask me. Because at the same time they are taking their own risk , if the other person one day decides to keep it for themselves then whose tough luck is it ? I thought they have a house in their name while "secretly" getting medicaid. Or they someway have two names.

(Imagine getting section 8 in your own house )

amother

Fern

Thu, Jun 16 2022, 10:03 pm

amother [ Apple ] wrote:

Take a step back. Mortgage rates have shot up to over 6% from 2.5% not long ago and housing prices are in a bubble. Between prices and mortgage rates monthly payments are as much as 50%-75% higher than a couple of years ago.

Most experts will tell you that it’s a spectacularly bad time to buy right now if you don’t have to. Major real estate firms such as Redfin and Compass have announced that they are paying off thousands of workers due to the rapid slowdown as the market has rapidly cooled. Time to sit on the sidelines for now.

really disagree
in frum areas prices dont really go down. they may stay the same for a bit. Where I live (not lakewood) people are grabbing houses super fast. It really hard to buy because of how much competition there is