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Forum
-> Household Management
-> Finances
At what age did you buy your house?
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| At age 20-30 |
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63% |
[ 235 ] |
| At age 30-40 |
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33% |
[ 125 ] |
| 40-50 |
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1% |
[ 5 ] |
| 50+ |
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1% |
[ 4 ] |
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| Total Votes : 369 |
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Genius
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 Fri, May 19 2023, 12:23 pm
| amother Magnolia wrote: | | Those who were able to buy from savings, how did you get those savings? We've never made enough $ to save |
They say pay yourself first. Part of your expenses should be putting something in savings. Don’t wait until you have “enough”
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amother
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Fri, May 19 2023, 12:33 pm
| amother Magnolia wrote: | | Those who were able to buy from savings, how did you get those savings? We've never made enough $ to save |
I got married at 23. So I brought some savings into the marriage. We lived in a tiny cheap apt and were pretty frugal. But my husband left yeshiva a few years after we were married so within 4-5 years we had two incomes, although not high incomes.
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amother
Firebrick
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Fri, May 19 2023, 12:54 pm
I bought at 19, before I got married. I did take out a small interest free loan to help me cover the down payment.
It really paid off as five years later I was able to refinance at almost double the price and buy another property.
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amother
Birch
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Fri, May 19 2023, 1:30 pm
33
Brooklyn
I paid around 800k and it’s now worth 1.5 at least.
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amother
Blushpink
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Fri, May 19 2023, 3:30 pm
Age 28
Cleveland
House was under $150K
Parental assistance
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amother
Jetblack
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Fri, May 19 2023, 5:50 pm
At age 27, Far rockaway. With parental assistance. Paid $445 for a 2 family.
At 30 we refinanced, took that money and moved to the FT. Paid $617. Clearly this was pre covid. My house now is worth 875-900.
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amother
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Fri, May 19 2023, 6:10 pm
| amother RosePink wrote: | Those of you claiming you had "zero help " I'm wondering if your parents helped in indirect ways, even if they didn't give money towards the down payment.
For example, did they support you in the beginning if marriage, so you were able to save more? Did they pay your college/grad school tuition (if applicable) so you didnt have to pay back loans and could save more?
I have a sis in law who claims her parents aren't helping her buy a house. But they supported her the first few years of marriage and most of that support money went straight to savings which she is using for the house. |
I had no parental help, for anything. DH and I have both worked since we got married and saved on our own, while also paying all of our own living expenses. So for us zero help means zero help
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amother
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Fri, May 19 2023, 7:39 pm
I was 27, started working full time at 17, didn't go to college, lived with my parents until 24 and didn't pay rent or food but did pay car, clothes etc. The deal with my parents was I could only live with them in exchange for 39 hours a week of helping them around the home or babysitting their younger kids. So I was pretty busy. I saved 75% of my income. My grandfather also gave me $20K towards college tuition I saved $125K in 7 years then got married and my savings earned after marriage went towards DH business (which failed)
Bought the house and put down $100K and used $50K for repairs it needed and mortgage payments at first. Converted the house to a triplex and rent out the other apartments to cover the mortgage, taxes, maintenance and insurance.
Now after a few years the house makes a bit of a profit which is good because we aren't very good at other businesses apparently 🤔
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amother
Jean
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Sun, May 21 2023, 5:34 am
| amother Maroon wrote: | | in exchange for 39 hours a week of helping them around the home or babysitting their younger kids. |
39 hours?? Are you sure? Sounds abusive to me.
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amother
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Sun, May 21 2023, 1:34 pm
| amother Jean wrote: | | 39 hours?? Are you sure? Sounds abusive to me. |
Yes I'm sure.
They also felt they weren't obligated to fully financially support after 15
They were abusive otherwise when I was a kid and we don't have a relationship for other reasons but this isn't really one of my issues with them. I was 18, they didn't owe me anything, and it was my own stupidity for not just doing the math, moving out and getting 2 jobs since that was basically what it came out to be anyway.
OTOH it kind of worked out well for the younger kids and I consider some of them my bonus kids especially because a lot left home very young but we wouldn't have had that relationship if I hadn't stayed those 6-7 years. At least we had each other instead of them having a string of babysitters.
But it is an interesting study in parents who make "do it by yourself" a top value.
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amother
Daylily
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Wed, May 24 2023, 12:31 pm
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Age 30. Married 10 years. scrimped and saved. Boro Park
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amother
Dahlia
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Fri, Jun 02 2023, 2:58 pm
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25. It was cheap oot (150k) we got an FHA loan and another interest free loan to cover closing costs. We refinanced a few years later to pay off those loans. Basically it cost us about 5k to buy the house and we wouldn't of been able to afford more. We got married at 19/21 and had a baby a year later. My parents supported us for 3 years 800/month while my husband was in kollel/figuring out what to do. So that definitly helped that we weren't in debt. We both worked and did night school and got degrees for about 6 years. Bh our family grew and while our income is about 230k right now, the house still needs plenty of repairs that we cant get to. Iyh our income should continue to grow! Hashem can do anything!
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