The Super Official Homeowners Thread

[Sijray21]

Jesus how did y'all buy so young

what is 'young'?

so. many. factors. (Salary, job stability, desire to own, market, interest rates, deposit saved, no debt, etc.)

I didn't think i was that young when i bought (age 28), but others may have also bought in a market that had lower-priced homes. I didn't have dual income for my first/only purchase, but I included my then future wife's salary in our budget even if she wasn't on the mortgage. I also factored in how much i saved up for a 5% down payment, having to get PMI because of the afore-mentioned 5% down payment, and the fact that in all my years after college i only had a maximum of $750/mo in rent after college(only for one year, too) thus allowing me to put away more for a deposit on a home without losing out on much of the fun of my 20s.

Some people i knew that bought 'young' (under 25, to me) had help from their family, lived at home, and/or didn't go out much to save for the down payment. This was my case, too, since i lived in my mom's rental house with friends after college (she just charged us what the mortgage was) and i lived with my mom for a few months when i quit my full-time job at the time.

i know my cousin bought his first home at 23, but that was in a Wisconsin market where the house cost him about $75k (with a 15 year mortgage). no way i could've afforded a home i wanted in NoVA at 23 with how much i was making even if i wanted to buy.