When you early 20 year olds plan to buy ur first house?

[yellow1995Cobra]

I know theres quite a few of us in our early 20's still living at home, or at school or whatever...

So when you guys plan to make the big leap and buy your first house?

I was 22 in march, and would like to buy my first in ~3 years. I live at home now and plan to stay here until i have a huge downpayment. My parents are real cool and say i can stay here for as long as i like.. They deff dont want me wasteing money on an apartment. My house situation is good too, we put an addition(second floor) on the house a year and half ago, which is two bedrooms, one living room, bathroom, and small kitchen area, which is where im living now.. I have my own door on the side of the house and everything, so im not pressured to leave do to privacy what so ever.

Real estate is pretty crazy in Mass to say the least, VERY EXPENSIVE. Last i heard housing prices are expected to drop in the next 2 years, hopefully they do, but i really doubt it

So whats all your storys?

 

[S/CBlack95GT]

Id buy one now but property taxes around my area are like $6,000+

 

[Car Nut]

I'm not in my early 20's, but I did buy my first house 5 years ago at age 28. Up till that point, I lived in a couple apartments and a rental house.

Once I got married and got a better paying job, we bought a house as soon as possible. We didn't put down a down payment, but we got a great interest rate. Now we make payments for more than the minimum, so that this 30 year mortgage can be payed off about 13 years early. Gotta pay towards the principle. I pay less on my house than many of my friends with 2 bedroom apartments. Plus, I've got a fenced backyard, two car garage, 30+ yards away from both neighbors houses, and nothing behind my house except acres and acres of woods, wildlife, and quiet. Not bragging........just the few things I could never have with an apartment. And at no additional cost!

Nice thing about Atlanta is that you can get a nice house for much less than most large cities. Property taxes are decent and most new developments are pretty expensive which helps home values. Not much better than having your own house.

 

[OrangeMustangGt]

Im in the same boat as you jesse

 

[Grn92LX]

I'm 25 and its just WAY too expensive here in NY. On average, $500k gets you something nice. Last I checked, I don't have $500k My parents know i'll be here for a while

 

[WhiteHeat306]

I turned 22 in February, just graduated college in May. I started a job as an investment accountant three weeks ago. I currently live at home, and I really don't want to waste money on an apartment either. I do plan on buying an '03/04 Cobra in the spring, which will be my first major purchase after graduating. I have no rush in moving out, but I would like to be out by the time I'm 25-26, somewhere around there, if not sooner. Ideally, I would like to put a nice down payment on a house, but who knows what the future will bring and what circumstances will force me to do. BTW real estate in my area of PA is RIDICULOUS.

 

[Swarzkopf]

Jesus...how the hell do you guys in your 20s put up with your parents? I started renting when I was 19 because I couldn't take living with the folks anymore. God bless 'em, but they were driving me crazy.

I'm 24 now and married, and rent a house with my wife. We plan on buying in the next two years.

 

[super302]

i'm 18 and plan on living with mommy and daddy for next 6 years or more, so when i move out i'll have Mucho-money in the bank account

 

[sade04]

Whiteheat 306 where in the philadelphia area do you live? i live in montgomery county. and yeah youre right about crazy prices for homes around here.

 

[mo_dingo]

i'm 18 and plan on living with mommy and daddy for next 6 years or more, so when i move out i'll have Mucho-money in the bank account

Yup, ditto that. I have 2500 in there right now.......Just itching to spend it.

I won't get my own house until I am settled down and married. I want to live in an apartment for a while at first, to make sure things work out.
Scott

 

[WhiteDevil]

Yeah i was out when i started college but i just moved back in for my senior year of college. I was so broke i just couldnt do it anymore. I have a good situation at home to so i got nothing to worry about. Here in SD the minimum house for sale here is like 550,000 bucks! And those might not even be that nice!! I have no clue when i will have an opportunity to own a house, but i want to when im around 25 or so. Im 21 right now.

 

[Rootus]

Buy as soon as you can, but after your education is finished, and after you have a good idea of where you want to live for at least the next 5 years or so. Around here houses are not terribly expensive, which helps. I bought a ~1600 sf house on a ~12000 sf lot in a suburb of Portland, Oregon for $175K three years ago. Not real big, but since I live alone it is alright for me. I did some research recently, and finding a house with similar specs to this one would be about $240-250K right now. I can tell you for sure that my income hasn't grown at that rate for the last three years, so I'm glad I bought when I did . And the upside to a mortgage (assuming fixed rate) is that the payment stays fairly constant, so in relation to your income the payment becomes smaller and smaller. After my income tax savings each year, the house actually costs me less than I was paying for my apartment before. And I didn't get any equity in that! Within reason, you want to buy as expensive a house as you can afford, especially with rates as low as they are, and as cheap a car as you can stand . Gotta be a little careful though in some areas where prices are artificially high, or you could get stuck for a few years if the market pops.

 

[Rootus]

Oh, and something else Jesse -- once you have enough down payment to avoid mortgage insurance, buy the house. At least as long as rates are similar to what they are now. The effective interest rate for a mortgage is maybe 4% right now, if you're early in the loan (income tax savings), and you can do much better investing the money. So getting a home loan is like giving you money to invest with . A huge downpayment may sound like a safe bet, but it may not actually be the best longterm financial choice.

 

[Zero Signal]

Rootus, how did you get that info on the right of your post like that?

 

[Rootus]

Rootus, how did you get that info on the right of your post like that?

Haha... people keep asking, I should put instructions in the signature itself... Otherwise it'll keep hijacking threads...

[TD]signature[/TD]

 

[MysteryMachine]

I've been wanting a place of my own for a while. Now the me and the gf are talking about getting married after shes 18 i'm kinda like to have one before then so i'm ready for it. My probelm is i have too high of standards . I want at least a 3 bedroom, 2 car garage and some property so i have distance from my neighbors. I lived in this half a double with my family my whole life and i hate being this close to my neighbor. Crank up my music she tells ya about it lol not as bad since her husband passed away she don't seem to care anymore but still never know when your gonna move next to an *******.

I found my dream place 3 acres, pool, garage, people used to have a sign making company and lettered trucks so that building is there which is a garage i could probaly get about 4 cars just in it. Its kinda close to home. I called about it they want 425 for it. Kinda impossible with my job so it really sucks

 

[BlueOvalStangGT]

Im 18 and I hope on buying a small house within 2 years. Im gonna be in college so I will have a house nearby and rent the other rooms out to pay for mortgage. My slacker uncle hasnt worked in like 10 years, he has 6 roommates and his house is like a constant party.I dont know If I can live with that when im 40 but while im in college it should be fun.

 

[stprorolla49]

Id buy one now but property taxes around my area are like $6,000+

u think thats bad?!?!.....where i live in Glen Ridge, NJ, property taxes are over $17k a year!!!!! its absolutely rediculous

 

[Black95GTS]

So whats all your storys?

I have almost the same situation as you. 22, just finished school, just started my first engineering job. I have the entire finished basement of my house, which is similar to what you have upstairs, own door, etc. My parents don't ask for anything and understand how much college costs (I paid my own way, and being white at WPI screws you over while kids who aren't even american citizens go for free, thanks a pant-load liberal massachusetts racial quotas) but I still slip them 100 bucks a month for whatever and take them out to eat once and a while.

I think my plan is to move in with my long term gf next school year (Worcester), which depending if she does summer classes next summer, will be her last. Save up the down payment and start looking. But with my job, I am on call 24/7 in case an emergency happens, IE huge electrical storm knocks out power. I have to live within 20 minutes of Hudson, MA for response time.

So basically within 3-4 years I plan on making that purchase. In that time I'll hopefully be able to pay off 60-70 percent of my school loan AND the 2002 F150 I just bought (pics up soon, I drive it home Tuesday )

Just sucks that massachusetts is so damn expensive. My parents house was 60K when they bought it, it is now valued at 370K, and it is NOT a big house. Thats crazy though, a 600+ percent return in 19 years! I hope to god the bubble bursts soon.

- Adam

 

[VibrantRedGT]

I bought my first house when I was 22. Now I'm on my third house. I've been buying homes, property and town houses for investment purposes for the last two years. Real Estate has gone nuts around the Country. Many kids will be living with their parents a lot longer then planned. Growing up everyone was out of the parents house by 18 ( I was 19). Now it will be like 30.