Do other young people own houses?

[SammieUnicorn369]

So im 25 and just bought a 3 bedroom, 1 bath home with a pool under $100,000. Obviously, my state plays a big role in this.

I'm just curious as to how other young people don't have this. I had to move in with my parents (who didn't provide everything for me!) and saved absolutely everything I made.

Then I see other people my age who are not home owners calling me 'lucky' because they go party every night instead. So im just curious, do other young people own homes or have dreams to own homes?

[BeMuse]

The average price of a house in my hometown is $497,787. Most of the lower end prices are 55 and old condos that you can’t buy unless you are a retiree so the average price is a little skewed out of reality... If I were to buy a middle class home similar to what I grew up in to raise a family, a handyman special would run about $800,000 today and a home in good condition in the same neighborhood would run me $1 million to $1.2 million today. A twenty percent down on a million dollar home is $200,000 cash, and a mortgage payment would have been $4,053.48 a month, wind storm insurance would be in the ballpark of $16,000-42,666.60 a year to protect against hurricanes and you can’t get a mortgage without it, and property taxes would be roughly $12,000-$15,000 a year for such a property. So to qualify for a mortgage at 1/3 income I would have to be earning $229,925.16 - $318,925.08 a year and have $200,000 cash in hand. Sadly, I wasn’t earning that type of moolah at 25 years old, so I rented for a while. Once I had improved my education and gained enough experience to be able to work from home relatively easily, I was able to consider moving to a more affordable location… Congrats on the home though, it must be nice to be able to find anything for $100K these days. That’s fantasy land as far as I’m concerned.

[SammieUnicorn369]

I feel like you live in an expensive state lol

[SammieUnicorn369]

But thank you!!

[BeMuse]

Yep, it's pretty pricey in much of Florida.

[SammieUnicorn369]

Yeah I live in PA. It's pretty affordable. But yeah hurricanes destroying everything gets... expensive

[BeMuse]

I've never had hurricane damage on any property I ever lived in. It's actually relatively rare for a home to be damaged when it is made of CBS block of ICF which most are are, and you have hurricane shutters. Hurricanes hit random locations. Generally, you will not even get a hurricane that hits in your relative vicinity for 5-10 years. When it does, often it will be a category 1 or 2. A well built concrete house will easily survive a category 3 hurricane without a scratch. Cat 4 can potentially do some damage minor damage and cat 5 can do some major damage, but the chances of them hitting you directly and you riding out damaging winds in the eye wall is extremely low. Even a number of stick built homes manage to survive. For example my Grandmother’s home in Key West is a frame house that was built in the 1940s and it has been through countless hurricanes over the 80 years or so and has never received a scratch even though it is right in hurricane ally and low lying and prone to flooding. None the less, you will still be extorted by insurance companies if you need a mortgage. What generally happens is you see catastrophic damage in entire neighborhoods when a category 4 or 5 hit poorer areas where homes are built poorly and nut up to hurricane standards, and then insurance companies take such a major hit all at once that it bankrupts them and then there has to be high rates to entice new companies to take the risk again. If everyone would just built their homes correctly, the risk would be very low for everyone.

[BeMuse]

*or...

[BeMuse]

*not

[BeMuse]

*build

[Static_In_The_Attic]

Absolutely wonderful & welcome to the homeowner club & instead of throwing money away on rent you are investing in something you own, outstanding. If you have a mortgage remember principal, principal, principal & if you pay extra every month you will have your home paid off in no time.

[SammieUnicorn369]

I do! lol it's supposed to be 412, but I do 420 until I can get my raise this year lol

[Static_In_The_Attic]

Good deal & give yourself a pat on the back because you are doing fine. As for mortgage rates they are at an all time low hopefully you got a good fixed rate as well. If you have an extra $420.00 in your savings account pay your mortgage early & as for me when I had a mortgage I got to the point where I was three months ahead & if you are two or three months ahead you could never be late on a payment. On another note the good news is you have a tax write off now & if you make any future energy efficient improvements make sure you save your receipts as well.

[Static_In_The_Attic]

With all honesty I don’t even know you but all I can say is that I’m proud of you.

[SammieUnicorn369]

Lol thank you, could u send me some more info about that tax write off? I keep asking everyone around me, buttt they all act like om crazy? and tell me that there is no tax write off

[Static_In_The_Attic]

As for your mortgage company you are going to receive a 1098 which is a mortgage interest statement & on the 1098 in box 1 there will be an amount & that amount is the interest you paid for the previous tax year. When it comes to filing your federal taxes there is a form 8396 (Mortgage Interest Credit) & that form is going to ask you for things listed on your 1098. On the 1098 in box 6 you will be able to claim Points paid on purchase of principal residence. Does your mortgage company pay your county taxes? If so save your receipt on that one as well. Are you a first time homebuyer? Did your mortgage company require you to pay PMI?

[Anonymous]

because normal houses aren't $100k dear... the average home price is now like $365k. so yeah... stop bragging. also, that only 1 bathroom is going to be a big hassle in the long run.

[SammieUnicorn369]

I bet ur like... 80 years old & have depended on a man ur whole fucking life. Probably never accomplished anything on ur own and try to destroy young womens dream. WILL BRAG IF I WANNA BRAG. I WILL LOOM FOR ADVICE WHEN I WAS ADVICE. rude, enjoy being blocked. oh and fyi, that second bathroom is already under renovation ;)

[douride2]

I can remember getting my first house when I was 22. It has been paid for in full for years now.

[SammieUnicorn369]

Okay I need plus two years for covid lol

[douride2]

Yes these last 2 years have made things very difficult.

[jshm2]

Yes most do. But 25 is not "young" by any stretch of the imagination.

You should actually have two houses on rent at least, at your age. You're old and slow for your age and will end up on the street and homeless when you're round to retiring.

Those other people probably think you look younger than you are. Otherwise they would be cussing you out.

[SammieUnicorn369]

Soooo you have never owned anything? Oooorrrr you had EVERYTHING and a bunch of monthly payments that you couldn't handle so u lost it all huh? Don't bring your old ass hate on here. I don't know why disrespectful ass people get on here to cut other down. like, apply to your OWN situation. I'm reporting u to.

[Jay3344]

I spent my early 20’s at college and traveling. When I finally bought a home at 28 it was awesome. A lot of new responsibilities but I knew I had the means to purchase it and was ready. Couples can usually buy sooner because of the added income but yea late 20’s or early 30’s people are buying.

[GingerGuy]

I've met and know a few. I've always been impressed as I didn't own my first until well into my 30's.

[TheFlak38]

another only fans girl. she will promote her profile in the next question.

[JoyGirl]

I am 20, and I live on campus. 🥴

[EaterPeter]

I like to own