(Closed) Anyone in their 30s that still don't own a home?

posted 3 years ago in Home
Post # 31
Member
260 posts
Helper bee
  • Wedding: August 2015

I’m 32, Darling Husband is 38 and we just put an offer on our first home. We are wayyyyyyy behind most people our age in our area but I’ve been ok with renting. Houses are a ton of work. 

Post # 32
Member
1231 posts
Bumble bee
  • Wedding: October 2016

I own my home and fi owns his own home as well and sometimes I wish we owned 2 fewer homes.  Trying to rent his has been a headache.  He hates where I live (because he’s 70 trapped in a 32 year-old’s body).  It’s been a headache to combine our lives (but he’s worth it).  

Nothing wrong with renting until you are really ready to buy.

Post # 33
Member
172 posts
Blushing bee

Like many PPs I live in NYC. I haven’t been able to save up anywhere near enough to buy an apartment or house in the area. I’m moving in a little while to join my SO in the Bay Area (where he located for work) and the home/apt prices are even more outrageous so I doubt we’ll be buying soon. Only one of my friends owns and it’s because he lived at home for 5 years to save up. 

Honestly renting is not too bad – no maintenance issues or unexpected expenses to worry about. One day I’d like to own so that I can redo things to my liking but that’s probably at least a few years down the line. 

Post # 34
Member
331 posts
Helper bee
  • Wedding: October 2016

My fiance and I are both in our early 30s and have no intention of buying a house for at least a few years. We have an apartment we love that’s enough space before we start having kids, and we save even more because it’s in a lousy school district. An apartment like ours a block away in a better school district costs double what ours does, and the cost for a house in a good school district would be much higher than that. It’s also nice that when we get unexpected surprises like the water heater going out last week that it means a discount on our rent instead of a sudden major expense. There’s nothing wrong with renting as long as it’s right for your family.

Post # 36
Member
2120 posts
Buzzing bee
  • Wedding: October 2015

I live in SoCal, not going to be able to buy a house for a while lol. I just moved from Indiana, where we could totally get a great house, but not so much here. Also, I have no desire to do maintenance.

Post # 37
Member
2251 posts
Buzzing bee
  • Wedding: September 2015

Most people in their 30s don’t really  own their home. While they are making mortgage payments the house still technically belongs to the lending bank. Making mortgage payments doesn’t automatically make you the sole owner of the home. Yes, your name is on the deed, but stop making the  payments and the bank kicks you out very fast.

Post # 38
Member
2902 posts
Sugar bee
  • Wedding: June 2013

  Daizy914 :  I like it! There’s a lot I miss about Brooklyn but I also love having tons of space, a big backyard and a place to park my car. Commuting into Manhattan at rush hour can be super rough, for sure. (But on the bright side, our property taxes are amazing compared to most of the places we were looking in NJ and Long Island!)

partyof2 :  My favorite pizza place is in Eltingville! 

Post # 39
Member
1104 posts
Bumble bee

Daizy914 :  I’m 29 and dh is 32. we don’t own a home yet and we won’t before I turn 30 either. We live in nyc so renting at our age is the norm here unless you make a ton of money or inherit property/have a trust fund. I only know one couple our age who owns and they’re both engineers and make about $400k combined. I would never consider buying here, even with enough money, the property taxes are obscene and taxes in Jersey are awful too. It’s too high of a price to live in the suburbs. 

I am actually quite excited about buying sooner rather than later and it does make me nervous to think about waiting a lot longer. I hate throwing away money on rent for someone else’s property and I’ve always been a longterm planner. I look at it like this, most people take 30 years to pay off a mortgage, even if you buy below your means and pay it off faster than most people, in let’s say 20 years, if you buy at 35 that puts you at 55 when you actually become a homeowner. If you’re average then you’ll be 65 before you own a home if you wait until 35 to buy! 

A lot of people think that the day they get a mortgage and close on a house they’re a “homeowner”. NOPE. The bank owns your house until you pay off that loan. When I was 23 I set a goal of 10 more years for myself to rent and it looks like I’m right on track to make it! We’re planning an out of state move to a much less expensive city and we’re going to buy there. I’ll probably be around 32 when we actually close on a house. We’ve also recently decided to buy way below our means ($200k max) with up to 30% down if necesary to get the property we want (bidding happens).

I’ve wanted to invest in real estate for a long time so I’m suuuuper excited! Our plan is to buy this first place, fix it up so it’s renter friendly, pay off the mortgage within about 4 years (realistic for us), live rent free for another 3-4 years while saving up for another downpayment, and then rent that property as we buy/move into property #2. The mortgage for property #2 will be partially covered by the rent from property #1, so hopefully we’ll be able to up our savings rate and then decide if we’re happy with one investment property or if we want to expand and buy another. 

If I lived somewhere else I think I’d be bummed that I don’t own now, but considering that a crappy 1 bedroom apartment (700ish square feet, no parking, no outdoor space) starts at like $370k, I feel like it’s ok. Darling Husband and I have been saving up for our downpayment and when we do buy I think it will be relatively stress-free. 

Post # 40
Member
744 posts
Busy bee

33 going on 34. I don’t plan to to buy a home anytime soon. Maybe in 2 years or so. 

It’s not a race. 

Post # 41
Member
3437 posts
Sugar bee

I used to live in an expensive area – I just checked, and the cheapest condo there is $900k. I wanted to live at the beach so I just rented. Now, we are looking for a place in a new city we live in, so I won’t own a home until I am 39. So be it. It does not bother me.

Post # 42
Member
1104 posts
Bumble bee

Daizy914 :  That’s a wild commute! Have you considered living in Queens? We also used to live in Brooklyn and got priced out about 4 years ago. Now we live in Astoria and Darling Husband commutes to soho within aobut 40 minutes. I used to commute to chelsea in about 45. It’s about 20 minutes to get to Central Park. I LOVE it here. We rent a 2 bedroom apartment, with a yard, for $1500.

ETA: Also, NJ property taxes are out of control. I’d personally never sign up for that, and keep in mind that they’re increasing all the time. My parents live in union county in a standard non-fancy 3 bedroom house with a lot that’s maybe 1/8 of an acre…they pay close to $20k a year in property taxes. 

Post # 43
Member
7371 posts
Busy Beekeeper

Daizy914 :  I took no offense. Really, just having fun with it. I’m a Brooklyn born and raised girl to. So I’ve seen the market in all phases. I know I didn’t make moves as I should have in my earlier years. Which is fine, you’re simply ready when your ready. But now the market is just out of control. So I know my future lies elsewhere. 

Post # 44
Member
1731 posts
Bumble bee
  • Wedding: October 2017

Owning a home isn’t a priority for us. We’d rather travel and spend our money elsewhere. We also like the flexibility and the ability to move where we want. Plus it’s so expensive to buy a house here and we will never buy a condo. We have plans to purchase eventually just not right this minute. 

Post # 45
Member
996 posts
Busy bee
  • Wedding: April 2016

We are 33 and newlyweds, no kids, and we don’t own a home. Sure, we are saving for our “someday” home but we really like our apartment right now and it is dirt cheap. Houses in our area (SoCal), however, are astronomical, so we are waiting until we are absolutely sure we are ready for that kind of commitment. We’re not in a rush and we don’t worry about the age at which we’ll buy a house. We also figure we won’t be getting a “starter house”… we will just go right to the house we actually want 🙂

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