(Closed) What age were you when you bought your first home?

posted 4 years ago in Home
Post # 15
Member
2109 posts
Buzzing bee
  • Wedding: May 2015

We just closed on our first home at 23. Starting the building process and put a portion of our downpayment down (required by the builder to begin construction) at 22.

Post # 17
Hostess
3881 posts
Honey bee
  • Wedding: November 2016

We are 27 and hoping to buy next year. I got my JD and he got his MS, so we were in school until 25 and live in DC where housing is crazy expensive. None of my DC friends are homeowners; we will likely be the first.

My friends who did not go to grad school (have been in the job market longer) and live in lower COL areas purchased at 25-27. You’re young, try not to put too much pressure on yourself!

Post # 18
Member
897 posts
Busy bee
  • Wedding: September 2015

I was 24, He was 30 

Post # 19
Member
2443 posts
Buzzing bee

We were both 30 when we bought our home. There’s no need to rush it. 

Post # 20
Member
8439 posts
Bumble Beekeeper
  • Wedding: April 2013

I was 32

Post # 21
Member
2146 posts
Buzzing bee
  • Wedding: July 2017

wow… HOW are people buying in their early 20s???

I live in one of the cheepest towns in the cheepest part of the country and have never met someone in their early 20s that owns a home

Post # 22
Member
9819 posts
Buzzing Beekeeper
  • Wedding: September 2013

I don’t see why you need to rush anything.  We didn’t buy our first house until 30.  We spent most of our 20’s in college/grad school and moving around (weren’t ready to settle in one location).  I still lived with 3 roomates at 22 (awesome! we had a great time)

Post # 23
Member
35 posts
Newbee

My husband and I are in the process now. 24 and 26. I think a lot of factors go into the decision. Are parents helping, what’s the housing market like, how mature are you, etc?

Our deciding factor is that it’s cheaper to pay a mortgage than rent. I don’t feel old enough to be buying a home, but I know it’s the most rational decision in our case.   

Post # 25
Member
8244 posts
Bumble Beekeeper

btob17:  I had a client once whose son bought his first house at 21. He never went to college and had been working in the trades since he was 18 and hoarded as much cash as possible. Then he bought a complete wreck of a house and he and his buddies were able to fix it all up themselves (the friends lived with him and paid reduced rent in exchange for labor). The combination of no student loans, good wages, and the ability to do most of the work himself was the only reason he could do it. 

Post # 26
Member
441 posts
Helper bee
  • Wedding: June 2019

I was 24. It was went the market tanked so I got a beautiful condo for a few thousand less than $100,000. Though, if I waited a little longer, they were going for $60,000!!  Nice area, good schools. I sold it and bought a new construction home and it’s still way cheaper than an apartment. 

Post # 27
Member
318 posts
Helper bee
  • Wedding: November 2015

Darling Husband and I just bought our first home last month. I’m 23 and he’s 31. I don’t think there’s really a timeframe in which people need to buy their first home. Just do it when you’re ready! It’s a huge financial commitment; we had to save for a while before it worked for us, and I had to graduate school. We were also lucky because he just got a better paying job. As PPs said, there’s no rush to do it. Take your time. 🙂

Post # 28
Member
268 posts
Helper bee

21, but since I’m still in school both houses (it’s a property with two) are rented out until I’m done my masters and we’re ready to move outside of the city a bit.  Currently making $600 above and beyond the mortgage, taxes, and all bills.  Would definitely recommend investing before you’re ready to move if you have the down payment and are handy enough to be a landlord!

We started saving at about 18, and aimed to put away $10,000 per year into a house account.  The plan was to buy at 24 with $60,000 down, but we found the perfect property early at a GREAT price, so we went for it with the $40,000 that we already had (we were ahead of schedule in our savings).

At the rate we’re paying the mortgage considering the rent we collect, we could be mortgage free in 10 years if we dump a few lump-sums into it!

Post # 29
Member
1372 posts
Bumble bee
  • Wedding: June 2014

My husband and I are two weeks from closing and we’re both 25.

Post # 30
Member
743 posts
Busy bee
  • Wedding: July 2012

25. It was an absolute steal in our dream town and so far one of the best decision we have made. But if I was to buy young again, I would invest in a 2-4 family building and rent it out before buying a big girl home

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