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

posted 4 years ago in Home
Post # 61
Member
589 posts
Busy bee
  • Wedding: September 2015

I was 22 and Darling Husband was 24. Our goal was to be able to put down 30% so our mortgage would be managable on one income. However, we are the only people within our group of friends who has been able to buy a home already so try not to stress! It’s a big step and takes time to prepare for! 

Post # 62
Member
641 posts
Busy bee
  • Wedding: April 2015

futurezakany:  Wow, but most people are just graduating college at age 22! Most people wouldn’t have even STARTED saving for a deposit yet — why is your family thinking you’d have tens of thousands of dollars yet?

Plus, most people just starting out in their careers want to be flexible on locations at first so they can build their jobs, and be able to take new opportunities in new areas. 22 seems awfully young to be tied to home ownership… 

Post # 63
Member
7456 posts
Busy Beekeeper
  • Wedding: June 2013

futurezakany:  I was 25. We probably could have bought earlier but wanted to have a significant emergency fund and we also wanted to save up to purchase our forever home.

FWIW, most people in my circle of the same age (26 now) aren’t even thinking about purchasing a home. Don’t let them pressure you if you are not ready.

Post # 64
Member
108 posts
Blushing bee
  • Wedding: July 2017

I’m 22 and will be either 24 or 25 when we buy our first home. Solely because we want to save up a decent amount so that we aren’t worrying about decorating and buying new furniture etc. 
But if you aren’t ready to, don’t anybody tell you that you have to. There is no rush, especially when making a big decision like that. 

Post # 65
Member
26 posts
Newbee

futurezakany: I bought on my own and I was 19. Technically, the bank owns it because I have a mortgage lol.

FWIW, some people don’t buy at all. In some areas renting is actually a better option than owning. Take your time and don’t stress about your age. Being in a position to be able to afford it and not be struggling and living pay to pay is far more important than age. One of my sisters is 35 and doesn’t own a home. Sometimes I envy her because she has so much freedom. She doesn’t have to worry about a mortgage, rates, insurance, maintenance…she plans to buy eventually but she’s taking her time and when she is ready, she’ll own a huge chunk of it with just a tiny mortgage which means she’ll be saving a bunch in interest.

Post # 66
Member
911 posts
Busy bee
  • Wedding: November 2014 - Nazareth Hall

futurezakany:  Darling Husband and I closed on our first home on my 21st birthday. He was 22 at the time. You’re definitely still young though, I wouldn’t stress about it yet.

Post # 67
Member
1909 posts
Buzzing bee
  • Wedding: February 2015

26, but I wished I would have waited a couple more years. Not because of age, but the housing market crashed and I would have been able to get a lot more bang for my buck Just a year or two later.

Post # 68
Member
2657 posts
Sugar bee
  • Wedding: December 2016

I was 23 and my then boyfriend (now Fi) was 22. We were looking for about a year before we bought, so we were technically ready to buy when I was 22 and he was 21. The housing market in our area (Melbourne, Australia) was pretty crazy though and we didn’t want to spend more than what a house was worth so we waited.

Don’t let familial pressure get you down! We were the first of our friends to actually buy a house (a few had already moved into their own places but were renting) and there still aren’t many who have since bought – and most of us are either 25 or 26 this year. My Fiance and I were just fortunate that we had a really good deposit saved already, otherwise it would’ve taken us much longer to save.

Post # 69
Member
1581 posts
Bumble bee

30 years old, 400k, 20k down in Seattle area

Post # 70
Member
6304 posts
Bee Keeper
  • Wedding: September 2016

I just bought my first house at 36 in the Bay Area- one of the most expensive housing markets in the country. There were times when I thought I’d never be able to own a home here. I’m extraordinarily happy and excited for our family!

Post # 71
Member
369 posts
Helper bee
  • Wedding: July 2015

We’re both 27, and we don’t plan on purchasing for a few years yet.  The housing market here is very pricey, and with the state of our local economy and the uncertainties surrounding where my next teaching position will be, it’s not exactly a buyer-friendly market.  As much as we would love to have a place to call our own, it wouldn’t be prudent to jump into things right now, and at the end of the day we are ok with renting for the time being.  My guess is we will make a purchase within a few years’ time, but at the end of the day it depends on how everything pans out.  

Post # 72
Member
492 posts
Helper bee
  • Wedding: December 2014

34 and Darling Husband (then BF) was 31. Also in the pricey Bay Area – we were fortunate to buy when the market was still down. 22 seems so young to own a home, but if you’re in a position told in just a couple years I think you’re doing awesome!

Post # 73
Member
145 posts
Blushing bee

I was 22, SO was 26

Post # 74
Member
3305 posts
Sugar bee

We are 30 & 31 and we are still renting. Mainly because I was studying fulltime for 5 years (now doing part time study and work) and Fiance doesn’t have good job stability 🙁 We are saving for a massive down payment on a house before we buy one because of that.

Post # 75
Member
1209 posts
Bumble bee
  • Wedding: July 2011

We are in our late twenties and will not be homeowners for a few years still. While this is mainly due to location (SF Bay Area is expensive), we want to build up our non-down payment savings even more first.

We were thisssss close to buying about four years ago, but I’m sure are glad we didn’t as we had a steady stream of financial surprises hit us shortly thereafter and having the extra savings on hand helped us to overcome those situations with ease. 

While home ownership is appealing, you should never make important life choices based on pressure. 

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