I’m 35, and if you squint a bit at the mortgage, I “own” home. With my partner. And we’ll be paying it off for another 27 years. And we’re the lucky ones of this generation.
Well, the good news is if you have a fixed rate mortgage the crushing amount of incoming inflation may cut that back to like 15-20 years!
I’m a couple years older than you, but my partner and I feel incredibly lucky to own a home as well. We bought an abandoned property back in 09’ for 35k and have spent the last ten years fixing it up. If I wasn’t able to borrow 20k from USAA back then, I don’t think I’d even be able to afford the rent in my neighborhood nowadays.
Once I hit my 40s, massive home diy projects have either become necessities (too expensive to hire out), pipe dreams, or like PA DOT working on route 202 in my youth (never ending with incremental steps that never improve the experience of driving). The energy loss is off the hook, and I’m not a flubbynutter.
I do like that theory. Unfortunately my wallet disagrees with it.
Thankfully we’ve locked it in for 2.2% for 20 year, and semi-realistically we should be able to pay it off before that runs out. But the official period is 30 years, since that’s the legal maximum.
ask them why didn’t they have savings to “buy a private yacht yet” at your age, because I would guess it’s roughly similar in the proportion of pay/cost
My parents once asked me why I didn’t have enough savings to buy a house yet.
I almost lost my shit.
I’m 35, and if you squint a bit at the mortgage, I “own” home. With my partner. And we’ll be paying it off for another 27 years. And we’re the lucky ones of this generation.
Buying a home with saving, fucking lol
Well, the good news is if you have a fixed rate mortgage the crushing amount of incoming inflation may cut that back to like 15-20 years!
I’m a couple years older than you, but my partner and I feel incredibly lucky to own a home as well. We bought an abandoned property back in 09’ for 35k and have spent the last ten years fixing it up. If I wasn’t able to borrow 20k from USAA back then, I don’t think I’d even be able to afford the rent in my neighborhood nowadays.
Once I hit my 40s, massive home diy projects have either become necessities (too expensive to hire out), pipe dreams, or like PA DOT working on route 202 in my youth (never ending with incremental steps that never improve the experience of driving). The energy loss is off the hook, and I’m not a flubbynutter.
Pay off over 15 years if you can or you’ll pay about double the total value just from interest.
I do like that theory. Unfortunately my wallet disagrees with it. Thankfully we’ve locked it in for 2.2% for 20 year, and semi-realistically we should be able to pay it off before that runs out. But the official period is 30 years, since that’s the legal maximum.
Gotcha. Well consider adding a couple hundred bucks towards principle each month–it would still make a gigantic impact over the term of the loan.
ask them why didn’t they have savings to “buy a private yacht yet” at your age, because I would guess it’s roughly similar in the proportion of pay/cost
LOL when my father asked me how much savings I had, I immediately knew that our life experiences were vastly different.
My daughter is buying a house at 24. People are still buying houses with mortgages.