General Discussion

bunnies

(15,859 posts)

55. Im 42 and just bought my first home in February.

Mon Jun 8, 2015, 09:57 PM

Jun 2015

The stars aligned with our jobs and I had prepared our credit. In a year we had saved up enough for a down payment. But nothing was left after that was paid. It was a very small window that I had to take advantage of. Bunnies Mr. lost his job the week we closed on the house. Our mortgage is $200.00 more a month than our rent was... but there are so many other bills we hadn't counted on. Heat is the worst thing. We bought an 18th century house. In NH. Its beautiful and I feel lucky to live here. In the summer.

We live week to week now. Again. We have to get a new roof this year or we lose our homeowners insurance. And we have to buy pellets and wood for the coming winter. Its thousands of dollars. I used to think $350 a month in the winter for gas heat was a lot. Now between oil, pellets and wood... we spend 3 times that.

The killer is: only a couple hundred dollars a month go to the principal on the mortgage. Over a thousand goes to the interest. I had no idea it worked that way. NOW I understand how easy it is to lose your home. 30 Years from now Ill be 72.

Its the American dream.

edit: and my credit score dropped 70 points. Across the board. Not a benefit.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

88 replies

= new reply since forum marked as read

Highlight:

These Are the 13 Cities Where Millennials Can't Afford a Home [View all] marmar Jun 2015 OP

If you didn't graduate with a BSCS, or equivalent computer degree, forget about finding a job leveymg Jun 2015 #1

New jobs listed as needed for Union Ironworkers Go Vols Jun 2015 #3

Welders require a Ph.D and special clothes, don't they? leveymg Jun 2015 #9

All are democratic deep blue cities except maybe San Diego yeoman6987 Jun 2015 #10

City of San Diego is light blue, county is more pink. haele Jun 2015 #17

lived in San Diego for over sixty years WHEN CRABS ROAR Jun 2015 #25

No housing or subsitence allowance in retirement. NT 1939 Jun 2015 #77

No, but when you can retire at 40 and take another job, military retirement is a benefit others haele Jun 2015 #84

FY2016 budget for DC has over $200 million for affordable housing Chathamization Jun 2015 #79

Very misleading econoclast Jun 2015 #2

No,it's careless use of terms. The chart at link shows median residence cost, not mean. Gormy Cuss Jun 2015 #7

Quite right econoclast Jun 2015 #12

Detached single family (SFD) is the typical benchmark for a national comparison Gormy Cuss Jun 2015 #14

Here's a site with median home prices and salary required to afford frazzled Jun 2015 #15

It's very much happening in Detroit..... marmar Jun 2015 #18

True dat frazzled Jun 2015 #24

I wish more of them would come to CT. Chan790 Jun 2015 #72

Feel good only 1939 Jun 2015 #78

Detroit and Portland are big arts hots spots now and other cities as well. Bluenorthwest Jun 2015 #23

I agree with this; they should be comparing median income with median home prices. alarimer Jun 2015 #74

And this does'nt even take into account their student loan high-interest debt. canoeist52 Jun 2015 #4

Or saving a percentage for retirement. tridim Jun 2015 #11

I used to think bloomberg was a real news organization snooper2 Jun 2015 #5

Oh, that's OK. The TPP and cutting Social Security will fix it. Tierra_y_Libertad Jun 2015 #6

socialism is too logical for humans olddots Jun 2015 #8

We're Number One! We're Number One! KamaAina Jun 2015 #13

Is this assuming each milennial is single and trying to buy a house by themselves? geek tragedy Jun 2015 #16

I'm Gen X AwakeAtLast Jun 2015 #19

Thanks for mentioning that. CBHagman Jun 2015 #62

I am from the "empty years" of the depression 1939 Jun 2015 #80

Most people can't afford big cities its not just one age group....... Historic NY Jun 2015 #20

UNLESS SoCalDem Jun 2015 #21

Let's all move to Oklahoma City! Comrade Grumpy Jun 2015 #22

Wherever there are millennials working for minimum wage that is a place the they cannot afford to jwirr Jun 2015 #26

About 1% of workers in the US make the minimum wage Recursion Jun 2015 #44

Of course not but we were discussing them. My point is that not being able to afford a home is not jwirr Jun 2015 #50

I'm 38 and the idea of owning a home seems crazy to me Recursion Jun 2015 #27

It absolutely is B2G Jun 2015 #28

OK; I take your word on that Recursion Jun 2015 #29

Tax deductions are a myth. They only apply if you spend too f'ing much. JanMichael Jun 2015 #45

If one's income is in the right bracket the deductions provide very strong incentive. geek tragedy Jun 2015 #61

I consider it normal Go Vols Jun 2015 #30

Fair enough. Recursion Jun 2015 #31

I really enjoyed watching Fla. Go Vols Jun 2015 #34

Nearly all of the tax codes are geared to benefit home ownership. Starry Messenger Jun 2015 #32

Fair enough. I guess I was too late. Recursion Jun 2015 #33

I can't either--certainly not here. Starry Messenger Jun 2015 #36

I am, and USAA keeps bugging me to buy a house Recursion Jun 2015 #46

Same here. Starry Messenger Jun 2015 #51

Not to be morbid, but when our grandparents' generation passes we might inherit one Recursion Jun 2015 #52

if rent is comparable to the mortgage payment, why not own? geek tragedy Jun 2015 #35

Because owning requires front-loading a lot of debt, which is a big risk Recursion Jun 2015 #53

Fixed-rate mortgages don't go up (taxes and HOA fees do, though) geek tragedy Jun 2015 #57

The other cost of owning is being tied to a particular job market Recursion Jun 2015 #58

That is an opportunity cost, to be sure. geek tragedy Jun 2015 #63

That sounds like a good deal Recursion Jun 2015 #64

Back in the 1970s 1939 Jun 2015 #81

Indeed, as that meant their personal wealth geek tragedy Jun 2015 #83

Not in constant dollar terms 1939 Jun 2015 #85

housing prices shot up during the 70's, even adjusted for inflation geek tragedy Jun 2015 #87

LOL. Bizarre post, coming from our resident "economist"... nt Romulox Jun 2015 #37

No, it just reflects the markets I've lived in Recursion Jun 2015 #41

That's like someone from Nebraska saying they can't imagine a home without a cornfield. Romulox Jun 2015 #70

Yeah, that's the problem Recursion Jun 2015 #75

What a lame answer. Keep telling people how unimaginable it is to own a home, I guess. nt Romulox Jun 2015 #76

A lot of folks in NYC 1939 Jun 2015 #82

i was a 40 yo single mother shanti Jun 2015 #39

My folks finally bought a house long after I left Recursion Jun 2015 #43

You must be talking about India. obnoxiousdrunk Jun 2015 #40

Nope. The places in the US I've lived Recursion Jun 2015 #42

Im 42 and just bought my first home in February. bunnies Jun 2015 #55

Its normal to me Travis_0004 Jun 2015 #56

I'm 51, don't own PasadenaTrudy Jun 2015 #60

Bought my first house at the age of 32. It seemed crazy at the time too. Throd Jun 2015 #67

Thanks to all the anti-development NIMBYS here in California taught_me_patience Jun 2015 #38

Yeah. Somebody recently posted a plan to make SFO's streets more narrow Recursion Jun 2015 #48

Geology, mostly. LeftyMom Jun 2015 #59

San Diego is the 4th most expensive city in the US nadinbrzezinski Jun 2015 #47

Thanks for posting Omaha Steve Jun 2015 #49

I quit looking for electronics technician work in the West IDemo Jun 2015 #54

I have a millennial nephew who bought a house in Portland last year. Snobblevitch Jun 2015 #65

How many of those kids or their parents are supporting US union workers? KentuckyWoman Jun 2015 #66

Holy shite! Riverside used to be the cheap alternative to OC! n/t eridani Jun 2015 #68

i'm a former new yorker. never DesertFlower Jun 2015 #69

Austin isn't on the list? That's surprising. hobbit709 Jun 2015 #71

Not just millenials alarimer Jun 2015 #73

It's unfortunate that articles have to include the world 'millennial' kiva Jun 2015 #86

not just millenials noiretextatique Jun 2015 #88