this post was submitted on 28 Nov 2024
1187 points (98.8% liked)

memes

10685 readers
2039 users here now

Community rules

1. Be civilNo trolling, bigotry or other insulting / annoying behaviour

2. No politicsThis is non-politics community. For political memes please go to !politicalmemes@lemmy.world

3. No recent repostsCheck for reposts when posting a meme, you can only repost after 1 month

4. No botsNo bots without the express approval of the mods or the admins

5. No Spam/AdsNo advertisements or spam. This is an instance rule and the only way to live.

Sister communities

founded 2 years ago
MODERATORS
 
you are viewing a single comment's thread
view the rest of the comments
[–] UnderpantsWeevil@lemmy.world 9 points 3 weeks ago* (last edited 3 weeks ago) (2 children)

Also it’s mainly mommy and daddy buying them houses.

How else can you afford a down payment? I'm a home owning millennial and I'll happily admit my house down payment was covered in large part by what was left in my college fund. No way I'd just have $50k laying around at age 30, otherwise

And that was ten years ago, when housing was half the price it is today.

[–] inv3r510n@lemmy.world 10 points 3 weeks ago* (last edited 3 weeks ago)

You’re extremely privileged. I didn’t have a college fund, I was coerced into taking out a mortgage on my worthless education.

My mom is on the brink of homelessness (she lost the house after dad died) and my dad is dead (thank you for profit american healthcare system). Despite being college educated, the most money I’ve ever consistently made per hour is $25. I’m just barely getting by, and jobs in my field pay less than what I currently make as a valet driver with tips (~35 an hour but half is tips).

Unless I win the lottery or fall into exceptionally lucky circumstances, I will never have a house of my own. And all I want is a simple house with a mother in law apartment so my mom and I can share the house but live in separate quarters.

Being in vermont I’m surrounded by rich people and my job is a pointless job fellating the egos of the rich. They hate us and we hate them.

[–] Kit@lemmy.blahaj.zone 3 points 3 weeks ago (1 children)

There are types of loans that require 0% down. It's difficult, though, because monthly payments will be higher. Still a valid approach in some parts of the country. I managed to buy my first home this way with no help from my parents - and yes it was in the Midwest where no one wants to live.

[–] UnderpantsWeevil@lemmy.world 2 points 3 weeks ago

No down payment on a cheap loan can be worth it in the long run, particularly if you can get under the principle quickly and refinance to a better rate.

But it carries bigger risks than a traditional fixed rate 30 year with a standard down