“It’s likely going to be just as difficult to buy next year as it is this year,” Redfin’s top economist warns, with steep prices and mortgage rates keeping young buyers on the sidelines.
I have been exceptionally lucky by being in the military because our housing allowance matches the local area (generally slightly behind big market changes, though) or am just given housing with utilities paid and they take the allowance away. Also, VA loans allow for 0% down loans, which means for the same as (or in my experience, less than) rent, you pay mortgage. And the house I bought in 2017 for 180k sold for 300k in 2022 and I did little more than live in it.
Now I’m buying a house where I will be retiring, and it’s 750k. Vicious, but doable. I don’t know how other people live here (VERY high cost of living location in Alaska).
Edit: forgot to add, I’m 41, so working on buying my second house. Hopefully I’ll still be able to afford it in 4 years when I retire.
I have been exceptionally lucky by being in the military because our housing allowance matches the local area (generally slightly behind big market changes, though) or am just given housing with utilities paid and they take the allowance away. Also, VA loans allow for 0% down loans, which means for the same as (or in my experience, less than) rent, you pay mortgage. And the house I bought in 2017 for 180k sold for 300k in 2022 and I did little more than live in it.
Now I’m buying a house where I will be retiring, and it’s 750k. Vicious, but doable. I don’t know how other people live here (VERY high cost of living location in Alaska).
Edit: forgot to add, I’m 41, so working on buying my second house. Hopefully I’ll still be able to afford it in 4 years when I retire.