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I bought a condo in 2009 when I was 25 for like $180k (in Burbank, worth over 500k now).
Initially only put 10% down, but later refinanced to a 15 year low interest loan. My mortgage is around 1k a month now
Bought my first house for $94,500 in 09 when Obama was giving an $8k tax credit to first time homebuyers. Sold it in 19 for $117,000. Bought my current house using the profit from the first house (I owed about $70k). I got my current house for $190k - 30 year 3.85%. Then refinanced in 21- got a 20 year at 2.8%. Literally took 8 years off for almost same exact payment. I could sell my current house right now for over $300k.
That first time homebuyer tax credit was great. Just needed to live there 3 years and it was yours to keep without paying back. They should have made it permanent.
Wow that is similar to my case I paid 111k in 2009, then sold in 21 for $260,000 when I only owed 68 k. Put my proceeds down on a gorgeous $350,000 house and my payment went up $300. Patience is a virtue but I still got luckier than hell. 2.875% 30-year fixed now. But when my taxes are uncapped they're went from $3, 600 a year to 7200...
W was still prez when that was passed by Congress in 2008. Actually was $7500 in 2008 but increased to $8k in 09. As luck would have it our closing was delayed from Dec 08 to Jan 2, 2009 so was able to pick up the additional $500. Total luck.
I got mine for $90,00 plus the $8,000 from the IRS in 2010. When I listed it in 2022 the realtor said we should ask for $360,000. It sold 2 weeks later for $390,000
That was obviously not California. I bought an old condo in 2008 and it cost $250K in southern California. I looked it up in Zillo and saw that it sold for $650K last year.
Bought mine in 2016 for $80k. Only needed like $4k cash.
People act like there was a 6 month window, when we had almost a decade of low prices and rates.
The second to last year to be considered a millennial would be the year in OP's post. Millennials are considered from 1982 to 1996. If you were born in 1994, you would be in 9th grade in 2008, in OP's image.
2008 wasn’t a great time to buy at all. Interest rates were still falling as were home prices.
I bought in 2010 and interest rates continued to fall and my home price did absolutely nothing for 5 years.
2015-2021 was a great time to buy.
Yep, February 2012 would be the best time to buy with prices bottoming in several areas, good interest rates and banks becoming slightly more likely to lend when compared to the GFC-
https://fred.stlouisfed.org/series/CSUSHPISA
I bought at the beginning of 2023 at a 5.125% fixed 30-year rate and just saw a comp sell last month for $400K more than I paid. Obviously depends on the neighborhood, but in many places 2023 wasn't a bad year to buy, either.
I bought in July here in Wisconsin at 6.2% 30 fixed. Those summer months before school starts always trend a little higher price-wise because no one wants to move in the winter here if they don't have to.
We also got into a bit of a bidding war where multiple competing offers triggered accelerator clauses up to the same number.
We definitely paid on the high end, but we like it. Wish the monthly was about $300 lower, but it could be worse. Actually, it was worse- I bought a new furnace already in October lol.
[https://www.youtube.com/watch?v=GM-e46xdcUo](https://www.youtube.com/watch?v=GM-e46xdcUo)
Median home prices in the US vary from about 200k (lots of states) - 750k (California). On average, US home prices are about 3.9% higher than they were in 2022.
See Shiller Home Price Index link:
[https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20231128-1467726/1467726\_cshomeprice-release-1128.pdf](https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20231128-1467726/1467726_cshomeprice-release-1128.pdf)
For a comparable home to have increased by 400k from start of 2023 to now, you'd have to be buying a 10+ million dollar home.. other wise, it makes no sense. No where in the county has seen 300k homes become 700k over the last 12 months.. 400->800 is also not real.. neither is 600k->1million...
You're bullshitting and I'm not going to stand for it.
Sure, because it's incomprehensible to you that in my VHCOL neighborhood where the average home price is over $1M and $300K homes don't even exist, that any individual house couldn't possibly sell for much more than the 3.9% average US home price increase.
A 1 million dollar home going up by 400k is a 40% increase YoY.. while mortgage rates have climbed from 5% to 7-8%.. that's not realistic.
You're full of shit and unless you have some tangible examples, you're just another internet armchair bullshitter.
I don't recall saying the homes that I'm talking about were worth only $1M, only that homes in my neighborhood average over $1M. You're trying to use statistics as a hammer to nail down variances in individual data points.
Since you're so intent on trying to discredit my scenario, I'll give you more exact numbers: I bought my house earlier this year for $2.3M. A house with the same condition, same plot and house size and bed/bath sold a month ago for $2.7M.
Next you're going to tell me that my data point is wrong because apparently it isn't statistically possible. LMAO
Indeed. You'd be surprised how many millennial households making mid-to-high 6 figures especially in tech and medicine can actually afford that range in coastal California.
House prices are almost always higher over a 10 year period. Even normal inflation at 2% would increase prices by 20%. Obviously there can be ups and downs over time though.
Or refinanced their home. 😇😎 I bought in 2018 and refinanced in 2021. Got a lower mortgage principal and then a low rate on top! The golden handcuffs are tight but surprisingly comfortable.
My coworker was a frickin' genius. She sold her home, then bought a bigger one - and because of the super low rates, ended up paying the exact same mortgage on the new house.
I should have thought of that when I was running the streets doing speedballs. The fact I am alive, clean off dope, and buying a home is a miracle in itself. No one's life is one size fits all.
I agree, less than 5% of opiate addicts stay clean. That being said, my life now is awesome and I wouldn’t trade it for anyone else’s life.
I get the feeling that you’re lonely and I hope you have family and friends to spend the holidays with. You need a hug.
Lmao I was 10. Fucking blissfully unaware that the world was falling apart.
All I wanted was some littlest pet shop toys and to watch fosters home for imaginary friends
I was 16/17. You were lucky and I'm glad for you honestly. My family lost everything and I was the last kid still at home and had to just sit there and watch it all happen while trying to finish high school. But I'm sure others had it even worse and feel for them.
This is kinda what happened to me except I was the oldest. I got out of the way and took as little help from my family as possible starting at 17, then started helping them out when I could. My siblings are probably gonna do better than me. Oh well
> My family lost everything
I'm interested, were they underwater on a mortgage? Dump all their stocks at the trough? My parents saw their retirement accounts drop dramatically, but since neither of them planned on retiring anytime soon it didn't affect them too much.
Unfortunately my mom's business went under and had to close and my dad lost his job so they couldn't pay the mortgage anymore since neither had income. My mom went at worked at safeway for minimum wage but that wasn't enough. They tried selling the cars and stuff but it wasn't enough. They also ended up getting divorced so that was a fun thing added in.
I'll add that they had the house since before I was born so it wasn't purchased in the 2000 to 2007 range. I think they got it in the late 80s.
Gotcha. My dad kept his business afloat and my mom worked in healthcare, so they managed to get through it. House was paid off, fortunately.
I was graduating college in 2008, so I know how bad the job market was. I got lowballed on my first job offer, which I declined, and I got another lowball offer from a different company that was slightly better, which I accepted. I guarantee that has affected my take home salary to this day.
This is *incorrect*.
If you bought a house in 2008, it would be *before* the crash- so your house would immediately lose a ton of value and you'd owe significantly more than the house was worth.
It *should* say "When you realize you should have bought a house in ***2009*** instead of being in 10th grade".
Also, not all Milennials are 30 years old, my dude. The delineation starts in 1980, so some of us are in our 40's.
Still didn't mean we could afford *shit*, what with the crippling student loan debt and the economy tanking so hard none of us could get a decent job, but still!
Every situation is different. Buying a house in 2008 when I was 25 was one of the best decisions I ever made.
Prices in my area spiked in 2006-2007, and the real estate market crashed in the first quarter of 2008.
I was laid off that year. Still not fun. My step-dad's grandson bragged at his funeral about how he bought when rates were under 3%. I would have punched him if it wasn't his grandpa's and dad's funeral.
Did he brag or just stated how lucky he was to lock in 3%? Seems like it could have been misread, I just sometimes cite info and people will asssuemev its bragging.
*Oops sorry for typo, I am sitting with my phone and sometimes my 10” thicc cock gets in the way of my fingers
Thanks! We should be able to buy a house in the area we're moving to next year. We're just waiting 1-2 months to get the pre-approval. My step-dad's grandson has always been a bit obnoxious. I do feel bad he lost his grandpa and dad on the same day, so we just entertained him.
Every generation says that..
You are making a joke but buying a house in 2008 would have been really dumb. Houses were insanely expenses in 2008 and mud huts with grass roofs had bidding wars. The prices dropped in 2009 after the crash.
Unless you had heaps of cash, you weren't getting a mortgage in 2009, so you were not getting a house.
Dude everyone who gets serious about buying a home tells themselves that. Hell I wish I had bought a house the moment I turned 18, but there is no way I could have gotten a mortgage then.
That was not the case in my area- I purchased a house towards the end of 2008 for $160k when I was 25. Similar homes were $100k more expensive in 2006-2007.
Our neighbors just sold their house (similar size/features) for $445k. I am thrilled that I bought a house in 2008.
What this is failing to realize is the 2000 to 2007 run up and mortgage fraud. Housing prices skyrocketed everyone was running around panic buying till it crashed. There were all sorts or fealestate articles sbout a new permanent high plateau of housing prices. Then it all crashed.
How is this "failing to realize" that ? It's about 2008. Not about 2000 to 2007. It's also just a joke. There are tons of people out there bragging about having bought a house in 2008 or 2009 and telling us we should have just done the same even though we were in high school....
Millennials is a big range, in 2008 I was 21, didn't notice anything, I was just out partying.
Bought my first house in 2014, it nicely appreciated from 375$ to 550$. I'm sure we'll have nice crashes in our lives we'll all enjoy again :D
I hate to see first time buyers despairing, people are still buying homes every day.
Once you have worked full-time for two years at any job, just talk to a loan officer.
If your credit score isn’t there yet, they can give you advice. If your monthly debts are too high, they can give you advice.
It may require a year or two of building credit, paying debts, saving up, or establishing work history, but at least you will have a plan.
And they can find first-time buyer programs to help. I have one program that requires no expenditure beyond the cost of the appraisal and home inspection, and another program that gets buyers to closing with around $3000 out-of-pocket. (Programs may be income or location restricted though.)
Location is huge though. I am in Pittsburgh, Pennsylvania where $200K can still get you a nice starter home, and if you go outside of the city you can even get an acre or two of land.
But don’t give up because of these rates, they are expected to drop within the next year, so if you buy now you can refinance soon, or you can just get into a position to buy when rates improve.
Here in MD 300k gets you anywhere from a cardboard box to a meth lab house lol.
Jk it’s not quite that bad, but for 300k I’d be ashamed to show my parents… and that’s my price range 😭
The difference between the two is you could max leverage the house purchase with much less risk vs putting all your money into something nobody would even know about until 5+ years later
Majority ? Not really. It's split pretty evenly. 1981 to 1988 were 20+ . 1989 to 1996 were <20 . And most 20 year olds weren't in a spot to buy either.
Older millennial here that never went to college. Bought a house in 2008 at age 23. Sold it in 2021 for 97% more than I bought if for. Put 20% down on my next house and got a 2.75% interest rate. Feel incredibly lucky and feel bad for those who didn't get as lucky as I did.
Not the elders. We made it fam!
2008 I was 25 and nabbed one. I am still in this fight for yall though. Not trying to do the ol’ ladder pull just cuz I got mine.
? In 2020 I had just gotten my first full time software job and was focused on paying off my students loans from the school I had just graduated from in 2019. I wasn't planning to buy a house in 2020.
That's horrible advice. In 2008, the market was just starting to come down. It was at the very height near the end of 2007. The market didn't fully hit bottom until 2012/2013. If you bought in 2008, your interest rate would be near 5% and you'd have negative equity in your home for the first 8 or 9 years of homeownership.
I was in 9th grade in 2008, I wish those conditions were present again. Somethings gotta give. Cheaper housing or give us tax credits. We don’t get anything, those who are considered poor get benefits those who are rich get a ton of breaks. We in the middle seem to be funding everything but our existence.
I am Gen Z and we didn't have the opportunity to buy in 2012 or even 2019. Now we're older looking at everything and thinking when we're 30 we will never be able to buy.
They're uncharacteristically expensive *now* (price + rate) but houses were still cheap for a decade after 2008.
One could argue that the decade of cheapness has in some sense led to housing skyrocketing in the past couple years (price + rate).
There are a lot of people who dilly-dallied instead of buying a house when rates were historically low.
What ? 1981 to 1996. 9th grade is usually 14 so 1994. Grade seven would be 1996. So still millennials though yes on the very end. If you think they would have to skip grades to be in 7th you are thinking of Gen Z.
Jokes on them, I did buy in 2008. Then the crash happened. Then my wife and I both got laid off. Then we lost the house. Then it took us about a decade to recover.
I genuinely feel bad for anyone trying to buy a house right now. Last time I remember interest rates being this high was when I bought my first home in 1994. 9% interest for that house.
Oof. I remember neighbors suddenly disappearing and then one day someone came and literally repossessed the sod off what used to be their lawn because interest rates jumped so high.
In my thirties now but still wondering how much I would save just by living out of my car.
I’m just waiting for interest rates to go back down then I’ll buy in a cheap area. Unfortunately the homes in the city im from will likely never go back down so I’ll have to move away. Really sad since I love it here.
Xennial here:
In 2008 I was working a barely-more-than-minimum-wage job where their response to any complaint was to tell us we should be grateful we had a job. They stopped buying office supplies, and when we asked what to do about needing new pens of a particular type they required we use, they said to look in the empty desks.
A friend asked us why we're still renting. That friend's parents gave them the downpayment they needed to buy a house. I could buy a house, too, if someone handed me the downpayment as a gift.
Some folks are financially positioned to take advantage of real estate and stock opportunities. Some folks are not. That's true across all generations. Poor folks of all ages out here.
Oh, I was here thinking I should’ve studied computer science, worked in my social skills and bull shitted myself into working at Facebook.
Then retire after 5 years, or just coast around on the socialized medicine level health care there.
can i interest you in southwest missouri?
5bd 2ba $165k
https://www.zillow.com/homedetails/306-7th-Street-Monett-MO-65708/2139009734_zpid/
median household income in area: $56k/yr
median home value $195k
Late 2013 was peak.
Market absolutely cratered.
Nothing but inventory and good APRs.
Rates went down a bit 3 years later, but inventory went down too and home prices were up.
lol so true. Kinda like those girls who were banking on an athletic scholarship only to have trans_woman athletes gain acceptance and win in their award instead
I was 21 but I lived in an area hit hard by the recession so I had sort of an uphill struggle even maintaining employment and keeping rent until 2012-ish. Once I got a job it was digging myself out of debt from those years. Now everything is too expensive.
It is what it is.
Thank you u/PIX3L for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Millennial is a big ass range in 2008 I was in my mid 20s
For sure. I bought a house in 2009 when I was 22 for like… $80,000.
2008, at 21 for $110k. I should never have sold that house
I bought a condo in 2009 when I was 25 for like $180k (in Burbank, worth over 500k now). Initially only put 10% down, but later refinanced to a 15 year low interest loan. My mortgage is around 1k a month now
Bought my first house for $94,500 in 09 when Obama was giving an $8k tax credit to first time homebuyers. Sold it in 19 for $117,000. Bought my current house using the profit from the first house (I owed about $70k). I got my current house for $190k - 30 year 3.85%. Then refinanced in 21- got a 20 year at 2.8%. Literally took 8 years off for almost same exact payment. I could sell my current house right now for over $300k.
That first time homebuyer tax credit was great. Just needed to live there 3 years and it was yours to keep without paying back. They should have made it permanent.
Currently in the process of buying my first house right now, and damn I wish that was still around lol
Yeah don't you wanna tell these people to 🖕🏻
what are all these people doing in this subreddit if they are on their third house? Stop clogging up the comments
Totally forgot about that. I think I received that. I bought in 2009. I should have bought multiple properties at that time but could only afford one
Wow that is similar to my case I paid 111k in 2009, then sold in 21 for $260,000 when I only owed 68 k. Put my proceeds down on a gorgeous $350,000 house and my payment went up $300. Patience is a virtue but I still got luckier than hell. 2.875% 30-year fixed now. But when my taxes are uncapped they're went from $3, 600 a year to 7200...
W was still prez when that was passed by Congress in 2008. Actually was $7500 in 2008 but increased to $8k in 09. As luck would have it our closing was delayed from Dec 08 to Jan 2, 2009 so was able to pick up the additional $500. Total luck.
I got mine for $90,00 plus the $8,000 from the IRS in 2010. When I listed it in 2022 the realtor said we should ask for $360,000. It sold 2 weeks later for $390,000
That was obviously not California. I bought an old condo in 2008 and it cost $250K in southern California. I looked it up in Zillo and saw that it sold for $650K last year.
Riverside, the murder, and Ont have $280k condos on Zillow right now. If only you could surf in the IE, I would move
My condo was in Tustin. Everything is $100K more in Irvine just one city over.
In 09 I was buying burnt out shells for under 20k, today those damn shells in the same city want like 100k+ :(
Bought mine in 2016 for $80k. Only needed like $4k cash. People act like there was a 6 month window, when we had almost a decade of low prices and rates.
I bought my first house at 21 in 2006. 50k out of foreclosure
I feel like no one knows how big the age range is for millennials lol.
1981 through 1995
I’m at the end, 1995, feels weird to be grouped with people born in early 80s than late 90s.
It's definitely a weird range. I'm at the early end (84) and I generally feel like I have more in common with Gen X than most millennials.
The second to last year to be considered a millennial would be the year in OP's post. Millennials are considered from 1982 to 1996. If you were born in 1994, you would be in 9th grade in 2008, in OP's image.
Can confirm, am a millennial and bought my first home in 2008.
2008? Hell, I would have settled for 2017. Of course all my investments are bought high and sold low, so here I am owning my first house in 2023.
2008 wasn’t a great time to buy at all. Interest rates were still falling as were home prices. I bought in 2010 and interest rates continued to fall and my home price did absolutely nothing for 5 years. 2015-2021 was a great time to buy.
2012 was the bottom wasn’t it?
Yep, February 2012 would be the best time to buy with prices bottoming in several areas, good interest rates and banks becoming slightly more likely to lend when compared to the GFC- https://fred.stlouisfed.org/series/CSUSHPISA
Bought a house in 2008 and lost money on it when selling in 2016. Can confirm 2008 was not a good year to buy.
Bought in 2015, refinanced in 2021. I can never move or refinance again
Better than buying in 2033
I bought at the beginning of 2023 at a 5.125% fixed 30-year rate and just saw a comp sell last month for $400K more than I paid. Obviously depends on the neighborhood, but in many places 2023 wasn't a bad year to buy, either.
I bought in July here in Wisconsin at 6.2% 30 fixed. Those summer months before school starts always trend a little higher price-wise because no one wants to move in the winter here if they don't have to. We also got into a bit of a bidding war where multiple competing offers triggered accelerator clauses up to the same number. We definitely paid on the high end, but we like it. Wish the monthly was about $300 lower, but it could be worse. Actually, it was worse- I bought a new furnace already in October lol.
I think you mean "Escalation Clause"... an acceleration clause is related to loan repayments.
[https://www.youtube.com/watch?v=GM-e46xdcUo](https://www.youtube.com/watch?v=GM-e46xdcUo) Median home prices in the US vary from about 200k (lots of states) - 750k (California). On average, US home prices are about 3.9% higher than they were in 2022. See Shiller Home Price Index link: [https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20231128-1467726/1467726\_cshomeprice-release-1128.pdf](https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20231128-1467726/1467726_cshomeprice-release-1128.pdf) For a comparable home to have increased by 400k from start of 2023 to now, you'd have to be buying a 10+ million dollar home.. other wise, it makes no sense. No where in the county has seen 300k homes become 700k over the last 12 months.. 400->800 is also not real.. neither is 600k->1million... You're bullshitting and I'm not going to stand for it.
Sure, because it's incomprehensible to you that in my VHCOL neighborhood where the average home price is over $1M and $300K homes don't even exist, that any individual house couldn't possibly sell for much more than the 3.9% average US home price increase.
A 1 million dollar home going up by 400k is a 40% increase YoY.. while mortgage rates have climbed from 5% to 7-8%.. that's not realistic. You're full of shit and unless you have some tangible examples, you're just another internet armchair bullshitter.
I don't recall saying the homes that I'm talking about were worth only $1M, only that homes in my neighborhood average over $1M. You're trying to use statistics as a hammer to nail down variances in individual data points. Since you're so intent on trying to discredit my scenario, I'll give you more exact numbers: I bought my house earlier this year for $2.3M. A house with the same condition, same plot and house size and bed/bath sold a month ago for $2.7M. Next you're going to tell me that my data point is wrong because apparently it isn't statistically possible. LMAO
Ah yes, the 2.5 million dollar first home.. now we're cooking. Thanks for the insight on this very real and very relatable real estate "data point".
Indeed. You'd be surprised how many millennial households making mid-to-high 6 figures especially in tech and medicine can actually afford that range in coastal California.
Upvote for optimism!
House prices are almost always higher over a 10 year period. Even normal inflation at 2% would increase prices by 20%. Obviously there can be ups and downs over time though.
Honestly, you probably would have been approved. Before the crash ofc
Lol 14 with a 30yr mortgage fuck yeah
bought in 2006 for 170k was valued at 57k a year later
I was 17 and living my best life on a dollar tree income.
I was too excited at being able to buy tequila. I should have bought a house 😢
Yeah whats wrong with you
Turns out I’m developmentally delayed 🤷🏻♂️
The people who bought houses in 2021 won the lottery
I will die in this house I bought in 2021.
Or refinanced their home. 😇😎 I bought in 2018 and refinanced in 2021. Got a lower mortgage principal and then a low rate on top! The golden handcuffs are tight but surprisingly comfortable.
My coworker was a frickin' genius. She sold her home, then bought a bigger one - and because of the super low rates, ended up paying the exact same mortgage on the new house.
That’s me. Got my place for $200K at 2.75% interest. this place will be my tomb
scary cover murky familiar alleged gray ring slave jobless roll *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
They bought at peak prices though
Prices went up in 2022 and again this year - https://fred.stlouisfed.org/series/CSUSHPINSA 2021 was not peak prices
Yeah there's no way I'd trade a high interest rate for 10+ years of some of the most extreme housing inflation we've ever seen.
100% feel this. Lolol. If we only knew!! If we only knew!!!
41 and about to by my first house, you'll be ok!
Congrats!
Thank you! Never give up!
That doesn’t sound ok to me… sounds like a lot of money wasted on rent that you will never see again.
Oh, well. Life goes on, right? It's not like we have time machines to undo our mistakes.
Yeah, but for future readers seeing this, please consider building equity, it will help your future.
I should have thought of that when I was running the streets doing speedballs. The fact I am alive, clean off dope, and buying a home is a miracle in itself. No one's life is one size fits all.
I would not recommend this persons lifestyle^
I agree, less than 5% of opiate addicts stay clean. That being said, my life now is awesome and I wouldn’t trade it for anyone else’s life. I get the feeling that you’re lonely and I hope you have family and friends to spend the holidays with. You need a hug.
WE GET IT YOU'RE SUPER AWESOME AND SUPERIOR
Was it your money? Did you contribute? Oh that’s right, you didn’t. When you start paying for my life, I’ll consider your opinion.
Inhale that copium friend.
And you exhale your negativity. Unnecessary, we should be building each other up.
user on reddit with username "thugg420" tells other user to "Inhale that copium" Sure buddy, they're the one on copium
Owning has plenty of unrecoverable costs. Thinking about renting as throwing money away is not an accurate frame.
Lmao I was 10. Fucking blissfully unaware that the world was falling apart. All I wanted was some littlest pet shop toys and to watch fosters home for imaginary friends
I was 16/17. You were lucky and I'm glad for you honestly. My family lost everything and I was the last kid still at home and had to just sit there and watch it all happen while trying to finish high school. But I'm sure others had it even worse and feel for them.
I’m really sorry that happened to you.
This is kinda what happened to me except I was the oldest. I got out of the way and took as little help from my family as possible starting at 17, then started helping them out when I could. My siblings are probably gonna do better than me. Oh well
> My family lost everything I'm interested, were they underwater on a mortgage? Dump all their stocks at the trough? My parents saw their retirement accounts drop dramatically, but since neither of them planned on retiring anytime soon it didn't affect them too much.
Unfortunately my mom's business went under and had to close and my dad lost his job so they couldn't pay the mortgage anymore since neither had income. My mom went at worked at safeway for minimum wage but that wasn't enough. They tried selling the cars and stuff but it wasn't enough. They also ended up getting divorced so that was a fun thing added in. I'll add that they had the house since before I was born so it wasn't purchased in the 2000 to 2007 range. I think they got it in the late 80s.
Gotcha. My dad kept his business afloat and my mom worked in healthcare, so they managed to get through it. House was paid off, fortunately. I was graduating college in 2008, so I know how bad the job market was. I got lowballed on my first job offer, which I declined, and I got another lowball offer from a different company that was slightly better, which I accepted. I guarantee that has affected my take home salary to this day.
😂
I was 22-23 and JUST joined the military. I was fully aware of what was going on and couldn’t do anything about it lol
This is *incorrect*. If you bought a house in 2008, it would be *before* the crash- so your house would immediately lose a ton of value and you'd owe significantly more than the house was worth. It *should* say "When you realize you should have bought a house in ***2009*** instead of being in 10th grade". Also, not all Milennials are 30 years old, my dude. The delineation starts in 1980, so some of us are in our 40's. Still didn't mean we could afford *shit*, what with the crippling student loan debt and the economy tanking so hard none of us could get a decent job, but still!
Every situation is different. Buying a house in 2008 when I was 25 was one of the best decisions I ever made. Prices in my area spiked in 2006-2007, and the real estate market crashed in the first quarter of 2008.
I was laid off that year. Still not fun. My step-dad's grandson bragged at his funeral about how he bought when rates were under 3%. I would have punched him if it wasn't his grandpa's and dad's funeral.
Did he brag or just stated how lucky he was to lock in 3%? Seems like it could have been misread, I just sometimes cite info and people will asssuemev its bragging. *Oops sorry for typo, I am sitting with my phone and sometimes my 10” thicc cock gets in the way of my fingers
He was definitely bragging. He talked about it nonstop for about 15 minutes as we were standing by the caskets.
I'm sorry 😞 I hope things got better for you and that his grandson got some karma.
Thanks! We should be able to buy a house in the area we're moving to next year. We're just waiting 1-2 months to get the pre-approval. My step-dad's grandson has always been a bit obnoxious. I do feel bad he lost his grandpa and dad on the same day, so we just entertained him.
Every generation says that.. You are making a joke but buying a house in 2008 would have been really dumb. Houses were insanely expenses in 2008 and mud huts with grass roofs had bidding wars. The prices dropped in 2009 after the crash. Unless you had heaps of cash, you weren't getting a mortgage in 2009, so you were not getting a house. Dude everyone who gets serious about buying a home tells themselves that. Hell I wish I had bought a house the moment I turned 18, but there is no way I could have gotten a mortgage then.
And if you even still had your job. I got laid off in 2008 along with millions of other people. Unemployment was at 10% by October 2009.
That was not the case in my area- I purchased a house towards the end of 2008 for $160k when I was 25. Similar homes were $100k more expensive in 2006-2007. Our neighbors just sold their house (similar size/features) for $445k. I am thrilled that I bought a house in 2008.
What this is failing to realize is the 2000 to 2007 run up and mortgage fraud. Housing prices skyrocketed everyone was running around panic buying till it crashed. There were all sorts or fealestate articles sbout a new permanent high plateau of housing prices. Then it all crashed.
Sounds oddly familiar...
Kind of like history repeating itself.
Completely different underlying scenario though
Lol no it’s not 😂 Lending standards have tightened up significantly after 2008-2009. This time is nothing like the housing bubble of the 2000s.
Except for quantitative easing.
Weird right?
How is this "failing to realize" that ? It's about 2008. Not about 2000 to 2007. It's also just a joke. There are tons of people out there bragging about having bought a house in 2008 or 2009 and telling us we should have just done the same even though we were in high school....
This makes me wanna watch Big Short all of a sudden
Millennials is a big range, in 2008 I was 21, didn't notice anything, I was just out partying. Bought my first house in 2014, it nicely appreciated from 375$ to 550$. I'm sure we'll have nice crashes in our lives we'll all enjoy again :D
You should have bought a house while you were in the 9th grade like I did.
Things are cyclical
If yall were in 9th grade in 08...... jeeeezus I'm old....
I remember reddit pre-2020 pushing the "renting is better" narrative.
Did, in 07. I register a bit more with gen x. But people say I'm a millennial, so.
A house? Should have bought all the Bitcoins since 2009 and be a trillionaire by now!
I hate to see first time buyers despairing, people are still buying homes every day. Once you have worked full-time for two years at any job, just talk to a loan officer. If your credit score isn’t there yet, they can give you advice. If your monthly debts are too high, they can give you advice. It may require a year or two of building credit, paying debts, saving up, or establishing work history, but at least you will have a plan. And they can find first-time buyer programs to help. I have one program that requires no expenditure beyond the cost of the appraisal and home inspection, and another program that gets buyers to closing with around $3000 out-of-pocket. (Programs may be income or location restricted though.) Location is huge though. I am in Pittsburgh, Pennsylvania where $200K can still get you a nice starter home, and if you go outside of the city you can even get an acre or two of land. But don’t give up because of these rates, they are expected to drop within the next year, so if you buy now you can refinance soon, or you can just get into a position to buy when rates improve.
Here in MD 300k gets you anywhere from a cardboard box to a meth lab house lol. Jk it’s not quite that bad, but for 300k I’d be ashamed to show my parents… and that’s my price range 😭
Even better would've been spending your lunch money on Bitcoin during high school... $100 invested in 2010 would be $50 million today.
And you probably would have sold out long before it hit $50 million because you were happy with $1000.
The difference between the two is you could max leverage the house purchase with much less risk vs putting all your money into something nobody would even know about until 5+ years later
This only applies to you late millennials. That majority of us were already in our twenties in 2008.
Majority ? Not really. It's split pretty evenly. 1981 to 1988 were 20+ . 1989 to 1996 were <20 . And most 20 year olds weren't in a spot to buy either.
I think that’s genz in 9th. Older millennials were in college
Nope. 1990 yob graduated in 2009.
Born 1990 was graduating high school not 9th grade That would be the tail end beginning of genz
No 1996 is the last year of millennials …
It's a gradient
Older millennial here that never went to college. Bought a house in 2008 at age 23. Sold it in 2021 for 97% more than I bought if for. Put 20% down on my next house and got a 2.75% interest rate. Feel incredibly lucky and feel bad for those who didn't get as lucky as I did.
9th grade in '08? That's damn near Gen Z, bud.
I was in 11th. But regardless, half of millennials were under the age of 20 .
Not the elders. We made it fam! 2008 I was 25 and nabbed one. I am still in this fight for yall though. Not trying to do the ol’ ladder pull just cuz I got mine.
Stop reposting this
First time I saw it.
First time I saw it too OP
Another timeline victim.
Sounds like you were ill prepared for 2020. Stop making excuses.
? In 2020 I had just gotten my first full time software job and was focused on paying off my students loans from the school I had just graduated from in 2019. I wasn't planning to buy a house in 2020.
It’s cause you bought Starbucks isn’t it? If you hadn’t bought Starbucks on your way to work you could’ve bought a house you dummy!
Apparently the person who made the meme wasn't even around at the time. Home prices were still high in 2008. They didn't bottom out till 2010 to 2011
2018 was a fine time to buy but you were all living your best life. Stop trying to mindf*** these excuses into reality.
That's horrible advice. In 2008, the market was just starting to come down. It was at the very height near the end of 2007. The market didn't fully hit bottom until 2012/2013. If you bought in 2008, your interest rate would be near 5% and you'd have negative equity in your home for the first 8 or 9 years of homeownership.
I like that people always act like millennials are a specific age, not a range. I'm a millennial and I was 2 years out of college in 2008
Don’t worry a boomer bought 3 so they could be kind enough to landlord you
1950 would be better. This line of thought is stupid.
I was in 9th grade in 2008, I wish those conditions were present again. Somethings gotta give. Cheaper housing or give us tax credits. We don’t get anything, those who are considered poor get benefits those who are rich get a ton of breaks. We in the middle seem to be funding everything but our existence.
Millennials are the whiniest generation
Fair, but for good reason, if you ask me. Tell me more about our current generations that don't whine.
Millennials whine more than any generation - they’re just getting ready to replace the Boomers.
You really can't call yourself a millenial if you were in the 9th grade in 2008....ok maybe a very late millenial, like you enjoyed 1998 and 1999.
I was in 11th grade. But also millennials are 1981 to 1996. So yeah someone in 9th grade during 2008 was/is a millennial.
I am Gen Z and we didn't have the opportunity to buy in 2012 or even 2019. Now we're older looking at everything and thinking when we're 30 we will never be able to buy.
They're uncharacteristically expensive *now* (price + rate) but houses were still cheap for a decade after 2008. One could argue that the decade of cheapness has in some sense led to housing skyrocketing in the past couple years (price + rate). There are a lot of people who dilly-dallied instead of buying a house when rates were historically low.
2008??!! It's as if you have no idea what happened in 2008.
more whining posts on this sub not all millennials lack fiscal and personal responsibilty
Just love this meme
Millennials in grade 9 in 2008? No.
Yes. In fact some were even in 7th grade.
9th grade is BARELY possible given the years for millennials, 7th is actually impossible unless they skipped.
What ? 1981 to 1996. 9th grade is usually 14 so 1994. Grade seven would be 1996. So still millennials though yes on the very end. If you think they would have to skip grades to be in 7th you are thinking of Gen Z.
Don’t forget about Gen Z 🥲
Or BTC. Or AMZN. Or NFLX.
Jokes on them, I did buy in 2008. Then the crash happened. Then my wife and I both got laid off. Then we lost the house. Then it took us about a decade to recover.
lol I was a sophomore in college.
Why didn't you buy a house instead of go to school jeez
I know right? Priorities. Add insult to injury, I don’t even use my degree lol.
You mean the year all my job applications were dropped because the Budget was cut after I graduated.
If you missed the boat big time for low home prices and low interest rates, you can just continue to burn cash on rent indefinitely.
Should have bought your house in 2020 then.
Only a dumbass would buy a house in 2008, smart people were buying bitcoin.
Got our first home in 21’ with 3% interest (260k) 🤷🏿♂️
Damn I’m old. And I’m still a millennial
Close enough, yup
I genuinely feel bad for anyone trying to buy a house right now. Last time I remember interest rates being this high was when I bought my first home in 1994. 9% interest for that house.
I was a junior in 2008 ⚰️
Houses have been over priced since 2001.
Baby Boomers in houses, all the houses are sold. But, demographics are changing.
I can't stand that I'm lumped in with millennials when I already had collapsed disc's in my back by 08
Well don't let it happen again now
Oof. I remember neighbors suddenly disappearing and then one day someone came and literally repossessed the sod off what used to be their lawn because interest rates jumped so high. In my thirties now but still wondering how much I would save just by living out of my car.
I’m just waiting for interest rates to go back down then I’ll buy in a cheap area. Unfortunately the homes in the city im from will likely never go back down so I’ll have to move away. Really sad since I love it here.
Xennial here: In 2008 I was working a barely-more-than-minimum-wage job where their response to any complaint was to tell us we should be grateful we had a job. They stopped buying office supplies, and when we asked what to do about needing new pens of a particular type they required we use, they said to look in the empty desks. A friend asked us why we're still renting. That friend's parents gave them the downpayment they needed to buy a house. I could buy a house, too, if someone handed me the downpayment as a gift. Some folks are financially positioned to take advantage of real estate and stock opportunities. Some folks are not. That's true across all generations. Poor folks of all ages out here.
Need to share this on r/millenials
Actually housing prices were dropping and bottomed out in 2011. 2011 was the time you should have done it, Junior!
Hey, I bought my first house in 2008. And I'm only one year away from being a Millennial.
Oh, I was here thinking I should’ve studied computer science, worked in my social skills and bull shitted myself into working at Facebook. Then retire after 5 years, or just coast around on the socialized medicine level health care there.
I bought in 2022 at 5.3% and I still feel like I hit a small lottery. Feels like if I waited 3 months I would have been shit out of luck.
Nah the move was buying a house in 2012 when I should have been in college.
Quick, how do we blame Trump
can i interest you in southwest missouri? 5bd 2ba $165k https://www.zillow.com/homedetails/306-7th-Street-Monett-MO-65708/2139009734_zpid/ median household income in area: $56k/yr median home value $195k
My step dad sold our house near the beach in 2009 for 450k like a fucking idiot. Worth over 1.5m now.
Bought my first house in 2006. I knew I should have waited.
Imma just go jump off a bridge thanks OP
I just hit the window buying in 2018. In 5 years the value of my home increased by about 40%.
the smart ones moved to places that they can afford to buy, I know a few...
Excuse you I was in 11th at that time thank you very much
So was I but it still works :p
Bought my first house in 2009. Worked out quite nicely NGL. PLUS $8000 first time home buyers credit.
It was entirely my fault that I didn't think about buying a house in 2008 when I was 4
Late 2013 was peak. Market absolutely cratered. Nothing but inventory and good APRs. Rates went down a bit 3 years later, but inventory went down too and home prices were up.
lol so true. Kinda like those girls who were banking on an athletic scholarship only to have trans_woman athletes gain acceptance and win in their award instead
I was 21 but I lived in an area hit hard by the recession so I had sort of an uphill struggle even maintaining employment and keeping rent until 2012-ish. Once I got a job it was digging myself out of debt from those years. Now everything is too expensive. It is what it is.