When did you buy your first house?

[littleroc02us]

Oh I completely understand. But something is better than nothing.

I agree, I did it also...

[herdjohnson]

I was 34, my spouse 40 when we first bought.

You could find that people here bought their first house at any & all ages. I understand the feeling of wondering if it is really doable, or whether you are ahead or behind some average. I do remember while we were renters wondering how others could swing such nice, roomy houses when I knew they had no more income than us. Well, it truly turned out that debt as big as all outdoors was how some people we knew were affording it. A few also had help from parents, it turns out.

Somehow I missed this post. You're explaining how I feel exactly. COUPLES who don't make as much as I do are BUILDING homes. Just wondering what I was doing wrong.

[cypher1]

May of 09, so at 28. Also got the 8k credit for first time buyer, but that wasn't the reason for buying. Almost bought one 6 months earlier, but the deal fell through. Glad I waited, and qualified for that deal.

[Redraidernurse]

We bought out house when we were 23 (we are 25 now). We both graduated college with no debt at age 21 and worked for 2 years to save up a 20% down payment, while simultaneously having an EF and maxing out our Roths each year. Our house (3 bed, 2 bath) is really more space than 2 adults and a baby need but it was a HUD home so we jumped on it for a good price.

That said, if we had debt upon graduating college (whether it be a car, student loan, etc) we would have waited to buy a house and paid off our debts first.

[MonkeyMama]

That said, if we had debt upon graduating college (whether it be a car, student loan, etc) we would have waited to buy a house and paid off our debts first.

I agree - we had no debts when we bought our home.

[herdjohnson]

I notice a theme; a lot of these stories include "we". I guess two salaries could definitely help the situation.

[cypher1]

I bought mine alone but have higher % of house expense than the recommended 28% of monthly net income. I wish I found this site a few years ago, to save more, pick less house, and down 20% But I am still able to pay myself first, afford my home and have a comfortable lifestyle, whether I have roommate or not.

[herdjohnson]

Well done! I have a roommate now and he would likely come with me if I bought a house, but I don't want to have to count on someone else to pay my bills. Would be in a tough spot if he decided to move to another city.

[cypher1]

Well done! I have a roommate now and he would likely come with me if I bought a house, but I don't want to have to count on someone else to pay my bills. Would be in a tough spot if he decided to move to another city.

My 2cents for home/roommates: I've been fortunate to have 2 great friends/roommates who are very responsible. I'd heard horror stories from friends/family in the past. I'm just saying when you do buy your own place down the road, keep any rent outside your budget to avoid counting on. All mine goes to savings or house expenses. This forum repeatedly reminds you that renting is a need, house is a want. Spend no more than 3 times your annual gross income, do 20% downpayment, and keep your mortgage payment less than or equal to 28% of monthly net income, etc. I'll admit I didn't do most of these rules You've got plenty of time to save though. Good luck!

[Ima saver]

WE bought our first house when I was 21 and had been married for a year. Since, I am the oldest on this forum (I think), we did not pay that much for a new house. We saved for a year for the down payment on a $13,000 house. We sdded onto the house and sold it 8 years later for a profit. Then we built a bigger house. I completely paid off my mortgage at age 32. I have been mortgage free ever since. We built a house on the river in 1984 in the mountains and it was paid for. My last home (the one I am in now) is the biggest home I have had. It is 3200 sq. feet on 2 acres on a creek with 2 seperate garages, one with living space in it.
WE paid cash as we were building it and then added the other garage with bath and bedroom later as we saved for it.

I must add that it helps that husband #2 (34 years) is a builder, so his labor is free!

[greenskeeper]

I bought my first house in 2003 when I was 23. $100k with $20k put down. I actually got married on saturday, signed papers for the house on monday, honeymooned in St Lucia on tuesday for a week. I think that's the most money I've "spent" in one week lol.

Second home was bought in 2007 when I was 28. $256k with $25k down. Been paying at least double principal every month. 30yr fixed should be paid off by 2019 (12 years).

[KiwiJo09]

I don't have my own house yet. I'm only 21. But I have a lot of friends who are the same age as me who own their own house already! I can't imagine settling down yet. I haven't graduated college yet and I really don't want to buy a house and end up moving after graduation.

[LivingAlmostLarge]

21 almost 22, dh was 23, it was 2002. We had 10% DP, paid off the next 10%, then moved on. We also bought a 1 bd condo for $150k. Was cheaper than renting.

[troyw]

Wow, I didn't realize this forum was full of some many young guns!

[disneysteve]

We got married in 1992. I finished my education in 1993. We bought our home in 1994. I was 29 and my wife was 30.

Remember, the decision to buy a house has a lot more to do with place in life than it does age or income. Yes, you need to have the money, but you need to be confident that you are ready to put down roots in that specific location. We bought our house about 9 months after I started my job. At that point, I was comfortable in the job and felt that I was going to be there long-term. Obviously, you can never be sure of that, but there is no way I would have bought a house before starting that job or even soon after starting. I wanted to get settled and feel that I liked it there and they liked me.