Quote:
Originally Posted by 68style
The fundamental issue with all that is that there's a big difference between someone who is holding money in a few extra properties and if something goes wrong they just say "oh well" and sell it as opposed to people that sign on to 30 years of "I hope I never get sick or lose my job or literally noting in my life ever changes or the market doesn't correct or the dollar doesn't devalue or my wife doesn't get sick or my kids are healthy and free of physical or mental impediments or else I'm FUCKED" situations that all these lucky starter families are in nowadays.
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First post....long time lurker! Really enjoy the content on this thread, everyone is very involved and many good points are made.
This post really holds true with me. My pre-sale is completing this year and I managed to get 20% down. Ever since making this commitment last year at the age of 24...(25 now) my morning commute to the office has been filled with unpleasant thoughts. Fear of losing my job, crashing economy, illness, and all the points listed above with the exception of kids. No kids yet. Just a dog.
Is this normal? Home-owners feel free to chime in with your thoughts!
My income is okay at 80-90k a year and I just can't see anyone making less than 200k a year owning a 1m+ dollar home, in the city. Going in the same vein as many others on the forum, first time home buyers are lucky to get into the condo market. I am hoping to get into a townhouse by the time I turn 28. That's when I plan on asking family for some support. Even (newer) townhomes out in the burbs are going for 700k+.