Quote:
Originally Posted by supafamous
That's still (relatively) a small slice of folks that requires a bit of luck (or a lot of it) - I bought my condo in 2006 for $189k and it's now assessed at $487k (it's in the Joyce area). My brother paid $210k for his and it's assessed at $558k (also Joyce).
I traded up 6 years ago and sold for ~$305k and got about $150k of equity out and this past year I sold my duplex and got ~$800k out of it - that's 15 years of home ownership with a number of lump sum payments to get there. Getting to a $1-1.5m downpayment was possible for me but I wasn't going to trade off my retirement plans for it - if I did I'd definitely be looking at retiring at 65+.
But yeah, younger folks are screwed. People under 35 have no hope of making it in this market.
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May or may not. Stories in 8-10 yrs will just be like:
Bought a condo in 2022 for $750K with the help of my parents. In 2030, assessed at $1.5M ... got $750K equity out of it
Same story with higher numbers, that's all.