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The way it used to work. Now, you just about manage to buy a tiny starter home in your late 30s or 40s. You just about pay it off by the time you retire if yo
by MattPalmer1086 3y ago
The way it used to work.
Now, you just about manage to buy a tiny starter home in your late 30s or 40s. You just about pay it off by the time you retire if you're lucky. You could never afford to get a bigger house.
Or you're in a shared ownership scheme because you could never buy the whole small flat you "purchased"...
- Justsignedup 3y agothis is true. Being 39 I realized I still can't pay down that down payment because I don't have a vast amount of money I was able to save up, being in a HCOL area, and even if I do get a loan, I won't be able to pay it off before I retire (If I live long enough). And every time I save another chunk, the cost goes up so much more that the chunk I saved may as well have been zero, so I need to use that money to live by this point. Not to mention that mortgage gets more and more unaffordable. It is a horrible spiral, and I have no idea what I can do about it, other than get richer parents.
- MattPalmer1086 3y agoThe solution I found was to move to a lower cost of living area. I also changed to contracting which paid more. The combination let me buy a very small house. I couldn't afford it now though, I'd have to move even further away...
- Justsignedup 3y agoif i lived alone, sure, but moving away from my family, away from my friends, away from my partner's friends, away from my child's friends, basically starting a completely new life... it isn't something we'd be looking for. All while facing the fact that many parts of the country (USA) isn't very friendly for women, or for non-white people, and having to be in a position where I can still find good work. "Just move" has been a very challenging outlook for me to combat :(