If they saved enough for a house in three years, either they have a highly lucrative job or they’re in a market where homes are cheap or some combination of the two.
Depending on what anon does it's possible. The flag is Portuguese you could pick up a one bedroom apartment for 3 years wages if you don't live in Lisbon. Or in Lisbon if you have a good job.
My area, you can get a house for 100k, a better one for 200k. If you're saving most all income from a 75k job like programming, seems reasonable to be able to afford a house in that timeframe. But that's with very very little spending and still pretty cheap houses.
Huh? Rates are crazy but you don't need much to get into a reasonable loan. If they had a semi decent job, say, 75k a year, and legit only paid for the things they mentioned, they'd have enough for a down payment on a modest place ez.
My family in CR owns basically an entire block. From grandma to grand child they all live within a block of each other. There's one house not owned by family, and it's owned by a close family friend.
Parents in the US that want to kick their kid out at 18 shouldn't be allowed to have kids in the first place.
With the way it is now I'm renting a multi generational home thats too small for all the people in it. So sometimes you don't get to save living with your parent(s)
Omg, this is destroying me rn. 21, living with my parents in quite an isolated neigborhood. I wish my parents moved somewhere where I could still live for free while actually having a social circle whilst I worked on becoming independent.
I actually have an engineering friend who did this and he did it in 2 years. Dude had no life, but he put a full down payment on a 750k house in two years. So I guess technical jobs just pay well enough
Thats a down payment, anon bought that shit straight cash. You figure the average down payment is 20% so.. 150K+ for your friend, thats no chump change either. Does he stay out late at night, maybe looks frazzled all the time?
Well and the OP says he paid for the house in cash, vs just the down-payment, which could be as low as $37.5k for a $750k house. That's a lot of money but across 2 years that's $1600/mo, basically exactly what you'd expect to save on rent. Could also be significantly higher obviously too, if they went for 20% or something.
Multi-generational homes are as old as the human race. Everybody being expected to leave when you're 18 is an incredibly new concept in the grand scheme of things.
North American individualism. The path we were promised was get education, get job, get apartment, meet so, merry so, buy house then have kids. The American dream is very 1D. Let alone paying taxes, "If they take one dollar off my wages, I'll vote that bastard out!!" . We're a very individually selfish people..
Coincides with how small living arrangements got so that more houses could be sold. Any relatively new concept should be cross checked with how capitalism has been fucking up what should have been a liveable society.
Where do you live to be able to buy a house in cash after 3 years of working? Where I live the average appartment is about 400K euros and the average house is closer to 500K euros.
Maybe you can find something for 250K if you really buy something small that needs lots of work. But you still need over 80K a year excluding taxes, probably closer to 120K before taxes.
I live in a Philadelphia suburb (in one of the state's top school districts) and just bought a modest two-bedroom house for $142K. While this represents almost six years of my current income as a school bus driver, I used to make $150K a year as a software developer so the house would have cost me less than one year's salary. As it is, I was able to buy it outright from my savings. TBF the house is 80+ years old and was in need of some repairs, and the average house price in this district is over $500K, and Philly is not Toronto or Los Angeles - but the house-buying situation is not completely hopeless everywhere as long as you're not expecting to live in a brand-new mcmansion.
I interpret this as you either make less than $60k and live in an absolute shit hole or you make more than $120k and have no right to speak about affordable areas of the country.
My folks when we all lived here together were kinda difficult.
My dad was fine, other than occasionally swinging dick to having remind everyone he was paying the bills (despite refusing to cash any checks given to him, and outright shoving cash back in pockets).
But my mom, who living here post divorce was a fucking nightmare lol. I love my mom, she can be an amazing person. But she is a horrible housemate. Like one of the kind you want to bury in the yard.
It wasn't ever intended to be long term though. I moved back after deciding I fucking hated living in the city. My and my best friend were roomies there, and it was great, but city life ain't for me. Commuting was actually better, and I fucking hate traffic.
I'm talking about finding a place back in town, one Sunday at my grandparents were everyone would get together on Sundays. My sister speaks up and suggests I move back in while we're looking. My dad is okay with it, my mom was grumpy, but shrugged.
So me and my buddy move in. Shit happens, my mom moves out to take care of her aunt (my great aunt that we all loved) so things get chill. My dad likes having me and my buddy around because we handle shit, and he had to travel a lot for work. So we end up just never moving out.
My dad runs into an mlm scam and fell deep. So, instead of letting the house go into foreclosure, we bought it. Before that, my sister bails because. Because why? She's given ten answers over the years, but I think it was me telling her to either shit or get off the pot when we were all scrambling after my dad confessed how far he had fallen for the scam. The first plan was just for him up suck it up and take help for once in his life, but that meant my sister paying her share too.
Anyway, point is that we bought the place. My buddy got married and moved out with his husband (who lived here a while too lol), we did some paperwork shuffling and I bought out his part.
My dad after the debacle stopped swinging dick about anything. We're friends now as well as father and son. So it's fucking great overall. He's secure in housing because ain't no way in hell me or my buddy will let him go homeless. We get along better than ever, and he gets to play papaw to my kid.
My mom is great now that we don't have to live together. We can enjoy each other's company, or not, according to our mutual needs.
If I have my way, my kid will live here as long as they want. Any grandkids can too. Ngl, I'm set in my ways a bit, so I don't see it being a forever thing, but I say fuck the idea that you have to leave family just because. Fuck that noise. Do what works for the people involved.
My mom charged me from 18 because of how much she was getting before. My dad passed away in military service so my mom was getting checks from the VA for me and my sister until I turned 18. At 18 she lost that, and thus rent was due
I was able to live rent free with my parents until I was 25. I just took my paycheck every week and put it towards my loans while in college. By 27 I was debt free with a bachelor's degree.
My options were paying for my tuition or paying rent. If I was paying tuition. I got to live for free at home. 6 months after I wasn't paying tuition rent kicked in..... I moved out instead of paying to live in my mom's basement. I'm very very grateful for that arrangement, otherwise my student loans would have been significantly higher.
When I was working, I was paying rent but it was much lower than if I had been on my own. Plus it was a flat rate so I didn't have to add utilities or even car insurance.
Now that I'm not able to work I give them my food stamps. So I still contribute just not much unfortunately.
But yeah, I am thankful that my parents allow this arrangement.
Bahahaha, if I save all my income, for 3 years, I will not be able to buy a house.
I may, may!, be able to collect enough for a down payment on a very shity apartment that will cost more over time as it's already breaking down.
When they retire, some parents like to move to more rural and out of the way areas. It can be really difficult, sometimes impossible to find a well enough paying job in the middle of nowhere.
Happened to me; work in the tech sector in engineering as a tech and will be continuing classes for ME and/or EE. No way in hell would I find a job where they live that makes use of my experience. (I'd likely have to start anew by flipping burgers or be a slave at Amazon)
Youre forgetting that most people even living at their parents saving 100% of their income couldnt realistically buy a house cash in 3 years, if at all.
It's also unrealistic that we should have to bunk with our parents and spend 0$ on anything ever to afford the cheapest house. That's definitely not how our parents lived. I have a buddy living rent free at my house atm, and I dont get angry when he spends 100$ at the bar instead of on his next apartment, people need to live a bit too and 100$ is inconsequential, at least it should be.
By squandering I didn't mean never spend a dime on yourself. But be realistic about your entertainment needs. Do you need a $5000 pc? Or would the $1500 one meet and exceed all your needs? Stuff like that. Should you go out and spend $100 a night at the bar when someone is being really generous and letting you live for free? Or maybe be mindful and have a bar budget?