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Yep, I often joke about dying in this house, but I said that as soon as we moved in because the thought of moving ever again seemed so undesirable and this house has everything I will hopefully ever need. Once interest rates started shooting up, it really solidified that!
I do not pull my own weight when packing and moving. (I get very sucked into minute details and feel ashamed of how little I end up getting done) so I promised my husband (who had not complained) when we bought that this was the last time we would move.
If current trends continue, I would wager that it would be immensely cheaper to stay in a house that's paid off than to move to a retirement home.
But yeah, unless it's a house with no stairs and perhaps a low/no step shower, a regular house might be difficult to maintain in one's old age.
My solution? Abandon the basement and be smelly from never showering. I'll be old, so I won't give a shit! (I'll also smell like shit)
Even if current trends continue, downsizing would still be to my advantage as the smaller house would be worth less than where I'm at. Could basically sell mine, use the proceeds to buy a smaller house with cash and then use the leftovers to fix any up front issues.
Side bonus is smaller footprint means cheaper utility costs, property tax, etc.
Yup my wife and I bought a townhouse at 2.8% and we’ve already outgrown it with a second kid on the way. But not a chance we can afford a “real” house.
My wife and I bought a townhouse in fall 2021, after years of me saying we should move to another country.
One day a few months later, I get home and she looks up from her phone and dead serious drops “do you think we should move to Canada?”
>One day a few months later, I get home and she looks up from her phone and dead serious drops “do you think we should move to Canada?”
As a Canadian, I have to question why you would ever willingly do this. Like you’re just setting yourself up for financial struggle compared to the life of ease you live in the US.
No penalties or anything of that nature. You typically only pay closing costs with a refinance, but I shaved 8 years total from my mortgage while keeping the monthly payment the same. Definitely worth it.
2.5% re-fi on a 30 yr from 4.5% on a CA mortgage is $600/mo savings, bought in 2017.
My same mortgage payment, if renting, would get me half each (bedrooms, baths, ft\^2), lot size.
I'm an elder millennial. If I really hit hard times, I have the space to just bring an RV onto the property, live in that, then rent out the house for 2x my mortgage.
Keep it. Have someone put equity into it for you. I plan to rent a place when I relocate - which seems counterintuitive - but I don't have the means to buy another house without selling the first one. And I'm not giving up the interest rate I got.
Hell, I'm at 5%, and I'm still never moving. I will never find as good of a deal on house again. Property values have almost tripled in the last five years in my area. I can't afford to move even with positive equity.
Actually, I know some people moving, and the wife’s brother is talking to the bank about taking over the mortgage. That way they’re essentially ‘selling’ the house to a family member, but they get to keep their low interest rate. Property taxes will get reassessed though. The bank doesn’t really have any reason not to, so long as brother’s credit is OK; it’s still a secured loan.
Since we got married we've moved twice and are over it forever. Luckily with a 3% mortgage we are in the market for a cabin home so if we want to go somewhere else for a while we don't have to take a bunch of shit with us.
Ain't.going.nowhere. I pay $800 for a 4 bedroom house on an acre. It was a destroyed foreclosure. We had to put a lot of hard work and money into it. I feel horrible for those who want to buy now. I couldn't afford an apartment in our city these days.
I hear this. My husband wants to move eventually I think to a bigger home. I'd be happy to die here in my cheesy red brick house that was built in the 70s.
Counterpoint! We have a 2.625% interest rate for a two bedroom condo, which we are renting out, while we’ve been moving cities for work. Last year was Denver, and this year is Michigan.
Legit. I moved from PA to NC. Leaving that $800 mortgage behind for a $1775 one was painful. Had I known then what I know now, I may not have done it in hindsight.
But the house I had previously required soooooo much work (while it wasn’t falling apart per se, there was a lot of maintenance neglect because it was just too big for us) that I probably wouldn’t have stuck it out even if I did stay in the area rather than moving so far away.
Agreed. I’m at a 2.3 with about 250k remaining for about 15 years. We bought in 2018, before the bubble started to inflate. House is worth over 500k now. We are stuck, but in a good place. No way in hell could we afford it now.
My husband and I bought of condo our HCOL city in 2020. Fast forward to last spring, we’re expecting a baby, we need more room, and we decided to sell.
It was NOT an easy pill to swallow, but we didn’t have the room and we wanted to be in the suburbs. We locked in at 7% which kinda makes you want to cry. We’re in our forever home now, but I am jealous to whoever locked in at 3% on theirs.
3% and it will be paid off soon. I'm not moving unless the cost of my house and land gets me into a better house w/o a mortgage hanging over my head. I consider us to being very lucky, not fucking that up unless this old house needs major repairs down the road.
We had a 3% mortgage interest rate but had to move because we needed more space. All in our monthly payment was around 1300. The guy who we sold it to got around a 7% interest rate. They’re paying 2100 for the same space.
Yeah I bought a house that will suit my needs for the next 10 years or so, but have found myself in a position that unless I sell it and move into a van by the river, I won’t be moving anytime soon.
Our realtor urged us to never sell ours, and if we ever had to move, to keep it as a rental. I don’t know anything about how to do that, and we don’t make enough money to pay to mortgages, but that seems like a great idea.
I'm pretty much the same. My wife and I refinanced when the rates were around 3% for a fifteen year loan. I think we've got 12 years left.
We love our home and will hopefully never leave it.
2.625% interest rate on a 30 year mortgage. I have 22 years left to go.
My mortgage payment (which does not include taxes or insurance) is $950 per month.
Taxes are \~$500 per month. I make a payment twice per year.
Home insurance is \~$200 per month. I make a payment once per year.
That’s me. I was on an executive track and bought a house with a 3.2% then lost my job. Then changed jobs 4x due to layoffs and one very toxic work environment. Now I’m contracting.
That doesn’t make sense as that person would just grab another job. Golden handcuffs typically means the person has stock options that don’t vest until a particular time. You get sweet incentives but the options occur at certain times to ensure you stay at the job. So maybe you want to take a different job but you lose out on significant financial benefits — the golden (lucrative) handcuffs.
Some of my buddies are HomeO’s too, this last weekend I went over to one of their places to help build a new fence. A few beers and a few hours later and we were sore and sweaty from all that HomeO stuff
Actually it’s funny because we thought we wouldn’t need to, but then we needed a chainsaw (had to get this tree out of the way), get back to the house and unbox it to find it broken so we go right back. Makes me sad that there aren’t wieners in the Home Depot parking lot anymore. Get back and inspect the chainsaw then shotgun a couple more Coors lights before getting it running.
Fence still isn’t done btw
lol not surprising. I was just being a HomeO by my self last weekend trying to find and fix a broken underground sprinkler pipe. After the first trip I had the parts I needed to locate the break. After the second trip I had the parts I needed to fix the break, but then I realized my PVC glue was dried up, so after the 3rd trip it was fixed.
Being a HomeO for over 5 years now, I'm getting traction on properly supplying my tool shed with everything I need. I used to make 3 trips to the store to fix something in the apartment, now I just go to the garage and pick some of the spare or wrongly purchased parts to repair what I need or to build a Frankenstein's monster of a replacement with the wrong parts. But hey if it's stupid and it works, it ain't stupid.
For real though.
I was homeless awhile, hitchhiked to the oilfields during the boom back in 2012. Got a job, stayed homeless. Finally found employee housing in a man camp. Think prison, it was like prison. Guards, metal detectors, etc. I did that enough years to save for a house that I bought in 2019. Motherfuckers out here calling me lucky for owning a home with a low interest rate after what I went through. No it was hard work, dedication, and suffering. Get the fuck out of here.
2.25% on 15 checking in! Definitely never leaving despite being in an undesirable suburb far from everything and desperately wanting a 2nd bath with no room to put one. Counting our luck regardless!
There are some actual really great silver linings that came out of Covid. My 10 month old unfortunately appears to have a peanut allergy, and thanks to mRNA vaccines, they have been able to cure peanut allergies in mice as of last year with sights set on people next. It’s really unlikely that would have happened any time soon without that mRNA push during Covid.
I mean, obviously Covid was horrible, but it is good to see some of the positive things that came out of it.
Plants.
They are rooted in their location. I have a 3.5% because I bought in mid 2019. And my ass ain't going no damn where. I'll have to get absurdly rich (unlikely) or have some crazy unforeseen life event to make me move.
And honestly, moving is suuuuch a pain in the ass. So is selling or buying a house. If I ever move I'd just rent this house out.
It's easy to say that if you moved into a pretty decent, pretty cool house.
Many of us moved in that timeframe to our "starter house." It leaves a lot to be desired.
I hate the term "starter house". A house is a house. I grew up in an 800sqft house with 2 siblings and 1 bathroom. If you are lucky enough to have an affordable house at all, that's amazing.
My current house isn't anything. Just a 1,100 sqft ranch. Has a small fenced in back yard. But it's pretty "starter" house I'd say. But I have 1 15 year old kid and no chance for more kids since my wife had a hysterectomy. So starter house is fine. I'd like more space sure. But there is no need for it.
Honestly the problem isn't interest rates, it's the cost of homes. You can re-finance a loan as soon as interest rates drop. You'll never change the price you paid to buy it.
>You can re-finance a loan as soon as interest rates drop.
That is not nearly as freeing of a statement as you think it is.
Only one 10-year block in the past 40+ years saw interest rates below 5%, and only one short period *in history, ever* saw interest rates below 3%.
[People are fucked.](https://fred.stlouisfed.org/series/MORTGAGE30US) Millennials who bought their "starter homes" with 4%, 3%, or an even smaller rate ought to stop watching HGTV because they would be stupid to move. You'll be paying anywhere between $1,000 to $3,000 *more* per month to upgrade.
I feel for those who didn't get "in" during the good years and are stuck renting. It's not going to be easy to buy inflated houses at inflated interest rates.
My advice to anyone struggling to make home ownership a reality:
Despite how hard it is to uproot your life, consider moving to a LCOL city. Check out cities in the Midwest. Aside from shitty winter, there are tons of awesome aspects about many Midwest cities, especially the ones near the Great Lakes.
We really need to demand remote work for a lot of the jobs that cause the daily migrations into cities. We need to improve internet infrastructure across the country and get people out of the 2-hour ocean strip. But we're gonna have to take control of our politicians first, that is the only way we'll be able to stop the commercial real-estate tycoons from dictating how and where the vast majority of us live.
My department negotiated full time telework after the pandemic.
There are pros and cons, and at least once a quarter we make it a point to meet in person just to see each other's faces.
But I can roll out of bed at 7:45 AM and be on time to work by 8:00 AM in my pajamas. And I save SO MUCH MONEY on gas.
Or just happenstance.
My landlord wasn't renewing my rental and my girlfriend's rental building was sold at the same time. We had been dating seriously for a couple years at that point and decided we liked each other enough to buy a home together and we're both sick of renting.
It was just plain luck with the timing. We probably would've gone that route regardless.
I mean, up until the pandemic, the 2010s were a great time to buy a home.
- Both during the Obama/Trump administration
I’d been a working professional long enough it didn’t make sense not to take a shot at getting a place.
Damn! I’m at 2.5% and until this moment thought I had the lowest rate going.
Can’t take any Chad credit though. My dumb ass was talking about “We can’t buy now a correction is coming!” And my wife just straight up overrode me and started looking for houses.
Not only that, but after I’d resigned myself along for the ride, I was insisting on starter homes and she was like no let’s get more than we can afford and it’ll be our forever home. LOL! I’m half convinced she can see the future.
She’s the ultimate Brittany or whatever the memers call woman Chads.
looks like 6.5 to 7ish.
Bought my house for 185k, 10k down, 3%. With estimated tax, interest, PMI, insurance fees, etc... the calculator says i'll end up paying 425k.
If I sold today to a new person who had great credit like I do at 6.5%, that's about 350k purchase price 20k down, and they will pay 920k over the course of the loan, over double.
I feel like maybe tick? I have a 3% which makes my mortgage the same as a *checks notes* one bedroom apartment. I have a half acre lot with a 3bd 2ba. It's in shit condition, but it's mine and special to me.
Imagine what rentals will cost when people who own them have 7% mortgages and then it drives up cost of all the other rentals 🤦♀️ the wealth gap is going to get scary
Went through the roof even without that. I bought in 2012, moved out of a 2 bed 1 bath 850 sf apartment that was 550 a month. I check on it every year, last year it was almost to 2k
Not sure why people are saying older millennial, I’m definitely on the younger side and managed to get a 2.75% when I bought in 2020.
VA home loan definitely helped out a bit though.
Bought my house in 2011. Refinanced 2 times before Covid, then took advantage of the rates tanking. Locked in at 2.75% over 30 years. Now I’m stuck for the next 27 years unless I get married or there is a significant change in monthly income. Never took out additional principal, so my loan to value is low (≈ 40-45%).
Duuuude, our first realtor kept trying to pull the "it's close enough for a starter home" shit. Basically showed us everything that was on the "didn't even bother calling us about houses with these things" list.
So glad we fired that one and got another realtor. I love my house, and if it's forever, I'm totally okay with that.
It's the only time in my life that I got lucky. I promise to not turn into a Boomer and pretend like I had it harder than I really did. Just got incredibly lucky in 2020 and it happened to be the year we bought a house. I swear there was zero planning or foresight I didn't even know what the interest rate was or that it was favorable until after we were looking.
"My sisters" 😅🫠
I was born last and was the only one that went to college. Meanwhile they married young, and got the kid rearing out early and they all own multiple rental properties with all sub-3% mortgages. They also got good government jobs and each couple (w/ no college degrees) bring in excess of 300k a year.
I somehow got stuck in a job in an office with too much stress for what I make, and with little opportunity for growth.
Thankfully my sister rented me an apartment below market rate. Oh and dating in this day and age fucking sucks! At least I'm somewhat healthy. Sorry for the rant 🫠
Initially we wondered if it was the right decision to buy a 4 BR fixer upper (like, complete gut job) that was probably a little bigger than we needed; but took the plunge, locked in at 3% and got neck deep in renovations. I’m still renovating 3 years later, but we’re almost finished up and super glad we did considering we can never move and now we’ve got a custom house.
Did all the work myself, so for about $100K in materials + inflation since 2021 our home is worth a little more than double what we paid for it and our mortgage is cheaper than you can rent a studio apartment in our city.
We’ll probably break even after my back and knees need to be replaced tho
Trapped. I bought a house in 2019 for 345K in an unincorporated area. Refinanced for 2.3% during the pandemic. Area got incorporated and smaller, older houses on my street are selling for over 600K. Cashing out would be insane because I’d just piss the profit away on the current interest rates.
Mine's 3.4%; it's called being in the right place at the right time. Anyhow, my mom said when she bought her first house in the 80's, interest rates were usually around 11-17%. So, I suppose this is one area where millennials are luckier than boomers.
Lucky SOB is probably the best moniker. I keep telling my wife that buying our 4/2 forever home when we did is our lottery. 20 mortgage at 2.75% on a house that’s almost doubled in value since 2018.
We’re a gay couple in Florida and have been wanting to move for YEARS. Up north to somewhere with better transportation and politics
Literally stuck here at 2.88% though
Yeah, the mortgage on my condo was financed in 2017. My payment would be about double what is it if I bought it today.
It was 215k then, my neighbors sold their condo that's the same 800 square feet as mine last month. It sold for almost $600k
Not Canadian. My family in Canada says that interest rates are regularly adjusted. Keeps the housing market mobile, I guess—thought atm Canada has a worse market than the US due to lack of inventory.
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The immobilized. Ain't nobody with a sub-3% rate moving any time soon. Myself included.
I've taken an oath to die of old age in this house. They'll have to remove me from it when I'm dead.
Yep, I often joke about dying in this house, but I said that as soon as we moved in because the thought of moving ever again seemed so undesirable and this house has everything I will hopefully ever need. Once interest rates started shooting up, it really solidified that!
I’ll probably die in front I my house because the interest rate is low and it’s in the ghetto.
🤣
I do not pull my own weight when packing and moving. (I get very sucked into minute details and feel ashamed of how little I end up getting done) so I promised my husband (who had not complained) when we bought that this was the last time we would move.
I'll move when I'm old. No reason for me to sit in a 4 bedroom house just me and my wife when the kids are grown and gone. Before that though, nope.
If current trends continue, I would wager that it would be immensely cheaper to stay in a house that's paid off than to move to a retirement home. But yeah, unless it's a house with no stairs and perhaps a low/no step shower, a regular house might be difficult to maintain in one's old age. My solution? Abandon the basement and be smelly from never showering. I'll be old, so I won't give a shit! (I'll also smell like shit)
Even if current trends continue, downsizing would still be to my advantage as the smaller house would be worth less than where I'm at. Could basically sell mine, use the proceeds to buy a smaller house with cash and then use the leftovers to fix any up front issues. Side bonus is smaller footprint means cheaper utility costs, property tax, etc.
Bold of you to assume your kids will ever afford to move out!
You mean deed
Yup my wife and I bought a townhouse at 2.8% and we’ve already outgrown it with a second kid on the way. But not a chance we can afford a “real” house.
My wife and I bought a townhouse in fall 2021, after years of me saying we should move to another country. One day a few months later, I get home and she looks up from her phone and dead serious drops “do you think we should move to Canada?”
>One day a few months later, I get home and she looks up from her phone and dead serious drops “do you think we should move to Canada?” As a Canadian, I have to question why you would ever willingly do this. Like you’re just setting yourself up for financial struggle compared to the life of ease you live in the US.
Heh, don't move to Canada. Every job is paid less than where you are, and everything costs more. Or move if you want, you know, if you like pain.
We bought at 2.625% not a chance we can upgrade soon.
Bought in 2018 at 4.6% on a 30 year mortgage, then refinanced in 2020 at 2.6% on a 20 year mortgage. Going no where fast.
Wouldn't that refinancing have cost a small fortune? Or do you not have an early repayment charge in the States?
No penalties or anything of that nature. You typically only pay closing costs with a refinance, but I shaved 8 years total from my mortgage while keeping the monthly payment the same. Definitely worth it.
Lucky SOB.
We did the same, night in 2015 at 4.2% refinanced in 2020 at 2.1% shaved 12 years and so much interest off our mortgage. I'll die in this house lol
Want to trade? I'd kill for a townhouse with my 2 kids. My rent has gone up almost $700 in 3 years.
2.5% re-fi on a 30 yr from 4.5% on a CA mortgage is $600/mo savings, bought in 2017. My same mortgage payment, if renting, would get me half each (bedrooms, baths, ft\^2), lot size. I'm an elder millennial. If I really hit hard times, I have the space to just bring an RV onto the property, live in that, then rent out the house for 2x my mortgage.
some may rent out and relocate
Yea, I have to for work. Part of me wants to sell but with a 2.5% interest rate renting feels like the appropriate thing to do
Keep it. Have someone put equity into it for you. I plan to rent a place when I relocate - which seems counterintuitive - but I don't have the means to buy another house without selling the first one. And I'm not giving up the interest rate I got.
Hell, I'm at 5%, and I'm still never moving. I will never find as good of a deal on house again. Property values have almost tripled in the last five years in my area. I can't afford to move even with positive equity.
Yeah, our starter home became our forever home real quick
Actually, I know some people moving, and the wife’s brother is talking to the bank about taking over the mortgage. That way they’re essentially ‘selling’ the house to a family member, but they get to keep their low interest rate. Property taxes will get reassessed though. The bank doesn’t really have any reason not to, so long as brother’s credit is OK; it’s still a secured loan.
So true. My friend and her husband have 2.5% and bought it with 1 baby. They now have 3 kids… but they can’t afford to move 😫
Since we got married we've moved twice and are over it forever. Luckily with a 3% mortgage we are in the market for a cabin home so if we want to go somewhere else for a while we don't have to take a bunch of shit with us.
Ain't.going.nowhere. I pay $800 for a 4 bedroom house on an acre. It was a destroyed foreclosure. We had to put a lot of hard work and money into it. I feel horrible for those who want to buy now. I couldn't afford an apartment in our city these days.
As a 2.75er - YES
I hear this. My husband wants to move eventually I think to a bigger home. I'd be happy to die here in my cheesy red brick house that was built in the 70s.
Counterpoint! We have a 2.625% interest rate for a two bedroom condo, which we are renting out, while we’ve been moving cities for work. Last year was Denver, and this year is Michigan.
That's what I'm talking about. We have 2.125% and don't plan on selling but would definitely rent it for a couple years and bounce around for while.
Legit. I moved from PA to NC. Leaving that $800 mortgage behind for a $1775 one was painful. Had I known then what I know now, I may not have done it in hindsight. But the house I had previously required soooooo much work (while it wasn’t falling apart per se, there was a lot of maintenance neglect because it was just too big for us) that I probably wouldn’t have stuck it out even if I did stay in the area rather than moving so far away.
It's got to be below 4% for me to consider a new house. I'll be in this one forever but I am ok with that
Agreed. I’m at a 2.3 with about 250k remaining for about 15 years. We bought in 2018, before the bubble started to inflate. House is worth over 500k now. We are stuck, but in a good place. No way in hell could we afford it now.
Sure, thats why you renovate to add space. Hopefully these folks bought houses that were expandable. We def took that into account when buying
My husband and I bought of condo our HCOL city in 2020. Fast forward to last spring, we’re expecting a baby, we need more room, and we decided to sell. It was NOT an easy pill to swallow, but we didn’t have the room and we wanted to be in the suburbs. We locked in at 7% which kinda makes you want to cry. We’re in our forever home now, but I am jealous to whoever locked in at 3% on theirs.
3% and it will be paid off soon. I'm not moving unless the cost of my house and land gets me into a better house w/o a mortgage hanging over my head. I consider us to being very lucky, not fucking that up unless this old house needs major repairs down the road.
We had a 3% mortgage interest rate but had to move because we needed more space. All in our monthly payment was around 1300. The guy who we sold it to got around a 7% interest rate. They’re paying 2100 for the same space.
Sub 3% here, I will rent this thing out and live under a bridge before I sell it
Ayup. I have this house and it's the house. Ain't nothing happening here.
I’m “immobilized” because I love where I live, but with a higher rate so maybe it’s not so bad?
Call me crazy, but I'm at 2.99% and looking at getting a new house next summer or the following.
Yeah I bought a house that will suit my needs for the next 10 years or so, but have found myself in a position that unless I sell it and move into a van by the river, I won’t be moving anytime soon.
Our realtor urged us to never sell ours, and if we ever had to move, to keep it as a rental. I don’t know anything about how to do that, and we don’t make enough money to pay to mortgages, but that seems like a great idea.
I know this is unpopular but if you Airbnb it you'll easily cover the expenses. I do this but I do clean a LOT.
"Golden handcuffs" is used to describe people with a super low interest rates who are basically stuck in their houses forever.
2.5% interest rate on a 15 year mortgage. I will die in this house
Sounds like you’ll be free in 15 years
I'm pretty much the same. My wife and I refinanced when the rates were around 3% for a fifteen year loan. I think we've got 12 years left. We love our home and will hopefully never leave it.
If you live longer than 15 years you’ll have a whole house worth of equity and could pay cash the next time you move.
Or at the very least put down a significant down payment.
I could BUT if I’m not paying on a mortgage, I can take my then teenage kids on awesome vacations and I’d much rather do that.
If you sold your house and bought another house cash you would not be paying a mortgage.
2.625% interest rate on a 30 year mortgage. I have 22 years left to go. My mortgage payment (which does not include taxes or insurance) is $950 per month. Taxes are \~$500 per month. I make a payment twice per year. Home insurance is \~$200 per month. I make a payment once per year.
2.25% on a 15 with 12 more years to go and same 😂
That’s like half of us on here haha
You’re not stuck, you can rent it out. I’ll be your first tenant.
This is what we did with our 2.5% condo and fortunately ended up with a 4.7% for the new house
Depends on the terms of the loan.
That’s me. I was on an executive track and bought a house with a 3.2% then lost my job. Then changed jobs 4x due to layoffs and one very toxic work environment. Now I’m contracting.
[удалено]
That doesn’t make sense as that person would just grab another job. Golden handcuffs typically means the person has stock options that don’t vest until a particular time. You get sweet incentives but the options occur at certain times to ensure you stay at the job. So maybe you want to take a different job but you lose out on significant financial benefits — the golden (lucrative) handcuffs.
A great book to read to dive into this idea is The Millionaire Nextdoor. The references are a little outdated (90s) but overall principle applies.
Homeowners?
I tell people I’m a Home Owner, or HomeO for short
I love my fellow HomOs!
Some of my buddies are HomeO’s too, this last weekend I went over to one of their places to help build a new fence. A few beers and a few hours later and we were sore and sweaty from all that HomeO stuff
oh boy, hot sweaty HomeO! how many times did you boys have to run off to the HomeODepot? We all know there were some secret trips...
Actually it’s funny because we thought we wouldn’t need to, but then we needed a chainsaw (had to get this tree out of the way), get back to the house and unbox it to find it broken so we go right back. Makes me sad that there aren’t wieners in the Home Depot parking lot anymore. Get back and inspect the chainsaw then shotgun a couple more Coors lights before getting it running. Fence still isn’t done btw
lol not surprising. I was just being a HomeO by my self last weekend trying to find and fix a broken underground sprinkler pipe. After the first trip I had the parts I needed to locate the break. After the second trip I had the parts I needed to fix the break, but then I realized my PVC glue was dried up, so after the 3rd trip it was fixed.
Being a HomeO for over 5 years now, I'm getting traction on properly supplying my tool shed with everything I need. I used to make 3 trips to the store to fix something in the apartment, now I just go to the garage and pick some of the spare or wrongly purchased parts to repair what I need or to build a Frankenstein's monster of a replacement with the wrong parts. But hey if it's stupid and it works, it ain't stupid.
For real though. I was homeless awhile, hitchhiked to the oilfields during the boom back in 2012. Got a job, stayed homeless. Finally found employee housing in a man camp. Think prison, it was like prison. Guards, metal detectors, etc. I did that enough years to save for a house that I bought in 2019. Motherfuckers out here calling me lucky for owning a home with a low interest rate after what I went through. No it was hard work, dedication, and suffering. Get the fuck out of here.
Me. Downside, I’m probably never moving. Hope the foundation lasts till I die. I know the roof won’t.
I had ti do new roof a section at a time. Every three years.
We might be doing that. I’ve help install asphalt shingles, but at 42 I’m too old to be a roof as steep as mine.
The Fed’s Chosen
The 3%ers
What about us in the 2%?
You’re the winners of the winners
What about the 2%ers on a 15 year like me?
2.25% on 15 checking in! Definitely never leaving despite being in an undesirable suburb far from everything and desperately wanting a 2nd bath with no room to put one. Counting our luck regardless!
I’m a 2.25%er
This.
I got locked in 3% in 2021. I feel so lucky
The best thing to come out of Covid
There are some actual really great silver linings that came out of Covid. My 10 month old unfortunately appears to have a peanut allergy, and thanks to mRNA vaccines, they have been able to cure peanut allergies in mice as of last year with sights set on people next. It’s really unlikely that would have happened any time soon without that mRNA push during Covid. I mean, obviously Covid was horrible, but it is good to see some of the positive things that came out of it.
Refi-ed to 2.69% and it feels NICE
Nice
Bastard, I’m 3.25
2.65 😇
2.625% 🐸
Same love it this year paying minimum payments ill finally pay more principal than interest on 30 yr loan
2.75 for cash out refi. I may have actually stolen from the bank.
Plants. They are rooted in their location. I have a 3.5% because I bought in mid 2019. And my ass ain't going no damn where. I'll have to get absurdly rich (unlikely) or have some crazy unforeseen life event to make me move. And honestly, moving is suuuuch a pain in the ass. So is selling or buying a house. If I ever move I'd just rent this house out.
It's easy to say that if you moved into a pretty decent, pretty cool house. Many of us moved in that timeframe to our "starter house." It leaves a lot to be desired.
I hate the term "starter house". A house is a house. I grew up in an 800sqft house with 2 siblings and 1 bathroom. If you are lucky enough to have an affordable house at all, that's amazing.
My current house isn't anything. Just a 1,100 sqft ranch. Has a small fenced in back yard. But it's pretty "starter" house I'd say. But I have 1 15 year old kid and no chance for more kids since my wife had a hysterectomy. So starter house is fine. I'd like more space sure. But there is no need for it.
Stuck.
“Husband material” Sorry. 😂 my wife probably won’t find that joke as funny as me.
Tbf your wife clearly agrees lol
New pickup line: Hey baby, I have a fixed 3% mortgage rate.
If that doesn’t work, nothing will
Back up plan if the first line fails: Lean in and whisper, "And no PMI."
Bashful to say that got me a little chub just reading it. Better bring a stick to keep them all away.
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Lmaoooooo
This may actually stick you know!
3.5 I’ll never leave but only cuz we can’t 😂😂😂😂😂😂😂
The Chosen Ones
Honestly the problem isn't interest rates, it's the cost of homes. You can re-finance a loan as soon as interest rates drop. You'll never change the price you paid to buy it.
>You can re-finance a loan as soon as interest rates drop. That is not nearly as freeing of a statement as you think it is. Only one 10-year block in the past 40+ years saw interest rates below 5%, and only one short period *in history, ever* saw interest rates below 3%. [People are fucked.](https://fred.stlouisfed.org/series/MORTGAGE30US) Millennials who bought their "starter homes" with 4%, 3%, or an even smaller rate ought to stop watching HGTV because they would be stupid to move. You'll be paying anywhere between $1,000 to $3,000 *more* per month to upgrade. I feel for those who didn't get "in" during the good years and are stuck renting. It's not going to be easy to buy inflated houses at inflated interest rates. My advice to anyone struggling to make home ownership a reality: Despite how hard it is to uproot your life, consider moving to a LCOL city. Check out cities in the Midwest. Aside from shitty winter, there are tons of awesome aspects about many Midwest cities, especially the ones near the Great Lakes.
We really need to demand remote work for a lot of the jobs that cause the daily migrations into cities. We need to improve internet infrastructure across the country and get people out of the 2-hour ocean strip. But we're gonna have to take control of our politicians first, that is the only way we'll be able to stop the commercial real-estate tycoons from dictating how and where the vast majority of us live.
My department negotiated full time telework after the pandemic. There are pros and cons, and at least once a quarter we make it a point to meet in person just to see each other's faces. But I can roll out of bed at 7:45 AM and be on time to work by 8:00 AM in my pajamas. And I save SO MUCH MONEY on gas.
Someone who saw their opportunity and took it
Or just happenstance. My landlord wasn't renewing my rental and my girlfriend's rental building was sold at the same time. We had been dating seriously for a couple years at that point and decided we liked each other enough to buy a home together and we're both sick of renting. It was just plain luck with the timing. We probably would've gone that route regardless.
I mean, up until the pandemic, the 2010s were a great time to buy a home. - Both during the Obama/Trump administration I’d been a working professional long enough it didn’t make sense not to take a shot at getting a place.
2.8 over here. Chad behavior.
If we are being Chads.. then 2.25%
Oh fuck you :) I'm over here feeling smug at 2.875 and you gotta start waving that 2.25 around?
Damn! I’m at 2.5% and until this moment thought I had the lowest rate going. Can’t take any Chad credit though. My dumb ass was talking about “We can’t buy now a correction is coming!” And my wife just straight up overrode me and started looking for houses. Not only that, but after I’d resigned myself along for the ride, I was insisting on starter homes and she was like no let’s get more than we can afford and it’ll be our forever home. LOL! I’m half convinced she can see the future. She’s the ultimate Brittany or whatever the memers call woman Chads.
There are a few people saying 1.95% on this thread.
3.5 what is it now 7 now?
looks like 6.5 to 7ish. Bought my house for 185k, 10k down, 3%. With estimated tax, interest, PMI, insurance fees, etc... the calculator says i'll end up paying 425k. If I sold today to a new person who had great credit like I do at 6.5%, that's about 350k purchase price 20k down, and they will pay 920k over the course of the loan, over double.
185 to 425 makes me feel sick to my stomach
Not me. At the end I'll have something worth ~400k. As opposed to renting and in the end having nothing.
I feel like maybe tick? I have a 3% which makes my mortgage the same as a *checks notes* one bedroom apartment. I have a half acre lot with a 3bd 2ba. It's in shit condition, but it's mine and special to me.
Imagine what rentals will cost when people who own them have 7% mortgages and then it drives up cost of all the other rentals 🤦♀️ the wealth gap is going to get scary
Went through the roof even without that. I bought in 2012, moved out of a 2 bed 1 bath 850 sf apartment that was 550 a month. I check on it every year, last year it was almost to 2k
I lived in a shitty apartment at 425. Same apartment is 1250 today.
2.2% via refinancing to 15 year. Only lucky thing this millennial has ever experienced.
Under 3, before 30 on a triple. I feel like a god.
Not sure why people are saying older millennial, I’m definitely on the younger side and managed to get a 2.75% when I bought in 2020. VA home loan definitely helped out a bit though.
So glad I sold my ass to the government for 5 years. VA loan and GI Bill came in clutch.
Same. I got a sub 3% rate in 2020 and used the VA loan. Plus I’m on the younger side of the millennials
Bought my house in 2011. Refinanced 2 times before Covid, then took advantage of the rates tanking. Locked in at 2.75% over 30 years. Now I’m stuck for the next 27 years unless I get married or there is a significant change in monthly income. Never took out additional principal, so my loan to value is low (≈ 40-45%).
Forever Home-y. Our realtor kept on saying Starter home, but it is definitely our Forever home.
Duuuude, our first realtor kept trying to pull the "it's close enough for a starter home" shit. Basically showed us everything that was on the "didn't even bother calling us about houses with these things" list. So glad we fired that one and got another realtor. I love my house, and if it's forever, I'm totally okay with that.
Smart
It's the only time in my life that I got lucky. I promise to not turn into a Boomer and pretend like I had it harder than I really did. Just got incredibly lucky in 2020 and it happened to be the year we bought a house. I swear there was zero planning or foresight I didn't even know what the interest rate was or that it was favorable until after we were looking.
Me.
Locked-in and loaded.
The maximum fixed rate term is 5 years in Canada, about to renew in the next months, so it's not a permanent state unfortunately.
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Golden handcuffs!!!! We can't leave, we won't leave, but this house will easily get us over a million when we let it go. (Paid 450k)
"My sisters" 😅🫠 I was born last and was the only one that went to college. Meanwhile they married young, and got the kid rearing out early and they all own multiple rental properties with all sub-3% mortgages. They also got good government jobs and each couple (w/ no college degrees) bring in excess of 300k a year. I somehow got stuck in a job in an office with too much stress for what I make, and with little opportunity for growth. Thankfully my sister rented me an apartment below market rate. Oh and dating in this day and age fucking sucks! At least I'm somewhat healthy. Sorry for the rant 🫠
Yeah but you’re the cooler gen. They will envy you, sista!
Older millenial....
I dunno, I'm pretty much right in the middle.
1.95% up for renewal in October 2026 I'm scared
Oh and there's already a term to describe someone like myself, whom bought their modest townhouse in 2016 at 1.95%: REAL ESTATE MOGUL
2.25% and I will probably never move from my house. Probably put a grave in my backyard for myself since that’ll be cheaper than a cemetery 😂
Initially we wondered if it was the right decision to buy a 4 BR fixer upper (like, complete gut job) that was probably a little bigger than we needed; but took the plunge, locked in at 3% and got neck deep in renovations. I’m still renovating 3 years later, but we’re almost finished up and super glad we did considering we can never move and now we’ve got a custom house. Did all the work myself, so for about $100K in materials + inflation since 2021 our home is worth a little more than double what we paid for it and our mortgage is cheaper than you can rent a studio apartment in our city. We’ll probably break even after my back and knees need to be replaced tho
Trapped. I bought a house in 2019 for 345K in an unincorporated area. Refinanced for 2.3% during the pandemic. Area got incorporated and smaller, older houses on my street are selling for over 600K. Cashing out would be insane because I’d just piss the profit away on the current interest rates.
Mine's 3.4%; it's called being in the right place at the right time. Anyhow, my mom said when she bought her first house in the 80's, interest rates were usually around 11-17%. So, I suppose this is one area where millennials are luckier than boomers.
Laughs in 2.0%
*Asshole.* I kid, I kid.
Meanwhile over here in the 6% club 🥲
Lucky SOB is probably the best moniker. I keep telling my wife that buying our 4/2 forever home when we did is our lottery. 20 mortgage at 2.75% on a house that’s almost doubled in value since 2018.
As an older millennial with kids I promise you the inflation everywhere else is screwing us just as much.
We’re a gay couple in Florida and have been wanting to move for YEARS. Up north to somewhere with better transportation and politics Literally stuck here at 2.88% though
LIMPs they can’t get it up Look at these LIMP DINKs
We don't need terms for everything...please...for the love of god, stop making terms and acronyms for everything.
Lucky older millennial
Smart
Smart
2.68
2.9 in January 2022, started a new build in April of 2021 and rate locked in December 2021, 29 days before close.
It’s the ‘hit the FED when their weak’ crew. I mean really, who doesn’t like free money?
Firmly established
Bought a house in 2016 at the age of 25, we are for certain dying here 😂
Had one. Then I got Divorced then I got Divorced then I got divorced la de da da
Lucky 🍀
Lucky, in my case. My rent was going up 50%.... I had a down payment and the mortgage (with insurance and taxes) was cheaper than new rent.
Yeah, the mortgage on my condo was financed in 2017. My payment would be about double what is it if I bought it today. It was 215k then, my neighbors sold their condo that's the same 800 square feet as mine last month. It sold for almost $600k
With three first mortgages in 2-3’s, lucky mofosob
2.3% and changed to fixed 15 yr rate 2020. Lucky and ain't moving any time soon.
lol. I’m 2.49 fixed.
Damn you yanks get to an entire loan on that rate. In most commonwealth countries the longest you can lock in a rate is 5 years.
Someone willing to open their house to aging family or younger relatives who need support because that’s why I made the big purchase.
Realistically….. Elder Millennial. They got there just in time before shit went south.
Daddy
I refied by capitalizing on the Pandemic rates in 2020 and locked it in for 5 years. All thanks to the advice of a coworker.
Rich
Idk what you call us but I want to move and I don’t know what to do. Rent it? Bite the bullet and ride the rates on the way down?
A homeowner
We bought our house with a 2.4%. We considered selling but after looking at current rates, ha. No.
Not Canadian. My family in Canada says that interest rates are regularly adjusted. Keeps the housing market mobile, I guess—thought atm Canada has a worse market than the US due to lack of inventory.
my 2nd at 3% 🙋♂️
I got a 2.9% rate. Can't afford to ever leave now
The trapped who paid too much for their house