Home Buying in Staten Island>Question Details

Obvious Alias, Other/Just Looking in Staten Island, NY

Will the 30 and under age bracket ever be able to afford a first time home?

Asked by Obvious Alias, Staten Island, NY Thu Jun 16, 2011

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15
With the present Mortgage rates being what they are I would say yes! Opportunity knocks for the savvy buyer
0 votes Thank Flag Link Sat Jun 18, 2011
Absolutely, just stay positive, keep your credit score high & save for the down payment.
0 votes Thank Flag Link Sat Jun 18, 2011
Absolutely. If you are under 30 with a decent job, buying a home is imperative. You're getting killed with taxes. Your paying rent. Use that money to build your equity now. Banks are now coming on hard to find people to lend to.
0 votes Thank Flag Link Fri Jun 17, 2011
By the way many under 30's are buying homes now and with credit scores of 600 and they are buying what will be the rock they can build their financcial security on, I have sold homes to people as young as 18 and I commend them for being smart enough and serious enough to take on such a stable financial move at an age where most find the extra cash or credit burning a hole in their pocket!
0 votes Thank Flag Link Fri Jun 17, 2011
Yes they will, the 30 and under group does need to learn how not to abuse the credit they have though, Buying coffee at Star Bucks is a bad thing, Maxing out every credit card you get is another bad practice. You need to watch your credit and to learn the guide lines to creating the perfect credit score. You can live well, and use credit even on a shoe string budget and look great on credit reports. It takes discipline and it takes a conscious effort to do it but if you do, you will be able to buy a home and a car and have 2.5 children and a dog and a cat and a Goldfish named Fred!
0 votes Thank Flag Link Fri Jun 17, 2011
Reality check....conditions are near ideal for young buyers today! Prices are low, interest rates are dropping again, sellers are motivated, and there are plenty of homes available.

Sadly, if the conditions aren't ideal now, you're likely looking at an extended rental experience.....or as so many under 30 young single adults are doing, moving back home to live with parents.

As overwhelming as things sometimes appear, having a reasonable plan can make a difference and transform dismay into fulfillment. Many times the best plans are those that are take in stages.

Good luck,

Bill
0 votes Thank Flag Link Fri Jun 17, 2011
There are so many programs available to enable 20-30yo to move into their first home it is nearly mind boggling.
Now, keep in mind, if you are unable to save a few thousand for a down payment you may not be a good candidate to be a homeowner. The simple discipline of keeping spending under control and adding to your savings is nearly the only requirement to meet assuming your credit has not previously crashed on the rocky shores.

With the guidance of a professional, you can even find homes that nearly 'self-fund' your mortgage payment. Select homes here in Tampa bay can provide over 80% of principle and interest resulting is a ridiculously low effective payment.

This is very likely a once in a lifetime opportunity. Fortunately, the opportunity will persist for a few more years. Do you know who is buying the greatest number of homes today? Investors! They seem to recognize this is an opportunity to grow their money making empires. If you want to be a home owner now would be a good time to start making solid plans. A few years is more than enough time to take care of excessive spending, reduce debt and increase saving.

Annette Lawrence
ReMax Realtec Group
Palm Harbor FL
727. 420. 4041
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Fri Jun 17, 2011
With median home price to median income ratio reaching generational lows, the under 30 crowd almost can't afford not to buy a first time home right now. While the debate on whether the real estate market has reached the bottom continues to drone on, the reality is that starter homes are priced for market entry. Even in San Jose, California, the priciest real estate market in the country, it's possible to get a 5-10 year old condo near downtown for about $130K. With median incomes still around $75K, it's pretty reasonable to save aggressively for a 20% downpayment in just one year.

Disciplined saving is the key. I bought my first property at 23.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Jun 17, 2011
You might be echoing a sentiment I expressed in my youth. Plan for the day you will be able to afford a down payment. It sounds too simple. But, focusing on a target date helps in a number of ways.

The best advice I can offer is get a plan. You will figure out how to accomplish your goal either through frugality and careful spending or through career achievement.

The great news is home prices are very inexpensive and the pundits expect they will remain that way for a few years.

Best of luck.

SuZ
PML of Longmont
0 votes Thank Flag Link Thu Jun 16, 2011
Absolutely. There are many programs and even grants available to assist first time homebuyers with purchasing a home. With rates so low, home buying has become very affordable. The real issue in this market is that many potential buyers have spent there earned income elsewhere and that has made it difficult for them to qualify by banks because of there debt to income ratio. As long as your credit is good and your debt is maintained home buying has become very affordable again.
0 votes Thank Flag Link Thu Jun 16, 2011
I have been working with several young couples who are looking to purchase homes on Staten Island. FHA loans are available with as little as 3-1/2% down. There is some affordable housing on the island and if your credit is good and you can qualify for a mortgage, you should be able to purchase a first home rather than renting.
0 votes Thank Flag Link Thu Jun 16, 2011
Sure, I'm working with several young people who have good jobs, good credit and a have saved enough money between themselves for a decent down payment, and are presently buying first homes instead of renting and at great low interest rates! It proves if you work hard enough and plan ahead and more important, plan sensibly, the american dream of owning a home is attainable!
0 votes Thank Flag Link Thu Jun 16, 2011
Currently there are plenty of bargains out there waiting to be had....
0 votes Thank Flag Link Thu Jun 16, 2011
If you can afford to rent, you should be able to afford to buy once you save money for a down payment. The net monthly expenses are not that much different. With FHA loans, you can close for as little as 3.5%, so I would imagine a lot of people under age 30 will be able to save enough money to buy a home.
0 votes Thank Flag Link Thu Jun 16, 2011
Homes are selling at record low prices right now and more importantly, the interest rates are at all time lows. Interest rates have a bigger effect on affordability than sales prices.

We are selling to first time young home buyers every day on Long Island.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Jun 16, 2011
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