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How much was your first house?

S

shawnpuerto

macrumors member
Original poster
My son is looking to buy his first house. Gulp.

He's looking at homes around the $100-150k ball park. How much did you guys pay for your first home, whenever time period that was?
 
MY first house was a condo townhouse, and cost me 73,000 back in the early 90s. Those same condos are going in the 200k range now (I sold mine around 150k).
 
I bought my first and only house back at the end of 1999 for $196,000. Still living here, but I've been thinking of selling it and moving somewhere cheaper like Florida. I'm paying $8200 in property taxes a year based on the current value of $350,000 plus $1450 a year for homeowners insurance and countless other expenses. . I'm retired and my house has been paid off since 2001. I hate the thought of moving, but I might have to if I want to live the lifestyle I've been used to my whole life for the rest of my life...
 
What we pay is not entirely relevant to where your son is buying. Are you trying to get a feel for what people spend on a first home? For me, I ensured my house payment was less than 35% of my take home income. Adding all necessary bills and such, I didn't want to go over 50% of my take home income. I bought based on that.
 
My first home is pretty expensive, pretty much like that everywhere in the city, or close it it anyway.
 
I remember my Mom buying her house back in the 80s. It cost her 30,000, when she sold it, it was in the 300,000 range 😱
 
I don't buy houses, and likely won't until I'm married.

My parents spent I think $29k on the house I grew up in, back in 1983 - 1800sf Queen Anne with the trim around the eaves and stuff, in town on a nice street (that's gone to hell since then with rental properties, and dumb neighbors cutting the stately trees down), and a nice double-deep lot with lots of lilac and apple trees.

By contrast, my grandmom spent 20k or something for her little house, and when she went into a home it sold for $18... the new owned are gutting it completely and starting over, but it did need quite a bit of work. They bought it as a graduation present for their son instead of a vehicle - he and his dad are working together to fix it up as his house. It's kinda cool what they're doing, actually.
 
GoCubsGo said:
What we pay is not entirely relevant to where your son is buying. Are you trying to get a feel for what people spend on a first home? For me, I ensured my house payment was less than 35% of my take home income. Adding all necessary bills and such, I didn't want to go over 50% of my take home income. I bought based on that.
Click to expand...

I think that's the best advice for your son. Stay within what he can afford.

My first house was roughly 120% of my salary at the time. It was a cosmetic fixer-upper, but structurally sound and in a fantastic neighborhood. It worked out well.
 
We bought our first home in 2005 for $202k just a couple of miles outside the center of Atlanta. It's about as cheap as you could get for a new home in the city limits. There were cheaper homes if you wanted a fixer upper.

It was to be our five-year home before moving to something better. Nine years later, we're still here with no plans of going anywhere. The crash and life just got in the way and made it impossible.
 
First house- Kingsville, Texas, 1980, $42000, sold it a year later on my own and made $10k. Soon after I left, the housing market there took a big dump and remains that way today, something to do with Exxon and the Navy reducing local staffing. Sure there is some luck and timing involved, but I've made money on every home I've purchased. The most expensive house, I've ever purchased was $208k (1993), and the last one was $144k (2011). For some reason the State of Texas seems to think it's worth $208. 😕 I protest my taxes every year and usually get a break, but living in a state with no state income taxes, there is this exorable pressure to raise property taxes regardless of what houses are really selling for. No, it did not help that I added a pool to this property which the state sees as a $30k improvement.
 
shawnpuerto said:
My son is looking to buy his first house. Gulp.

He's looking at homes around the $100-150k ball park. How much did you guys pay for your first home, whenever time period that was?
Click to expand...

What any of us spent on our first home should be far less important than other factors, such as:
  • Location and housing costs/trends there
  • Income and prospects for income growth & job security
  • Number of people who will be living in the house initially and in the future
  • Financial situation, savings, and credit history
  • Age
Two other points: (1) For most people, a residence shouldn't be purchased primarily as an investment, though there are some places where money can be made, and (2) Renting is a viable option in many cases.
 
Our little cap cod style home here in Titletown U.S.A. cost us $86,000 back in 1995. It's probably worth about $140,000 now. We are still here and have no plans to move, ever.
 
My wife and I bought a home together last autumn for $110k. The initial money is the hardest with closing costs and stuff, but now the mortgage is lower than renting an apartment.

Kids, save your money, you can buy a house with it some day.
 
GoCubsGo said:
What we pay is not entirely relevant to where your son is buying. Are you trying to get a feel for what people spend on a first home? For me, I ensured my house payment was less than 35% of my take home income. Adding all necessary bills and such, I didn't want to go over 50% of my take home income. I bought based on that.
Click to expand...

This. Rest is as irrelevant as people debating Verizon v. AT&T v. T-Mobile when every market and even neighborhoods within markets are radically different.

$200k could buy you a great house in the nice part of Ypsi here, while $200k probably buys a low end fixer-upper just 5-8 miles west in Ann Arbor. $200k in some places might buy a brand new home with more room/amenities than you could ever use, and in others a 1 bedroom apartment.
 
shawnpuerto said:
My son is looking to buy his first house. Gulp.

He's looking at homes around the $100-150k ball park. How much did you guys pay for your first home, whenever time period that was?
Click to expand...

That question is like asking "How long is a ball of string"

In the property game it's all about "Location, Location, Location"

As to time period my house was purchased by my family in 1725, and then re modelled in 1793.😛
 
Lets see...

I paid $122,000 for mine almost 5 years ago now. Just turned 28 and am slowly but surely getting projects around the house completed.

I bought the largest, cheapest house I could afford that did not need major changes to be able to live in right away.

I'm not really doing any of the improvements for when I plan to sell it. I am doing them mostly for me and what I want. If it looks like it needs to be done and I think it will look good I end up saving up the money and doing it. I spend my summers doing outside projects (flower beds, 900sqft of concrete, new shed, painting the fence, landscaping, etc).
 
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