How much was your first house?

Discussion in 'Community Discussion' started by shawnpuerto, Jan 15, 2015.

  1. shawnpuerto macrumors member

    Dec 2, 2014
    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?
  2. maflynn Moderator


    Staff Member

    May 3, 2009
    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).
  3. Mr. McMac Suspended

    Mr. McMac

    Dec 21, 2009
    Far away from liberals
    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...
  4. GoCubsGo macrumors Nehalem


    Feb 19, 2005
    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.
  5. heehee macrumors 68020


    Jul 31, 2006
    Same country as Santa Claus
    My first home is pretty expensive, pretty much like that everywhere in the city, or close it it anyway.
  6. Xiroteus macrumors 65816

    Mar 31, 2012
    Five MILLION..............................................pennies
  7. sliceoftoast macrumors 6502


    Mar 3, 2012
    In a Toaster
  8. maflynn Moderator


    Staff Member

    May 3, 2009
    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 :eek:
  9. Melrose Suspended


    Dec 12, 2007
    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.
  10. Arran macrumors 601


    Mar 7, 2008
    Atlanta, USA
    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.
  11. samiwas macrumors 68000

    Aug 26, 2006
    Atlanta, GA
    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.
  12. Huntn macrumors P6


    May 5, 2008
    The Misty Mountains
    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. :confused: 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.
  13. Roller macrumors 68020

    Jun 25, 2003
    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.
  14. macquariumguy macrumors 6502a

    Jan 7, 2002
    Sarasota FL
  15. dukebound85 macrumors P6


    Jul 17, 2005
    5045 feet above sea level
    I bought my first home for 226k in 2014 and I'm 29
  16. needfx macrumors 68040


    Aug 10, 2010
    macrumors apparently
    better be free & mobile than chained down to a house, especially if loans are involved.
  17. Jschultz macrumors 6502a


    Mar 14, 2005
    Chicago, IL
    My wife and I just bought our first home together - a condo in Chicago. $129K. Feels good, man.
  18. Old Muley macrumors 6502a

    Old Muley

    Jan 6, 2009
    Titletown USA
    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.
  19. srltzz342 macrumors member

    Oct 2, 2014
    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.
  20. malman89 macrumors 68000

    May 29, 2011
    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.
  21. Happybunny macrumors 68000

    Sep 9, 2010
    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.:p
  22. senseless macrumors 68000


    Apr 23, 2008
    Pennsylvania, USA
    With tax deductions, sometimes owning is cheaper than buying and much cheaper in the long run. It depends on where the buyer is.
  23. prostuff1 macrumors 65816


    Jul 29, 2005
    Don't step into the kawoosh...
    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).
  24. sdilley14 macrumors 65816

    Feb 8, 2007
    Mesa, AZ
    I bought my first house in August, 2013 for $89k.

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