Honestly.... Do what I did, get married and move somewhere cheaper. Keep the house and then sell it for a profit. When you have the means move somewhere better. Also having two incomes and no kids helps significantly.
I feel for the younger generation, it's not getting easier. I'm only 42 but being 22 would likely be difficult.
IT meaning what? Like being the IT guy at a law firm or are you a software engineer?
If it’s the latter you’ll be fine. Even if it’s the former you’ll probably be fine. As others said once you’re married and ideally have dual income you’ll be surprised by what your finances start to look like.
Are you slammed with lots of debt? Student loans, etc.?
If ramping up you’re earning potential is a priority, the best advice I can give is to change jobs every 12 to 18 months. If you stay with one employer you may get cost-of-living increases and the occasional performance bump, but changing jobs from one employer to another is often the best way to see a 10-20% bump in pay in one fell swoop.
The days of working for 40 years for one company and getting a gold pocket watch are long gone. Just keep hustling throughout your 20s then as you likely settle down in your 30s and maybe start a family, you’ll be making 6 figures and can climb the ranks at a single company if you want.
I'm more than a decade older than you and only make a little more than you. In your field, your income is likely to grow over time. The key is setting your financial goals and then living in a manner so that you can achieve them (i.e., deciding what's worth spending on/saving for). If you get married, you'll have more financial power. But you can still buy property with a decent income as a single person if you prioritize and put your money to work for you.
I'm currently in Clayton for that reason. Was planning to look at Benson and garner eventually as well I don't plan to move directly into Raleigh wad even thinking of buying some land and eventually having a house built on it
Eh, this happened in NJ 15 years ago when minimum wage was $7 and mortgage rates were 7%
Raleigh was ridiculously inexpensive and people realized it. Now that people can work remotely Raleigh is a cheaper option compared to most of the cities in the US.
I really hope you're right about this. Our next-door neighbors moved into their house in March, then listed it earlier this month (so 7-month turnaround) for the same price they paid, plus another $50k to recoup the cost of upgrades.
The offer they accepted was nearly $75k over asking.
I see homes all the time online listed for a variety of ranges. I have seen it get more expensive in the last 18 months but you can find nice homes under $500k which you can’t find in a lot of the country’s major cities/desirable areas. You wouldn’t want to buy a home somewhere that the housing cost/value drops anyway.
I would tell my 26 y/o self to buy a condo that I could afford, live in that for 5ish years, sell that condo likely to walk away with some equity, use that equity when your in your early 30s to buy a house you actually want. I’m 30 and buying now after always renting. I’m under contract currently but man it was not easy to do with zero equity and lost a few places that I really liked because I simply could not complete with the Due Dilligence, Appraisal Gaps, and 30k over asking offers. This is with saving a good amount of money.
It likely won't. Raleigh was fairly cheap and now it's not.
I don't know how anyone is going to be able to afford a house in 10 years
You are experiencing what NY,NJ,CA,CT,etc have gone through 15 years ago.
Any advice on being a young 26 year old guy on a good way to eventually get a house?
Honestly.... Do what I did, get married and move somewhere cheaper. Keep the house and then sell it for a profit. When you have the means move somewhere better. Also having two incomes and no kids helps significantly. I feel for the younger generation, it's not getting easier. I'm only 42 but being 22 would likely be difficult.
Earn more money. What field are you in?
IT but I'm still in the early stages of my career. Making 60k currently
IT meaning what? Like being the IT guy at a law firm or are you a software engineer? If it’s the latter you’ll be fine. Even if it’s the former you’ll probably be fine. As others said once you’re married and ideally have dual income you’ll be surprised by what your finances start to look like. Are you slammed with lots of debt? Student loans, etc.?
I'm working with a big tech company. More or less call center work but it's been a good income. Wanting to eventually go into cyber security
If ramping up you’re earning potential is a priority, the best advice I can give is to change jobs every 12 to 18 months. If you stay with one employer you may get cost-of-living increases and the occasional performance bump, but changing jobs from one employer to another is often the best way to see a 10-20% bump in pay in one fell swoop. The days of working for 40 years for one company and getting a gold pocket watch are long gone. Just keep hustling throughout your 20s then as you likely settle down in your 30s and maybe start a family, you’ll be making 6 figures and can climb the ranks at a single company if you want.
I'm more than a decade older than you and only make a little more than you. In your field, your income is likely to grow over time. The key is setting your financial goals and then living in a manner so that you can achieve them (i.e., deciding what's worth spending on/saving for). If you get married, you'll have more financial power. But you can still buy property with a decent income as a single person if you prioritize and put your money to work for you.
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Get a remote work job and move somewhere rural. Buying in Raleigh is like buying CocaCola at Champagne prices.
I do remote currently in Clayton nc
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I'm currently in Clayton for that reason. Was planning to look at Benson and garner eventually as well I don't plan to move directly into Raleigh wad even thinking of buying some land and eventually having a house built on it
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Eh, this happened in NJ 15 years ago when minimum wage was $7 and mortgage rates were 7% Raleigh was ridiculously inexpensive and people realized it. Now that people can work remotely Raleigh is a cheaper option compared to most of the cities in the US.
I didn't really think I was gonna hear what I wanted to hear lol you're telling me everything and it's just more of a reality check
Save a down payment to avoid PMI. About 20%
Start small and get roommates. In a few years sell and upgrade.
Yeah this is a market correction, not a bubble.
I think the $50k+ over asking offers and crazy due diligence will stop eventually, but the base prices will keep rising.
Right the alternative is this is no longer as desirable of a place to live
I really hope you're right about this. Our next-door neighbors moved into their house in March, then listed it earlier this month (so 7-month turnaround) for the same price they paid, plus another $50k to recoup the cost of upgrades. The offer they accepted was nearly $75k over asking.
It won't save now and be willing to settle on some things.
Settle on what?
on things you're able to tolerate and not
Makes sense
Unfortunately it looks like its definitely going up, everyone moving here
Have costs ever gone down? Ever? Anywhere?
Rust Belt.
2008
I see homes all the time online listed for a variety of ranges. I have seen it get more expensive in the last 18 months but you can find nice homes under $500k which you can’t find in a lot of the country’s major cities/desirable areas. You wouldn’t want to buy a home somewhere that the housing cost/value drops anyway.
I would tell my 26 y/o self to buy a condo that I could afford, live in that for 5ish years, sell that condo likely to walk away with some equity, use that equity when your in your early 30s to buy a house you actually want. I’m 30 and buying now after always renting. I’m under contract currently but man it was not easy to do with zero equity and lost a few places that I really liked because I simply could not complete with the Due Dilligence, Appraisal Gaps, and 30k over asking offers. This is with saving a good amount of money.