‘We should just all collectively start lowballing sellers’: First-time homebuyers discuss their dream of becoming first-time homeowners in a currently overwhelming market

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Elna McHilderson • Managing Editor
Feb 3, 2024 9:00 AM EST

You don't have to be in search of buying your first home to know how abysmal the current housing market is. Many potential homebuyers go in with stars in their eyes, but return, defeated, to renting due to the high costs of it all. Their only consolation? They're not alone! 

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  • Many U.S. citizens just entering the homebuying market are coming face-to-face with the reality of trying to on property. Back in the day, that was the best thing you could have in your name. Now, it's still one of the best things you can own, but also one of the hardest to obtain. If you aren't a nepo baby or come into a lot of cash fast, then finding a home that has an affordable downpayment and interest takes a lot of work. However, it's not impossible! 

    Reddit user quinndle1 came to the sight simply looking for some support during his homebuying search. He is in his mid-20s, has no debt, and currently lives with his parents in Idaho. He wants to stay in-state, but move into his own home. The search is proving hopeless to him. The internet has come to give some harsh words of reality, but also inspiration. Turns out he's not alone and many recent first-time homeowners are around to give helpful advice and show potential first-time homebuyers the light at the end of the tunnel. 

    Interested in more first-time homeowner/buyer stories? Check this one out about a couple moving into their first home with a perplexing caveat. 

  • 01
    FOR SALE H I feel your pain, saw a place for 350k the other day and started looking at it, the first picture showed the front of a decent looking first house, the second picture was the back of the house showing the entire thing was burned down and the front wall was all that was standing
    via Pickpic
  • 02
    ● r/First TimeHomeBuyer 21 hr. ago quinndle1 I feel stuck. ●●● I'm 25, currently making 52,000 a year. Median home prices in my area (within 25 miles) are roughly $440,000 while median salary is $28,500. Most peoples answer is "move", however all my family lives here and I'm not interested in moving away from them. I know beggers can't be choosers I guess I'm just looking for some inspiration lol.
    via quinndle1
  • 03
    Additional info • located in northern idaho • no debt • no student loans • car is paid off $60,000 in savings (I live at my mom's house, hoping to get ahead but I'm 25 and it's time for me to get my own place) Housing prices near me have tripled in the last 5 years.
    via quinndle1
  • 04
    Buttercup501 • 20h ago Idk what you're going to do about it. That's the majority of of us in America right now as first time home buyers. Want to live somewhere our family and prior generations did. This isn't a helpful comment, but I just wanted to let you know you aren't alone. Most we can do is beg townships and planning commissions to build more housing affordable with the median salary of the area for first time home buyers ↑ 401 ↓ Rep ↑ Share
    via Buttercup501
  • 05
    CozyCozyCozyCat. 20h ago What about a condominium or a townhouse? I got on the property ladder with a condo, and it helped me build equity that I recently put towards buying my first single family home. You have to watch for reasonable HOA fees and make sure the HOA is in good shape financially, but it's also nice not to have to deal with exterior maintenance 444 ↓ Reply Share
    via CozyCozyCozyCat
  • 06
    UU Red Towel Time - 20h ago Keep your head up man. I'm 38 with three kids. We are JUST TOMORROW closing on our first house. Until now we have lived with family. Sometimes sharing one room with all five of us. You got to rough it until buying makes sense. Every month you are at your parents is another month you are saving. Put that money into a High yield savings account and keep adding to it. Before you know it you'll have over 100k in the bank and interest rates will come back down and you'll b
    via RealTowelTime
  • 07
    AccountFrosty313 20h ago I'm faced with this dilemma too. Stay where I've lived my whole life with family but can't afford it. Or move about 2 hours away where I can afford but be just slightly to far away to see anyone regularly. The other thing no one mentions is, where am I supposed to work? It's really not that easy to just up and move 2 hours. How do I get a job and a house at relatively the same time? 分 21 凸 Reply ↑ Share
    via AccountFrosty313
  • 08
    gawave 19h ago You're fine. I was making the same at your age. Keep hustling and your income will grow. We just moved into our first home at 32. Married w dual income helps a lot. Especially if both can generate career growth. Put that savings into an HYSA for now. Think about investing some in index funds for a 5-8 year plan. Put the $60k to work for you if you haven't already. 4 17 ↓ Reply ↑ Share
    via gawave
  • 09
    ▬▬▬▬▬▬▬ Sherman 19h ago ● I'm 21 and my GF and I bought a mobile home in a local park, we paid 10k for it outright and pay $430 in lot rent+ whatever we spend in utilities. It's not lavish, it's a trailer park. But it's our first home and lot rent is a lot cheaper than a mortgage and it alows us to save for a down payment for a house while still being independent. It wasn't my first option by any means but if you're interested just take a drive through some parks nearby and see if anything is fo
    via __Sherman__
  • 10
    Real Location1001 15h ago ● wild OP. I bought my first house in 2014 for $125k and sold it for $165k 2 years later. A 40k increase over 2 years. Then, I built my 2nd and current home a few miles away for $235k in 2016, 8 years later, in the SAME neighborhood, smaller homes are going for $400k AND interest rates are triple! I lucked out and completely empathize with 1st home buyers today. The rules changed but incomes have remained nearly the same for many.....it's a shitshow. I hope you're able
    via Real_Location1001
  • 11
    AlizabSeri 17h ago ● Don't feel stuck. You're doing so much better than you think! This is my perspective as a real estate professional in the Midwest. I work and live in a smaller urban area that has seen home prices balloon since 2019 while median income has remained flat: Social media would have you believe you are behind because you don't already own a home. Or if you did own, you're behind because you're not invested in rental properties. Or if you had your own home and investment propertie
    via AlizabSeri
  • 12
    I don't know how your market is, but the common thread I've seen is home prices exploded during the pandemic with a combo of cheap lending (low interest rates), opportunities to move away from expensive urban areas with WFH, and supply chain issues. And prices remain high due to a lack of available inventory of homes to sell (people want to hold onto the low 3% rates and cannot afford the mid 7% rates we saw peak in 2023). Rates will come down, but not to the levels we saw during the pandemic mo
    via AlizabSeri
  • 13
    I think there is a ton of value in what u/CozyCozyCozyCat has to say about the property ladder. A townhome is typically going to be easier to afford than a single family home. Especially when median prices are outrageous anywhere you want to live. You likely won't capture as much appreciation as a SFR, but it would be yours! Your home should be your refuge. Owning a home where you want to work and live should be attainable for anyone putting in the work. It's just really hard right now. 48 ↓ Rep
    via AlizabSeri
  • 14
    fourniera64 • 19h ago Rent first, and do NOT move far away if you are close with your family.. stay within 20 miles I would say...I been where you are trust me... I did not get my first house until I was 30...I started college late and graduated at 24. Moved home and lived with folks until I was 25, first job out of college, did not make a ton of $$$, but got great experience where now I make over triple what I was (Took Years of learning experience) had a car payment, had some student debt and
    via fourniera64
  • 15
    You're young and have time!!! I would try to find an apartment that is reasonable (They are out there) and live while renting for a few years...Put that savings in a HYSA so it grows from interest, and when you start making more $$$, have more savings, and the housing economy gets a little better and the rates drop then start looking...You are way ahead right now with having no loans or car paid off. You got this.. Just keep saving, keep working hard, Rent first, and do NOT stress over it. 43 Re
    via fourniera64
  • 16
    vodkawater • 20h ago Look into houses outside of the city. It will add to your commute, but it will at least keep you in the area and somewhat close to your family. Also by looking outside of the city, if you find something that is considered rural, you may qualify for USDA Loan Programs. Just did a quick search and I don't know what your bi-weekly pay is, nor which county you live in. But I popped in $2600 bi weekly in Shoshone county and it qualifies for the 502 Guaranteed Rural Housing Loan P
    via vodkawater
  • 17
    So if you are good with living outside of a town, or if the town is smaller and considered rural. You can qualify for different loans. ☺ 4 5 ↓ Reply ↑ Share quinndle1 OP • 20h ago Thank you vodka I will look into this and consider a longer commute. ↑ 3 ↓ ↑ Share Reply ...
    via vodkawater
  • 18
    itzabigrsekret. 17h ago You might consider buying a small piece of land to build on later, if you can lock in a good price. That will protect you from housing price inflation, to some extent. You can build according to your budget, unless you buy some place covered by an HOA with certain requirements. So rural will probs be cheaper. Sounds like you're facing a basic prob, otherwise. Wealthy buyers from other places are snapping up showpiece properties in places like northern Idaho. My solution w
    via itzabigrsekret
  • 19
    Returnedfavor • 18h ago My wife and I got lucky in getting a 3 bed 3 bath 1895 sqft single floor house newly built...for 350k....same houses used...is around 400k in my area...VA Loan + builder does 3% of the closing cost..+10k lawn incentive...it was a really good offer! 41 ↓ Reply 1 Share
    via Returnedfavor

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