"Normal" 22-Year-Old Buys $250,000 Apartment (New York, York: middle-class, real estate, 2013)

[L'Artiste]

"I am 22 and I own a modest apartment in the Village. I am not an Ecclestone sister, fertilizer heiress or start up sell out. I am a normal 20-something. I don’t own a matching set of dishes, and I’m not entirely sure how to do laundry without ruining something."



Polly Go-Lightly: Buying a New York City Apartment at the Tender Age of 22 | Observer | News and Commentary on Politics, Culture, Lifestyle and Real Estate

[bmwguydc]

20% down and a job can get anyone a mortgage if the pass the board interview for a co-op, regardless of age. The young lady referenced in the article appears to have had both, so she is fiscally responsible, and had savings from a teen job and family gifts.

[jdm267]

She says it herself: "With some $50,000 in the bank—a nest egg from my family augmented by savings that I’d stashed away by working in retail since the age of 14"

I wonder how much of that sum is from working in retail. Definitely not a normal 22 year old

[leoliu]

Originally Posted by jdm267

She says it herself: "With some $50,000 in the bank—a nest egg from my family augmented by savings that I’d stashed away by working in retail since the age of 14"

I wonder how much of that sum is from working in retail. Definitely not a normal 22 year old

and she did not mention how much she spent her retail income......it may sound misleading for ppl to believe that teen retail jobs are lucrative jobs....

[leoliu]

also, to get a mortgage you have to pass the debt/income ratio cutoff so i don't see much of the relevance of bringing up her retail income...

[barkomatic]

Originally Posted by bmwguydc

20% down and a job can get anyone a mortgage if the pass the board interview for a co-op, regardless of age. The young lady referenced in the article appears to have had both, so she is fiscally responsible, and had savings from a teen job and family gifts.

I think the point is that she claims to be a "normal" 20 something. The average 20 something cannot buy a co-op in that neighborhood or almost any neighborhood in New York City. She also doesn't disclose what percentage of her down payment consisted of money her family gave to her and what she came up with herself. Nor does she state any other ongoing support she may be receiving.

I'm not saying she isn't a hard worker and fiscally responsible. However, I feel that she is similar to many young people living in trendy parts of the city who pass themselves off as being self supporting -- but are in fact quite financially dependent upon their parents.

[riaelise]

Good for her. Smart girl!! It definitely can be done by "normal" people. I purchased my first condo in the Bronx at basically her age (I was days away from my 22nd birthday at the closing). After dealing with a skinflint landlord for a year, I decided I was tired of renting. I worked lots of overtime and managed to save a lot of money to use as a downpayment. My father also gifted me with some money, but a majority of it came from my sweat. My bank was very supportive of my decision. They didn't care about the age of the borrower as long as you're legally old enough to buy, you have the funds and income to do so, and you have good credit. (I had all three). I still say that was one of my better life decisions, as purchase prices kept going up and up (great when I sold it 7 years later.) I'd probably make even more money if I sold it at the height of the market?

[nowitsshowtime]

A lot of haters in the comments on the page with the article.

I'm not sure how "normal" she is, but to say she is simply a spoiled rich kid could be entirely false. There are a number of situations that could get her to where she is, from good spending habits (or lack thereof and saving). From 14-22 years old, to save $50k is putting away $6k a year on average. We don't know her lifestyle choices. Her academics could have been good to get her a scholarship, or perhaps she went to a cheap community college. And I think she has to have some sort of good work ethics, along with getting approval that what she brings in for income is enough to be granted the loan.

And kudos if she is a rich kid that she didn't blow the funds on cars, purses, and food/drinks like many chose to do. Good choice to spend $100 more a month for something she owns rather than renting. We simply don't know enough about her to look in a negative light or any sort of jealousy like several people are doing.

[bmwguydc]

Originally Posted by barkomatic

I think the point is that she claims to be a "normal" 20 something. The average 20 something cannot buy a co-op in that neighborhood or almost any neighborhood in New York City. She also doesn't disclose what percentage of her down payment consisted of money her family gave to her and what she came up with herself. Nor does she state any other ongoing support she may be receiving.

I'm not saying she isn't a hard worker and fiscally responsible. However, I feel that she is similar to many young people living in trendy parts of the city who pass themselves off as being self supporting -- but are in fact quite financially dependent upon their parents.

I interpreted "normal," as referring to the fact that she is not from a wealthy family who purchased the apartment for her, i.e., a middle-class person, not the definition of normal relative to her peer group. She is not normal in comparison to her peer group, since few have the priority and discipline for savings and minimizing debt, so that they could purchase a home (co-op) of their own. She is not living the typical extension of college years into young adulthood with a first job as many of her peers do.

[tpk-nyc]

It’s not hard to buy a $250,000 apartment—it’s hard to find a $250,000 apartment in the Village.