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tempaccount5050yesterday at 10:27 PM2 repliesview on HN

From what I understand, yes. My 24 year old coworker makes $65k/year and has a $2200/mo mortgage. It's an old starter home in the Midwest, nothing fancy. It stresses him out to the point of not going to a happy hour once in a while unless there's a buy one get one deal or something or I offer to buy (which I do happily). No vacations, no eating out, no fun. It's super sad to see. He talks about being in his prime but being unable to enjoy it at all.


Replies

freetime2yesterday at 10:35 PM

For what it's worth, when I was 24 I was only really focused on my career and didn't really have much of a social life. It wasn't until my late 20s and 30s that I started being able to comfortably afford drinks with coworkers after work, travel, etc.

A $2200/mo mortgage on a $65k salary does indeed sound like a stretch. But even having a mortgage at all at 24 is pretty impressive, and he's probably still a ways off from his peak earning potential. Then he might have a bit more income for discretional spending.

In short - yeah it's a grind, but it sounds like he's making responsible decisions and hopefully they will start to pay dividends in another 5-10 years. And your 20s is when you are most able to grind it out - before kids (if that's something you want) start demanding a huge chunk of your time and energy, and before work starts to feel like a slog after you've been at it for 20 years.

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trhwayyesterday at 10:32 PM

fast-forward 15-20 years. He has most probably paid out his mortgage (salary growth/inflation, etc. so most people i know paid their mortgages in about 15 years, and some by that time got second or even 3rd property - the observations are over the last 30 years here, included are only salaried employees and excluded are the ones who made "exits" which is completely different game level). Even if he is still paying his mortgage, his non-homeowner coworkers would be by that time paying $4K+ in rent while he is still paying 2200 (out of at least 100K+ salary by that time). He can have cats/dogs while it is a big issue for renters. Add the land/home appreciation - about double. And if he gets tired of such comfortable life, he can always HELOC and venture into say a startup, all while still may be not even 40 (and with great health as no drinking&eating out :).

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