Prices have more than doubled in less than a decade, and we’ve been saving our entire marriage. We are still in a good financial position, but the market is way out of reach for us and it’s sad. I feel like our kids are going to pay the price for our generation’s fiscal irresponsibility.
I feel like I’m living in a nightmare. My family and I are so lucky to have a home, but I’m worried about the future of my kids. When we got married we made the responsible decision to buy a starter home for $200,000. Although the square footage is livable, the lot size is tiny.
Back then, the McMansions in our neighborhood were selling for $350,000 to $400,000. I’m an engineer and I make a good salary, so we’ve been able to save around 25% of our income. After all these years, we are finally in a position to upgrade, but it would take us making a terrible financial decision to do it.
We’d love to have a bigger house or a bigger lot with a view, but it’s not even possible. The same McMansions that were selling for $400,000 are now selling for over $700,000 and they come with a fraction of the lot size. Prices have more than doubled in less than a decade and we were doing the right thing by saving our entire marriage. We’re still in a good financial position, but the market is way out of reach for us and that’s really sad. I can’t help but think that my kids will have to pay for the financial irresponsibility of our generation.