Ah, to be young and in love today

[ThomWV]

A neighbor's kid got married right before Christmas. She's a pretty nice girl. The boy worked with her father in the mines and while an avowed Republican he's quite about it so he's not so bad. His name is David. They are living in a rented trailer about two miles from her parent's place, which is good because she's still working and its not far to take the baby so 'grand ma' can watch her during the day. They'd really like to buy or build a house but the truth is they'd be ruined if the car broke down and the truth is even at their young age both brought credit card debt to the marriage. They're dead broke. Even in this state, which ironically has one of the lowest unemployment rates in the nation, home loans to first time buyers or builders, even those with modest requirements, are nonexistant. Her dad would be more than happy to give them an acre or two to build on but it would be pointless and the reason; the price of coal crashed and David's not working regular.

Its going to be one mighty long time before a young couple of no great means will be able to buy a place of their own in this country. Unemployment among the young is estimated at twice that of the general population. A young couple in their own home, another american dream crushed by Reagonimics come full circle.

[TwilightGardener]

1. I can sympathize with the first-time buyer problem--we had no savings whatsoever

when we bought our first house, fortunately were able to use the VA loan program and borrow closing costs from a relative. It was a cheap, cheap house, though--mortgage payments were only slightly more than rent in the area (had we put actual money down, it would have been much less than rent). The VA loan program has been a godsend--we would not be in a home without it, because I don't know how I'd have socked away 20% of even a fairly cheap house--between student loans and babies and day care and car payments, we just didn't have it. It's tough out there for the youngsters.

[Iggo]

2. Ah, Reaganomics.

The rich trickle down on the poor and tell 'em it's raining.

[Lost in CT]

3. Truth be told this story isn't that unusual even in good times.

Young marrieds often have to SAVE and STRUGGLE before they can acquire a house.

And lets be blunt if they didn't already have a kid it would be a little easier.

That is why it is good to wait a few years... but thats a water under the bridge thing.

[cobalt1999]

6. Exactly.

My wife and I had to have impeccable credit & 10% down to buy our first house. It took years of renting, scrimping, & saving. If we had a kid during that time, we'd probably never had been able to do it.

This was during a "good" time too.

[predfan]

4. At the risk of sounding like the old grouch, maybe a few years renting that mobile home is the right

way to start.

If you're over 50 and posting on this board, I'll bet that's not too far off from how you started.
Now this young couple with a new baby may make it to their 50th anniversary, but their living conditions as newlyweds won't make much difference.

If they have to sacrifice buying a home to get an education, that would be the better path.

[TwilightGardener]

5. I don't know--by the time my parents were 30 in the late 60's/early 70's, they

had three kids and had already owned a home for 5 or six years--a small but decent little brick house in an OK neighborhood. I turned thirty before I was able to get a home. They didn't make much money compared to their peers, either (my mother was a stay-at-home mom during those years, they did it on one income). My husband's parents were the same way--they were able to stop renting by their early twenties and buy a decent house on one lowly factory-rat income. It's just not that way anymore.