What age group would likely buy first if they are renting now.

[bkshopr_IHB]

Peer pressure usually is the number one reason why people chose home ownership over renting. In Chinese culture home ownership is a sign of success among friends and relatives. Even in the non-Chinese tradition for the middle age folks with kids renting is often perceived as financially unsuccessful. I come across buyers with this type renter self esteem often. During the last bubble people from all age group made bad decision to buy homes based on peer pressure.

The silent judgment still exists for the 45+ older folks who are renting an apartment, works at WalMart, McDonalds, Pizza delivery staff or a waiter. Society perception placed a lot of pressure on this age group.

IAC’s tenants’ average age is 26. Older tenants certainly feel out of place there. This is the reason why older folks don’t hang around the IAC pools. Older folks working at a fast food restaurants among high school kids are perceived as early retired folks working only for social reason. Here in OC especially 45+ should be at the helm of the corporate ladder and also should own a 3,000+ sf home with an obvious 3 car garage at the front. Toll Brothers’ demographic is such.

The 45+ age group is one of the most important consumers demographic for homebuilders. The 45+ population is most likely to buy while the 30+ will continue to analyze the various mathematical models.

 

[kwong7_IHB]

Interesting opinions. My sister explained to me that in the old school Chinese philosophy (pre gen-x), one doesn't own a house unless it's paid off. I can't help but feel like things would have ended up better for people if they factored their financial positions based on cash/assets, rather than credit/leveraging. I agree that there was a good amount of peer pressure for folks to buy a home (or several) rather than rent. I personally know people of all ages who got in over their heads overextending during this housing/credit mess. For my co-workers (age 24-40), they felt like they had to buy a condo/house just to keep up with everyone else. On the other hand, my parents-in-law saw it as a means to retire and got greedy trying to hold onto 3 properties using the appraised equity from one to buy the other.

I think a lot of people got their hands burned and are hesitant to get in line for another mortgage. Others saw people getting burned and want to stay the hell away. My wife and I had the option to buy with a NINJA loan (Lennar rep literally said to make up an income), but we decided to rent and pay off some of her $240,000 student loans first.

I don't know which age group of current renters will make the first move to purchase, but we might make the move in the fall...when our lease expires. Unfortunately, we don't qualify for the tax credit on the stimulus package. I guess Uncle Sam will be getting a little more than we planned. BTW, we're in the age 25-30 group.

 

[bkshopr_IHB]

Interesting opinions. My sister explained to me that in the old school Chinese philosophy (pre gen-x), one doesn't own a house unless it's paid off. I can't help but feel like things would have ended up better for people if they factored their financial positions based on cash/assets, rather than credit/leveraging. I agree that there was a good amount of peer pressure for folks to buy a home (or several) rather than rent. I personally know people of all ages who got in over their heads overextending during this housing/credit mess. For my co-workers (age 24-40), they felt like they had to buy a condo/house just to keep up with everyone else. On the other hand, my parents-in-law saw it as a means to retire and got greedy trying to hold onto 3 properties using the appraised equity from one to buy the other.

I think a lot of people got their hands burned and are hesitant to get in line for another mortgage. Others saw people getting burned and want to stay the hell away. My wife and I had the option to buy with a NINJA loan (Lennar rep literally said to make up an income), but we decided to rent and pay off some of her $240,000 student loans first.

I don't know which age group of current renters will make the first move to purchase, but we might make the move in the fall...when our lease expires. Unfortunately, we don't qualify for the tax credit on the stimulus package. I guess Uncle Sam will be getting a little more than we planned. BTW, we're in the age 25-30 group.

Did she just finished her residency? Why were you interested in CityPlace?

 

[loisess_IHB]

I don't know exactly if it is an age.

Rather, I think it is more about having kids or not.

Maybe it is because of my situation (having two kids and looking to buy home soon) but I don't see 45+ renters as losers so to speak as long as they don't have kids.

45+ renters without kids to me is more of people who have specific ideas about their lifestyle such as not wanting to deal with all the chores that come with homeownership.

My husband would be one of them if we didn't have kids.

Not because he can't afford it but because he wants to have convenience of renting.

 

[justbrowsing_IHB]

Any insights into why 'older' people, especially those with school-aged children, rent in IAC complexes?

By the looks of their garages, they seem to have been there for a while.

Thought they were priced out forever?

Would rather rent in a great location than buy in an okay location?

Knew the bubble was going to burst?

Would rather go cheap on housing and allocate more money on cars and toys?

They've been meaning to buy a house but keep putting it off?

 

[Mcdonna1980_IHB]

Or, it could be a matter of freedom.

Which option(renting or ownership) represents freedom rests in the eye of the beholder.

I can see it both ways.

I can envision owning a home giving me more freedom to do as I wish in my house. Whether that be decorating it as I wish or freedom of not having a housing payment one day, etc.

I can also envision owning a home as a ensalver and black money hole. For example, a few years back I dropped everything and moved to Florence Italy for six months with my husband & two kids in tow. My kids attended an international school in Florence and my husband and I took classes in art history, architecture, and international economics along with traveling around Italy having a blast. I would have never be able to do this if I had a big mortgage to pay and a residence to care for.

I can tell you we were the envy of ever home debtor we knew. They all saw renting in a much much more attractive light.

 

[usctrojanman29_IHB]

Peer pressure usually is the number one reason why people chose home ownership over renting. In Chinese culture home ownership is a sign of success among friends and relatives. Even in the non-Chinese tradition for the middle age folks with kids renting is often perceived as financially unsuccessful. I come across buyers with this type renter self esteem often. During the last bubble people from all age group made bad decision to buy homes based on peer pressure.

The silent judgment still exists for the 45+ older folks who are renting an apartment, works at WalMart, McDonalds, Pizza delivery staff or a waiter. Society perception placed a lot of pressure on this age group.

IAC’s tenants’ average age is 26. Older tenants certainly feel out of place there. This is the reason why older folks don’t hang around the IAC pools. Older folks working at a fast food restaurants among high school kids are perceived as early retired folks working only for social reason. Here in OC especially 45+ should be at the helm of the corporate ladder and also should own a 3,000+ sf home with an obvious 3 car garage at the front. Toll Brothers’ demographic is such.

The 45+ age group is one of the most important consumers demographic for homebuilders. The 45+ population is most likely to buy while the 30+ will continue to analyze the various mathematical models.

In terms of a Eastern European cultural background, my parents viewed home ownership as something that signifies hard work translating into freedom. However, neither of them took business or economics when they were going to communist run schools so they never looked at the financial dynamics of renting vs. owning. So I think it doesn't just come down to age demographics, but cultural/ethnic pressures can have a significant impact on potential buyers. My parents didn't want me to sell my condo because of all the work we put into and they thought that prices would come back quickly. I think now they realize I made the right decision to sell.

 

[kwong7_IHB]

Interesting opinions. My sister explained to me that in the old school Chinese philosophy (pre gen-x), one doesn't own a house unless it's paid off. I can't help but feel like things would have ended up better for people if they factored their financial positions based on cash/assets, rather than credit/leveraging. I agree that there was a good amount of peer pressure for folks to buy a home (or several) rather than rent. I personally know people of all ages who got in over their heads overextending during this housing/credit mess. For my co-workers (age 24-40), they felt like they had to buy a condo/house just to keep up with everyone else. On the other hand, my parents-in-law saw it as a means to retire and got greedy trying to hold onto 3 properties using the appraised equity from one to buy the other.

I think a lot of people got their hands burned and are hesitant to get in line for another mortgage. Others saw people getting burned and want to stay the hell away. My wife and I had the option to buy with a NINJA loan (Lennar rep literally said to make up an income), but we decided to rent and pay off some of her $240,000 student loans first.

I don't know which age group of current renters will make the first move to purchase, but we might make the move in the fall...when our lease expires. Unfortunately, we don't qualify for the tax credit on the stimulus package. I guess Uncle Sam will be getting a little more than we planned. BTW, we're in the age 25-30 group.

Did she just finished her residency? Why were you interested in CityPlace?

Nice guess, but the debt is from UCR (undergrad ~5%), USC (law school ~75%), and LSE (LL.M ~20%). She's all done and this will be her first full year of work. My wife and I both grew up in and around Huntington Beach. I've become very comfortable with OC, but my wife loves the city. In her 25 years, she's found programs and internships that led her to DC, NYC, SF, and London. Coming back to OC and getting married entertained the idea of buying a live/work loft or something sort of like it, hence CityPlace. Unfortunately when we house hunt, there always seems to be at least 3 major things wrong with either the build quality/design/neighborhood/HOA that has kept us from loving any particular property. Over the past 3 years, we've considered Lennar's Santiago Street Lofts, Olson's SOCO Walk, Olson's Depot Walk, Harbor Lofts, and CityPlace.

In the end, we've given up on the idea of the new sub-"urban" style and will likely go with a single-family home in the South Coast Metro area or Costa Mesa. As long as I have a garage, big kitchen, and garden I'll be happy. My wife wants a dog friendly home, steam shower, and a huge live-in closet. Of all the above properties, CityPlace came the closest.

 

[usctrojanman29_IHB]

Interesting opinions. My sister explained to me that in the old school Chinese philosophy (pre gen-x), one doesn't own a house unless it's paid off. I can't help but feel like things would have ended up better for people if they factored their financial positions based on cash/assets, rather than credit/leveraging. I agree that there was a good amount of peer pressure for folks to buy a home (or several) rather than rent. I personally know people of all ages who got in over their heads overextending during this housing/credit mess. For my co-workers (age 24-40), they felt like they had to buy a condo/house just to keep up with everyone else. On the other hand, my parents-in-law saw it as a means to retire and got greedy trying to hold onto 3 properties using the appraised equity from one to buy the other.

I think a lot of people got their hands burned and are hesitant to get in line for another mortgage. Others saw people getting burned and want to stay the hell away. My wife and I had the option to buy with a NINJA loan (Lennar rep literally said to make up an income), but we decided to rent and pay off some of her $240,000 student loans first.

I don't know which age group of current renters will make the first move to purchase, but we might make the move in the fall...when our lease expires. Unfortunately, we don't qualify for the tax credit on the stimulus package. I guess Uncle Sam will be getting a little more than we planned. BTW, we're in the age 25-30 group.

Did she just finished her residency? Why were you interested in CityPlace?

Nice guess, but the debt is from UCR (undergrad ~5%), USC (law school ~75%), and LSE (LL.M ~20%). She's all done and this will be her first full year of work. My wife and I both grew up in and around Huntington Beach. I've become very comfortable with OC, but my wife loves the city. In her 25 years, she's found programs and internships that led her to DC, NYC, SF, and London. Coming back to OC and getting married entertained the idea of buying a live/work loft or something sort of like it, hence CityPlace. Unfortunately when we house hunt, there always seems to be at least 3 major things wrong with either the build quality/design/neighborhood/HOA that has kept us from loving any particular property. Over the past 3 years, we've considered Lennar's Santiago Street Lofts, Olson's SOCO Walk, Olson's Depot Walk, Harbor Lofts, and CityPlace.

In the end, we've given up on the idea of the new sub-"urban" style and will likely go with a single-family home in the South Coast Metro area or Costa Mesa. As long as I have a garage, big kitchen, and garden I'll be happy. My wife wants a dog friendly home, steam shower, and a huge live-in closet. Of all the above properties, CityPlace came the closest.

Which part of HB did you guys grow up in? I grew up in HB off Bushard/Atlanta for about 20 years and went to Edison HS before I got shipped off to Mater Dei.

 

[High Gravity_IHB]

I don’t think homeownership is considered a sign of success in Chinese society. Rather, it is a sign of normalcy. A Chinese family with kids who rents an apartment is not unsuccessful to other Chinese, they are abnormal, and their children are pitied by other Chinese.

I think the reason younger people are more likely to rent is because they have time to wait. A 45+ year old with kids does not have the luxury of time. His children may be ready to move off to college by the time all of the lines on his charts and projections intersect at the proper coordinates.

I bought my first house at 30 (many years ago). It was an easy decision because at the time I was paying IAC $1,500 for a 2 br apartment in Newport Beach and the mortgage on my 3 br detached condo in Irvine was only $1,700. On the other hand, if I were 30 today, I probably would wait to see if prices go down.

I bought a new home last year. I probably have lost equity, which I was prepared for going into it, but with a family and kid, I did not want to rent.

 

[kwong7_IHB]

Interesting opinions. My sister explained to me that in the old school Chinese philosophy (pre gen-x), one doesn't own a house unless it's paid off. I can't help but feel like things would have ended up better for people if they factored their financial positions based on cash/assets, rather than credit/leveraging. I agree that there was a good amount of peer pressure for folks to buy a home (or several) rather than rent. I personally know people of all ages who got in over their heads overextending during this housing/credit mess. For my co-workers (age 24-40), they felt like they had to buy a condo/house just to keep up with everyone else. On the other hand, my parents-in-law saw it as a means to retire and got greedy trying to hold onto 3 properties using the appraised equity from one to buy the other.

I think a lot of people got their hands burned and are hesitant to get in line for another mortgage. Others saw people getting burned and want to stay the hell away. My wife and I had the option to buy with a NINJA loan (Lennar rep literally said to make up an income), but we decided to rent and pay off some of her $240,000 student loans first.

I don't know which age group of current renters will make the first move to purchase, but we might make the move in the fall...when our lease expires. Unfortunately, we don't qualify for the tax credit on the stimulus package. I guess Uncle Sam will be getting a little more than we planned. BTW, we're in the age 25-30 group.

Did she just finished her residency? Why were you interested in CityPlace?

Nice guess, but the debt is from UCR (undergrad ~5%), USC (law school ~75%), and LSE (LL.M ~20%). She's all done and this will be her first full year of work. My wife and I both grew up in and around Huntington Beach. I've become very comfortable with OC, but my wife loves the city. In her 25 years, she's found programs and internships that led her to DC, NYC, SF, and London. Coming back to OC and getting married entertained the idea of buying a live/work loft or something sort of like it, hence CityPlace. Unfortunately when we house hunt, there always seems to be at least 3 major things wrong with either the build quality/design/neighborhood/HOA that has kept us from loving any particular property. Over the past 3 years, we've considered Lennar's Santiago Street Lofts, Olson's SOCO Walk, Olson's Depot Walk, Harbor Lofts, and CityPlace.

In the end, we've given up on the idea of the new sub-"urban" style and will likely go with a single-family home in the South Coast Metro area or Costa Mesa. As long as I have a garage, big kitchen, and garden I'll be happy. My wife wants a dog friendly home, steam shower, and a huge live-in closet. Of all the above properties, CityPlace came the closest.

Which part of HB did you guys grow up in? I grew up in HB off Bushard/Atlanta for about 20 years and went to Edison HS before I got shipped off to Mater Dei.

I grew up in the harbor, my wife grew up right by the old Huntington Center. I went to Marina and she went to Ocean View. As juvenile as it sounds, we first met at the mall ten years ago! To humor ourselves, we went back to the Westminster Mall to have our 10 year date anniversary mall date...yes, we did go to Cinnabon.

Now to stay somewhat on topic with the original theme, I'd like to comment on most of my peers (me included) are neither professionally nor academically where we'd like to be. Half of our friends are in grad school and the other half are trying to work their way up. This definitely impacts their decision and ability to buy a home. Honestly with the relatively low wages, high cost of living, and expense of lifestyle choices, I don't see how most in the 25-30 age bracket can own a home without help. I can only think of ONE friend who owns a house in Lake Forest who didn't receive any help from family (she's cut all ties with all relatives since high school) nor has any housemates to help with the mortgage...but then most 28 year olds don't make $240K a year and live a relatively frugal lifestyle.

 

[High Gravity_IHB]

I'd like to comment on most of my peers (me included) are neither professionally nor academically where we'd like to be.

You're lucky your wife is a JD/LLM, in time, you'll find that its like being married to a printing press at the Treasury's Bureau of Engraving:

 

[roundcorners_IHB]

Interesting opinions. My sister explained to me that in the old school Chinese philosophy (pre gen-x), one doesn't own a house unless it's paid off. I can't help but feel like things would have ended up better for people if they factored their financial positions based on cash/assets, rather than credit/leveraging. I agree that there was a good amount of peer pressure for folks to buy a home (or several) rather than rent. I personally know people of all ages who got in over their heads overextending during this housing/credit mess. For my co-workers (age 24-40), they felt like they had to buy a condo/house just to keep up with everyone else. On the other hand, my parents-in-law saw it as a means to retire and got greedy trying to hold onto 3 properties using the appraised equity from one to buy the other.

I think a lot of people got their hands burned and are hesitant to get in line for another mortgage. Others saw people getting burned and want to stay the hell away. My wife and I had the option to buy with a NINJA loan (Lennar rep literally said to make up an income), but we decided to rent and pay off some of her $240,000 student loans first.

I don't know which age group of current renters will make the first move to purchase, but we might make the move in the fall...when our lease expires. Unfortunately, we don't qualify for the tax credit on the stimulus package. I guess Uncle Sam will be getting a little more than we planned. BTW, we're in the age 25-30 group.

Did she just finished her residency? Why were you interested in CityPlace?

Nice guess, but the debt is from UCR (undergrad ~5%), USC (law school ~75%), and LSE (LL.M ~20%). She's all done and this will be her first full year of work. My wife and I both grew up in and around Huntington Beach. I've become very comfortable with OC, but my wife loves the city. In her 25 years, she's found programs and internships that led her to DC, NYC, SF, and London. Coming back to OC and getting married entertained the idea of buying a live/work loft or something sort of like it, hence CityPlace. Unfortunately when we house hunt, there always seems to be at least 3 major things wrong with either the build quality/design/neighborhood/HOA that has kept us from loving any particular property. Over the past 3 years, we've considered Lennar's Santiago Street Lofts, Olson's SOCO Walk, Olson's Depot Walk, Harbor Lofts, and CityPlace.

In the end, we've given up on the idea of the new sub-"urban" style and will likely go with a single-family home in the South Coast Metro area or Costa Mesa. As long as I have a garage, big kitchen, and garden I'll be happy. My wife wants a dog friendly home, steam shower, and a huge live-in closet. Of all the above properties, CityPlace came the closest.

Which part of HB did you guys grow up in? I grew up in HB off Bushard/Atlanta for about 20 years and went to Edison HS before I got shipped off to Mater Dei.

I grew up in the harbor, my wife grew up right by the old Huntington Center. I went to Marina and she went to Ocean View. As juvenile as it sounds, we first met at the mall ten years ago! To humor ourselves, we went back to the Westminster Mall to have our 10 year date anniversary mall date...yes, we did go to Cinnabon.

Now to stay somewhat on topic with the original theme, I'd like to comment on most of my peers (me included) are neither professionally nor academically where we'd like to be. Half of our friends are in grad school and the other half are trying to work their way up. This definitely impacts their decision and ability to buy a home. Honestly with the relatively low wages, high cost of living, and expense of lifestyle choices, I don't see how most in the 25-30 age bracket can own a home without help. I can only think of ONE friend who owns a house in Lake Forest who didn't receive any help from family (she's cut all ties with all relatives since high school) nor has any housemates to help with the mortgage...but then most 28 year olds don't make $240K a year and live a relatively frugal lifestyle.

kwong7, hello there welcome... You touched upon something I've been interested in lately which is parental help... How many of your peers recieved parental help to buy their primary residence? How much would be appreciated if you know! Good luck...

 

[bigmoneysalsa_IHB]

This thread may interest you guys.

 

[kwong7_IHB]

Interesting opinions. My sister explained to me that in the old school Chinese philosophy (pre gen-x), one doesn't own a house unless it's paid off. I can't help but feel like things would have ended up better for people if they factored their financial positions based on cash/assets, rather than credit/leveraging. I agree that there was a good amount of peer pressure for folks to buy a home (or several) rather than rent. I personally know people of all ages who got in over their heads overextending during this housing/credit mess. For my co-workers (age 24-40), they felt like they had to buy a condo/house just to keep up with everyone else. On the other hand, my parents-in-law saw it as a means to retire and got greedy trying to hold onto 3 properties using the appraised equity from one to buy the other.

I think a lot of people got their hands burned and are hesitant to get in line for another mortgage. Others saw people getting burned and want to stay the hell away. My wife and I had the option to buy with a NINJA loan (Lennar rep literally said to make up an income), but we decided to rent and pay off some of her $240,000 student loans first.

I don't know which age group of current renters will make the first move to purchase, but we might make the move in the fall...when our lease expires. Unfortunately, we don't qualify for the tax credit on the stimulus package. I guess Uncle Sam will be getting a little more than we planned. BTW, we're in the age 25-30 group.

Did she just finished her residency? Why were you interested in CityPlace?

Nice guess, but the debt is from UCR (undergrad ~5%), USC (law school ~75%), and LSE (LL.M ~20%). She's all done and this will be her first full year of work. My wife and I both grew up in and around Huntington Beach. I've become very comfortable with OC, but my wife loves the city. In her 25 years, she's found programs and internships that led her to DC, NYC, SF, and London. Coming back to OC and getting married entertained the idea of buying a live/work loft or something sort of like it, hence CityPlace. Unfortunately when we house hunt, there always seems to be at least 3 major things wrong with either the build quality/design/neighborhood/HOA that has kept us from loving any particular property. Over the past 3 years, we've considered Lennar's Santiago Street Lofts, Olson's SOCO Walk, Olson's Depot Walk, Harbor Lofts, and CityPlace.

In the end, we've given up on the idea of the new sub-"urban" style and will likely go with a single-family home in the South Coast Metro area or Costa Mesa. As long as I have a garage, big kitchen, and garden I'll be happy. My wife wants a dog friendly home, steam shower, and a huge live-in closet. Of all the above properties, CityPlace came the closest.

Which part of HB did you guys grow up in? I grew up in HB off Bushard/Atlanta for about 20 years and went to Edison HS before I got shipped off to Mater Dei.

I grew up in the harbor, my wife grew up right by the old Huntington Center. I went to Marina and she went to Ocean View. As juvenile as it sounds, we first met at the mall ten years ago! To humor ourselves, we went back to the Westminster Mall to have our 10 year date anniversary mall date...yes, we did go to Cinnabon.

Now to stay somewhat on topic with the original theme, I'd like to comment on most of my peers (me included) are neither professionally nor academically where we'd like to be. Half of our friends are in grad school and the other half are trying to work their way up. This definitely impacts their decision and ability to buy a home. Honestly with the relatively low wages, high cost of living, and expense of lifestyle choices, I don't see how most in the 25-30 age bracket can own a home without help. I can only think of ONE friend who owns a house in Lake Forest who didn't receive any help from family (she's cut all ties with all relatives since high school) nor has any housemates to help with the mortgage...but then most 28 year olds don't make $240K a year and live a relatively frugal lifestyle.

kwong7, hello there welcome... You touched upon something I've been interested in lately which is parental help... How many of your peers recieved parental help to buy their primary residence? How much would be appreciated if you know! Good luck...

Three friends (ages 26-32) have received help from their parents/grandparents in varying amounts from 10-25% of the downpayment. All three pairs of parents strongly encouraged their offspring into homeownership; one mother sounds like she's using her son's house (whom she helped) as a means of tax avoidance. Two friends have housemates paying rent to help hedge the mortgage payments (these friends are smart to refuse to be burdened by a cash sucking mortgage). Most of my peers are renters with roommates and half would like to be homeowners in the next 10 years; the other half are completely content with renting.

*Interesting situation

One friend received an interest-free loan for 15% of her downpayment last year from her half-billionaire ex-boyfriend (he offered to pay for the whole thing, but she didn't like the principle of it). She makes good money as a CPA but decided not to sacrifice a dent to her lifestyle so she found a condomate to split the monthly mortgage (yep she totally wins since she's gaining equity and gets the tax deduction).

*On the other hand

One thing to note, I have 2 friends who are married and chose to move back home with their parents to help their parents from losing their homes. One friend's parents separated a year before my friends married. Their dad/father-in-law was left with a refinanced house with just about zero equity and lost half of his steady income (his ex-wife). My wife and I will likely take in her parents and her sister as a consequence of their overexposure to the real estate crisis. Since last fall, my wife and I have been helping them with cash each month under the condition that they cut-and-run from all properties except their live-in property.

So to sum it up, about 4/7ths of my homeowning friends received help from their parents/grandparents (the one who didn't is completely estranged with all her relatives). One friend got help from her wealthy ex. A married couple decided to sacrifice their plans and chose to help support their dad. My wife and I rent but might purchase a large home to share with her family. Most of my friends are renters and half would like to own by 2019. Reluctantly profiling our local friends, 65% are from various asian descent, 15% european/middle eastern descent, 15% hispanic descent, and 5% black. In fear of being a bad friend, I hope I didn't leave anyone out.

 

[Anonymous_IHB]

One in Five Americans Plan to Buy a House: Report

http://www.housingwire.com/2009/03/23/one-in-five-americans-plan-to-buy-a-house-report/

 

[roundcorners_IHB]

kwong, thanks for that insightful perspective... I always suspected a large percentage of OC/Irvine home buyers our age bracket can only buy with parental help... I started this thread a while back. Again, the number doesn't make sense, even before the bubble, how can a 25 year old, newly married couple buy a $400k Irvine SFR, back in 99!

 

[momopi_IHB]

I moved to CA in 1982, and back then the majority of my Taiwanese immigrant friends lived in rental apartments. Only a few well off ones owned homes in Cerritos area.

In the 1990's, the wave of immigrants from Taiwan and HK had more money, and the financial expectations went up. In the early 1980s, owning a home, any old home, was nice. By 1990's people wanted new or newish homes. The ones built on the hills in Rowland Heights and Diamond Bar were in demand. Irvine was a bit "far" but the affordable new homes made it attractive to many.

Is there a peer pressure to own? When your friends are all buying homes and you're the odd man out, it does make you feel bad.