A July 2 Real Estate article said that Michael Halpern had previously helped a friend renovate a house. At the time, that person was Halpern's boyfriend.
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Getting A Head Start on Owning
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Some rough edges remain in his neighborhood. He witnessed a drug deal take place in the alley behind his home one weekend as he was gardening. Items have been stolen from his yard.
In the 12 months that ended March 31, house prices in the District increased 22 percent, behind only Nevada, California and Hawaii, according to the Office of Federal Housing Enterprise Oversight. Over five years, D.C. prices have more than doubled.
People in their twenties, many of whom are still working through graduate programs or in the early years of their careers, are less likely to own homes than any other age group, but the percentage of young homeowners nationally has grown steadily -- and at a faster rate than among the general population -- during the past decade.
In 2004, the national homeownership rate reached a record 69 percent, according to the Census Bureau. In 1995, that number was 64.7 percent. Forty percent of 25- to 29-year-olds own homes, up from 34.7 percent in 1995, while the proportion of people aged 25 and younger jumped from 15.9 percent in 1995 to 25.2 percent in 2004.
With prices rising, Matthew Even, 28, said that he and his wife, Megha, would no longer be able to afford to buy their W Street rowhouse, between the Shaw and U Street neighborhoods.
The couple admit that they wish they had been better prepared when they took out an interest-only loan to purchase their 1,000-square-foot rowhouse two years ago for $305,000. Both work for nonprofit groups; they did not have any money to put down.
Though the couple recently refinanced, they cannot afford to frame the art prints they have collected over the years. Trips to New York and tickets to shows at the nearby 9:30 Club, frequent before they bought their home, are now rare. Megha Even, 30, wonders where in the tiny second bedroom they might someday put a child.
With the house's electricity in need of an upgrade, and other projects including the installation of a new heat pump looming, the couple say they have learned that they must save for unanticipated costs. They want to remodel the kitchen, but that will have to wait.
"We've been trying to save for it, but every time, we come across new expenses and have to start over," Megha Even said.
Being "house poor" is an experience that many young homeowners share. Unable to spend money to pay others to make necessary repairs, some are gaining valuable home improvement skills.
When friends call with drink or dinner invitations, Potter's typical response is: "I'm hanging drywall."
He said, "All the money I have coming in right now, it's all going to the house."
