Brandon’s Home Ownership Story – Then Vs. Now
You hear it all the time:
“Buying a home today is nearly impossible.”
And while it’s true that home prices have risen, I started wondering if today’s housing challenges are truly worse—or if it just feels that way.
So I decided to run the numbers.
I looked back at my own first home purchase in 2002, and compared what I paid then to what the same home would cost today in 2025. Here’s what I found.
My First Home in 2002: The Starting Point
Back in 2002, I bought a 3-bedroom, 2-bath fixer-upper in Bountiful, Utah. It was about 1,100 square feet, and definitely needed some work (pink carpets, old roof, old windows, everything but the kitchen was old). The purchase price?
👉 $128,000
At the time, I was renting for $425/month. Buying the house bumped my mortgage payment to around $850/month, including PMI.
It was a leap of faith—but one of the best decisions I’ve ever made.
What That Same Home Costs Today
That very same home—same size, same street—is now worth around $400,000 to $425,000.
This isn’t a “nicer” or “newer” home. It’s literally the same house, adjusted for what the market has done over 20+ years.
So how does the monthly payment compare?
📊 Monthly Payment: 2002 vs. 2025
(Same house, same location—just 23 years later)
| Year | Purchase Price | Interest Rate | Mortgage Payment | Median Household Income | % of Income |
|---|---|---|---|---|---|
| 2002 | $128,000 | ~7.0% | ~$850/mo | ~$47,000 | ~22% |
| 2025 | $425,000 | ~6.75% | ~$2,960/mo | ~$82,000 | ~43% |
Assumes 10% down, 30-year fixed mortgage, and similar conditions.
What This Shows
Even though today’s interest rates are slightly lower than in 2002, the price increase alone makes a huge impact. For the exact same house, monthly costs have more than tripled.
In 2002, my mortgage took about 22% of a typical household’s income. In 2025, it takes closer to 43%—nearly double.
It made me nervous at the start, but I quickly found after the first year, that it was totally doable. My friends with similar incomes were buying $150k to $200k+ homes, taking closer to 30 – 40% of their income at the time. In hindsight, I wish I would have stretched a little more, and bought less of a fixer-upper.
🛍️ But There’s More to the Story
Affordability isn’t just about home prices—it’s also about how we live today.
In 2002, most households didn’t carry:
- Streaming subscriptions
- Multiple financed cars
- Large student loans
- Expensive phone/data plans
- As much credit card debt
Today, the average family has more fixed expenses eating into their budget—even before housing.
So yes, homes are more expensive—but so is everything else.
My Takeaway
Is homeownership harder today? Yes—by the numbers, it is. The same home takes a much bigger bite out of household income.
But here’s what hasn’t changed:
Homeownership still builds long-term stability and wealth—if you’re willing to start small and think strategically.
In 2002, I bought what I could afford—a fixer-upper that needed vision and effort. That kind of thinking still applies today.
🙌 Final Thought
If you’re feeling discouraged, don’t give up. You don’t have to buy the perfect home right away. Sometimes the smartest move is just getting in the game.
Want help figuring out what’s possible for you? Let’s talk. No pressure—just real insight.
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