Starter Home

Definition

A concept from the 1990s where young people could afford a small first home before upgrading. Now it mostly exists as a fairy tale told by boomers alongside legends of affordable college and pension plans.

Example Usage

"My parents bought a starter home at 25. I'm 35 and my starter home is my childhood bedroom with a new coat of paint and shattered dreams." - A millennial

Related Terms

Intermediate

graduated lease

A lease with predetermined rent increases at scheduled intervals, allowing tenants to budget for inevitable pain. The landlord's inflation hedge disguised as transparency.

🏠 Real Estate

Advanced

deed of trust

A three-party alternative to a mortgage where a trustee holds the property title until the loan is paid. Like a mortgage, but with an extra person who can foreclose faster.

🏠 Real Estate

Intermediate

transfer tax

A tax levied by state or local government when property ownership changes hands. It's the government's cut of your real estate transaction, because apparently they weren't getting enough already.

🏠 Real Estate

Advanced

gift of equity

When a seller (usually a family member) sells a property below market value and treats the difference as a down payment gift. It's nepotism in real estate form, and the IRS has feelings about it.

🏠 Real Estate

Intermediate

neighborhood lifecycle

The predictable pattern of growth, stability, decline, and potential revitalization that communities experience over time. It's the circle of life for zip codes, complete with the inevitable gentrification controversy.

🏠 Real Estate

Intermediate

WAC

Walk-Away Cash—the net proceeds a seller receives after paying off mortgages, liens, commissions, and closing costs. It's the moment of truth when sellers discover whether they're taking home a check or writing one.

🏠 Real Estate

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