Earlier quoted context omitted.
Do you think your peers were able to purchase homes through means not accessible to you? Not to speculate on your circumstances, but it's truly something how many people I know making six figures that choose to rent these days (in competitive, expensive housing markets). One possibility might be, we become so accustomed to renting. I can't imagine developing my career further, and then all of a sudden in 5 years, hav…
Banks will definitely loan out crazy stuff. But it's not very common, from my knowledge, to buy a $1m+ home with less than 20-30% down. (You have to pay PMI and a really high mortgage then anyway) To have a few hundred thousand dollars lying around before you're 28 is pretty remarkable. Especially if you aren't at FAANG. The means they were able to do it through were likely rich family (no one here of course will say…
I also paid $2.5k-$3k to have their own spot. I was keeping expenses low and aggressively investing the difference in companies whose trajectories were all but inevitable in my opinion (+ some broad market index funds which have also done extremely well).
The weird thing about money is that once you get the flywheel turning (not easy), it compounds like magic given that you've made some good decisions.
My intent here isn't to boast. I figured you might appreciate a specific example of circumstances leading to building a modest level of wealth as a 20-something software engineer.
Involved was a lot of hard work, luck, timing, right place (SF), right company, good decisions, help from others, sacrifice, obsession, and a bunch of other things but I'll spare you the boring details. You could boil it _all_ down to luck if you'd like - but that's a bit too cynical for my tastes.