s/o How old are you? What kind of house do you live in?

[Anonymous]

Anonymous wrote:At 33/34 we bought rowhouse in NW. No help no prior home savings.

Bought 2nd h0me--4 level 1930s SFH in urban area 2 blocks from Metro 4 years later.

Rent out first home. No help from parents, no windfall..just hardworking and very frugal.

We are 40.

Pp- we did it-- but DH is a master at finances and budget

[Anonymous]

Small 3br in close in silver spring. We love the crap out of this house. We wanted a small place (even with an infant , we'll clean it top to bottom today) and we bought it at 29 and 29 in 2009.

[Anonymous]

Anonymous wrote:

Anonymous wrote:31/33. 900k 3000 sq ft. TH N Arlington walkable to metro...not TF-babies etc., DP w/ own resources and mortgage on our own earned dime...and we know plenty of other early to mid 30 somethings in high paying DC jobs with THs/SFHs in the $800-$1M price range. They are two-income professional families of lawyers, World Bank/IMF, doctors etc.

I don't know why there is such surprise about young people able to afford such homes in a place with so many high-end professional jobs with relatively higher job security than other US markets....and no it's nothing to do with having bought in 2000 etc.

I disagree. DH and I are both 34 and we have the typical DC "high end professional jobs" (biglaw and lobbyist) with an HHI in the mid-$300K range. It still would have been difficult for us to have bought our current house ($950K) without having made a killing on the rowhouse we bought in '02 and sold in '05, and we never could have bought that first house without a loan from family. Even with a relatively high HHI it's not so easy to save up a $200K downpayment if you're also being responsible with other savings. The downside of our well-paid jobs is that our time is worth more than our money, so if we ever want to see our kids we have to shell out to live close in, in a home that requires little attention, and outsource everything we can. If taking a cab home instead of the metro means I'll be home for dinner, it's a no-brainer. And of course we have student loans, which is pretty common for well-paid professionals without family money.

I'm NOT crying poverty at all--we're very lucky and very comfortable. I'm just saying that I don't think it's quite that easy to buy a million-dollar house in your early 30s or younger based on income alone. Most of our friends have similar jobs and I don't think any of them live in a house over $1 million except the one with a trust fund. Sure, some 30-somethings make $800K a year, but I'd say that's extremely rare.

You forgot to tell us where you bought sold and live

[Anonymous]

18:00 - YUP.

I am astounded at so many people concerned with what others have here. The best piece of advice I can give you on "how to REALLY get rich quick" is mind your own. Seriously, if you put that energy into your own business, you will be SO much better off!

The second biggest piece of advice I can give you is: SACRIFICE. I'm not talking about saying no to the lattes, althought that helps. But sometimes, if you want all that space, you have to (GASP!) move further out and suck up the commute. No really, it's on YOU.

Third, and everyone knows this, when you buy - buy to stay. It costs to move and sell - you will more often than not lose money or at best, break even. If you plan to leave your renovated house, renovate MINIMALLY - not with all the bells and whistles!

It is amazing to me that there are supposed to be smart people here, but I see none of it. Mind you own, people. No one is going to hand you anything. If they are, you better be more grateful than the next guy.

[Anonymous]

I'm 26 and I live in a $1.6mm 3-story, 3500 sq. ft. townhouse. I only needed to mortgage a little over 200k, so I pay $1100/month on a 15-year fixed. Back story--I inherited the townhouse and I didn't actually need the mortgage but we wanted to modestly update the kitchen and rewire the house. The property taxes are $16k/year. Considering our income, I don't feel like we are stretching it.

The home has also been in my family for years so it's nice to carry on the history.

[Anonymous]

40 large bethesda home. Third house. First in dc when 26. HHI 1m plus. We don't plan to leave for a long time, if ever!

[Anonymous]

36
3bed/2.5bath, 1 car garage, SFH in Fairfax

[Anonymous]

there are over 1,500 homeless people on any given night in Fairfax County. Stop keeping up with the Joneses and help your neighbor.

[Anonymous]

45. DC rowhouse near NY metro redline: 4 bdrm, 3.5 bath, parking.

We own a second home in NYC which we use in the summers but may rent out. Plan on selling here and retiring back to Manhattan.

[Anonymous]

Anonymous wrote:We are in our mid 30's with two school-aged children. We live in a 4 bdrm. colonial in Arlington. We are getting ready to do a pretty substantial addition.

Prior to that, DH bought a townhouse in Arlington at age 27 which we sold in 2005 (to have the money to buy our current house).

We are not lawyers and have never received any type of financial assistance (after graduating from undergrad) from our parents. So, you don't have to be "Biglaw" or have a trust fund to make it in this town. DH has a really good job, we send our children to a great public school, and we live within our means.

Parents paying for undergrad = family money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are in our mid 30's with two school-aged children. We live in a 4 bdrm. colonial in Arlington. We are getting ready to do a pretty substantial addition.

Prior to that, DH bought a townhouse in Arlington at age 27 which we sold in 2005 (to have the money to buy our current house).

We are not lawyers and have never received any type of financial assistance (after graduating from undergrad) from our parents. So, you don't have to be "Biglaw" or have a trust fund to make it in this town. DH has a really good job, we send our children to a great public school, and we live within our means.

Parents paying for undergrad = family money.

In our family and most everyone I know, paying for undergrad = parenting.

[Anonymous]

Anonymous wrote:I'm 26 and I live in a $1.6mm 3-story, 3500 sq. ft. townhouse. I only needed to mortgage a little over 200k, so I pay $1100/month on a 15-year fixed. Back story--I inherited the townhouse and I didn't actually need the mortgage but we wanted to modestly update the kitchen and rewire the house. The property taxes are $16k/year. Considering our income, I don't feel like we are stretching it.

The home has also been in my family for years so it's nice to carry on the history.

LOL!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are in our mid 30's with two school-aged children. We live in a 4 bdrm. colonial in Arlington. We are getting ready to do a pretty substantial addition.

Prior to that, DH bought a townhouse in Arlington at age 27 which we sold in 2005 (to have the money to buy our current house).

We are not lawyers and have never received any type of financial assistance (after graduating from undergrad) from our parents. So, you don't have to be "Biglaw" or have a trust fund to make it in this town. DH has a really good job, we send our children to a great public school, and we live within our means.

Parents paying for undergrad = family money.

In our family and most everyone I know, paying for undergrad = parenting.

What are the stats on this?

[Anonymous]

No stats. But most go to private colleges/universities. Don't know many 18 yr olds who can pay 50k+ yr (no financial aid).

[Anonymous]

First house ($200K) at 25 and 28. Sold and bought second house ($675K) at 32 and 35. Still there 15 years later and now worth about $2m.