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

[Anonymous]

Anonymous wrote:
Parents paying for undergrad = family money.

That's awfully glib. In my case, that "family money" was the Social Security survivors' benefits my sister and I both received when our mother died. My dad controlled it, invested it, and used it to pay our college tuition. Please try not to make such sweeping generalizations.

[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.

Agree with this. DH and I are early 30s and live in a small $800K rowhouse in NW, but DH's parent helped with the down payment. We were both biglaw at the time, but between student loans, 401k, safety net, (and now the 529 and childcare) etc., it takes awhile to save up a substantial down payment. And sure, we could live further out, but our long hours means that a long commute would severely crunch family time. It also means that we outsource many other things and pay a premium for flexible childcare (a nanny).

Like PP, I'm NOT complaining. I am incredibly fortunate -- I know that. But the point is that even with high paying jobs, I don't think many early 30s people buy expensive houses without family help (or they were young enough to have first bought pre-2003 or so). Most of our friends live further out, in condos, or in transitional neighborhoods.

[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.

While that is true, you aren't really "making" it. Your kids go to public and you live in Arlington. Just saying. So you should stop making subtle digs at "biglaw" and the income it provides.

I think the pp was just trying to make a point based on all the other posts referring to lawyers. Arlington is a very expensive area to live in. And nothing wrong with sending kids to public schools. You sound pompass.

[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.

While that is true, you aren't really "making" it. Your kids go to public and you live in Arlington. Just saying. So you should stop making subtle digs at "biglaw" and the income it provides.

I think the pp was just trying to make a point based on all the other posts referring to lawyers. Arlington is a very expensive area to live in. And nothing wrong with sending kids to public schools. You sound pompass.

Arlington is still second tier. Lets not kid ourselves. No one who can afford DC private schools or McLean houses moves to Arlington. It's the worst of all worlds.

[Anonymous]

Anonymous wrote:

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.

While that is true, you aren't really "making" it. Your kids go to public and you live in Arlington. Just saying. So you should stop making subtle digs at "biglaw" and the income it provides.

I think the pp was just trying to make a point based on all the other posts referring to lawyers. Arlington is a very expensive area to live in. And nothing wrong with sending kids to public schools. You sound pompass.

Arlington is still second tier. Lets not kid ourselves. No one who can afford DC private schools or McLean houses moves to Arlington. It's the worst of all worlds.

It is all a matter of preference. I would never live in DC, just my preference. I know a lot of people that have more than enough money to send their kids to private schools but don't. Do you know the Arlington are well? Doesn't sound like it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

While that is true, you aren't really "making" it. Your kids go to public and you live in Arlington. Just saying. So you should stop making subtle digs at "biglaw" and the income it provides.

I think the pp was just trying to make a point based on all the other posts referring to lawyers. Arlington is a very expensive area to live in. And nothing wrong with sending kids to public schools. You sound pompass.

Arlington is still second tier. Lets not kid ourselves. No one who can afford DC private schools or McLean houses moves to Arlington. It's the worst of all worlds.

It is all a matter of preference. I would never live in DC, just my preference. I know a lot of people that have more than enough money to send their kids to private schools but don't. Do you know the Arlington are well? Doesn't sound like it.

Preferences have evolved...many young high-end professionals buying expensive new construction houses in Lyon Village (>$1M), for example, have no desire to live in McLean...they want to be as close as possible to their DC jobs but with the services/environment offered by Arlington/NoVA. LV, as an example, for some would be 3 miles to a central K st. workplace....plenty of these people, even with the strong APS, also choose DC privates, some of which are actually also very close car commutes...

[Anonymous]

I'm mid-30s and we live in a little house just outside the beltway. It was a fixer upper and less than $400K to buy. The schools are good, but my commute to Arlington kind of sucks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Parents paying for undergrad = family money.

That's awfully glib. In my case, that "family money" was the Social Security survivors' benefits my sister and I both received when our mother died. My dad controlled it, invested it, and used it to pay our college tuition. Please try not to make such sweeping generalizations.

I agree. In my case it was parents who worked their tails off in the restaurant business. Instead of using that money for fancy cars or fancy vacations they used it to send me and my brother to college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Parents paying for undergrad = family money.

That's awfully glib. In my case, that "family money" was the Social Security survivors' benefits my sister and I both received when our mother died. My dad controlled it, invested it, and used it to pay our college tuition. Please try not to make such sweeping generalizations.

I agree. In my case it was parents who worked their tails off in the restaurant business. Instead of using that money for fancy cars or fancy vacations they used it to send me and my brother to college.

I was middle class. No family money, yet my parents somehow sent 5 kids to college. We had to pay for grad school, but they paid for undergrad and I'm very grateful. DH's parents were very blue collar, yet they paid for his college and most of law school. DH and I started out with a condo in 1999. It was $300 and we put down 10%, I think. We made $100K on the sale and put it into a house. We just sold that house and were able to put $300K into our $700K house that we own now. WE live near WFC metro in FFX county and our kids go to public school. I'm happy with where we are. I'm not sure that private school would be worth the added expense. If we thought it was, we'd struggle to make it happen. Instead, we're focusing on saving for college. I'd like to be able to do what my and DH's parents did.

[Anonymous]

We are 35 and living in a 1960s 5-br cape cod in Springfield. Would have loved to stay in Arlington, where we were renting 7 years ago, but we could only have afforded a tiny townhouse or condo there for the same $.

[Anonymous]

Anonymous wrote:

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.

While that is true, you aren't really "making" it. Your kids go to public and you live in Arlington. Just saying. So you should stop making subtle digs at "biglaw" and the income it provides.

I think the pp was just trying to make a point based on all the other posts referring to lawyers. Arlington is a very expensive area to live in. And nothing wrong with sending kids to public schools. You sound pompass.

Arlington is still second tier. Lets not kid ourselves. No one who can afford DC private schools or McLean houses moves to Arlington. It's the worst of all worlds.

Are you seriously suggesting McLean is some sort of ideal? Seriously? I'd rather cut my leg off then live there. It would be nice to have more money but I sure as hell wouldn't spend it in McLean. Holy crap.

[Anonymous]

I am 29 and DH is 33. We rent in Arlington. I have only been out of school for two years and we don't want to be house poor so we are simply waiting till we have enough $$ to make a sizable down payment. Couple more years I imagine.

Oh and those that think Arlington schools are the worst. I have no clue where you grew up but let me tell you they are heads and shoulders above schools in many other states. All about perspective people.

[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.

If you think money has anything at all to do with parenting, you must not be a parent.

[Anonymous]

Anonymous wrote:

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!

I don't know why you think it's so funny. It wasn't a joke.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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!

I don't know why you think it's so funny. It wasn't a joke.

Really, you don't get how nice it must be to be in your position????? Of course you're not "stretching it," you've basically inherited 1.5M.