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Reply to "Who can afford 800K-1M homes? Genuine Curiosity!"
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[quote=Anonymous][quote=Anonymous]Dh and I bought our second home for $1.07 million two years ago. We were 38 and 37---gross about 350k-400k/year. We have been married since we were 27 and 28. We also own a home we bought four years ago for $620k. We rent that out as an investment property. We are big savers/investers $-wise. Neither of us came from $ or have been given any financial help. The home purchases were from our own savings. We didn't make a windfall. We bought near the top of the market on the first home and second home. However, both homes are in fantastic neigbhorhoods and have actually seen appreciation in the short time we have owned them. We have two children. I never thought I'd own a million dollar home...much less two homes.[/quote] This is us. though we are slightly younger (35 and 36) and have 3 kids. We bought our second home more recently for just over $1 million and our first home in 2003 for $450k. We now rent out the second home and while we don't turn much of a profit, our expenses are paid for and they renters are - in effect - paying down our mortgage for us. We also make around $480k/year plus bonuses. I will say - life is good and I feel very blessed. We both came from solidly middle to upper middle class families. No big inheritances, but our undergraduate degrees were largely paid for by our parents (both DH and mine). I only now realize what am amazing gift that was.[/quote]
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