Family of Four on 90k - An Upper Middle Class Existence

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I call bull shit on buying a 800k row house on a 90k salary

Call BS all you like, but I bought my $800k row house on a lower salary than that. Of course it wasn't worth $800k then, but you understood that, right?

Do you want a cookie? Think of how much salary you would need to buy that same home today. So the whole 90k and I am making it fine argument is BULLSHIT if you bought before the bubble. thanks and troll through you dick.

Yes please. Chocolate chip would be nice.

Suggest you read my post above about how I did it and how you can still do it. It doesn't happen overnight and back in 2004 I was kicking myself for not buying five years earlier.

Three is no opportunity to make that type of appreciation in the region today and probably ever again. You won the lottery be grateful for what you lucked out on. Most people aren't as lucky.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I call bull shit on buying a 800k row house on a 90k salary

Call BS all you like, but I bought my $800k row house on a lower salary than that. Of course it wasn't worth $800k then, but you understood that, right?

Do you want a cookie? Think of how much salary you would need to buy that same home today. So the whole 90k and I am making it fine argument is BULLSHIT if you bought before the bubble. thanks and troll through you dick.

Yes please. Chocolate chip would be nice.

Suggest you read my post above about how I did it and how you can still do it. It doesn't happen overnight and back in 2004 I was kicking myself for not buying five years earlier.

Three is no opportunity to make that type of appreciation in the region today and probably ever again. You won the lottery be grateful for what you lucked out on. Most people aren't as lucky.

That's what I thought in 2004. I was wrong and so are you. Bit a fixer upper in a rough neighborhood and fix it up slowly, invest in your home and your community. You can buy now and still live well with less than 100k income. I even made recommendations where. But you also need time to are that increase. Don't expect to buy and see immediate equity.

[Anonymous]

That's what I thought in 2004. I was wrong and so are you. Bit a fixer upper in a rough neighborhood and fix it up slowly, invest in your home and your community

That's probably not going to work if you need your kids to attend their local public school.

[Anonymous]

Anonymous wrote:

That's what I thought in 2004. I was wrong and so are you. Bit a fixer upper in a rough neighborhood and fix it up slowly, invest in your home and your community

That's probably not going to work if you need your kids to attend their local public school.

Exactly, most people aren't in the position to buy a house before being married.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I call bull shit on buying a 800k row house on a 90k salary

Call BS all you like, but I bought my $800k row house on a lower salary than that. Of course it wasn't worth $800k then, but you understood that, right?

Do you want a cookie? Think of how much salary you would need to buy that same home today. So the whole 90k and I am making it fine argument is BULLSHIT if you bought before the bubble. thanks and troll through you dick.

Yes please. Chocolate chip would be nice.

Suggest you read my post above about how I did it and how you can still do it. It doesn't happen overnight and back in 2004 I was kicking myself for not buying five years earlier.

Three is no opportunity to make that type of appreciation in the region today and probably ever again. You won the lottery be grateful for what you lucked out on. Most people aren't as lucky.

So many of these threads get bent around familiar issues. Yes, you can send your kids to private own a nice house in a desirable neighborhood with kids and a HHI of $90k, as long as you aren't on the hook to send $3000 checks to the mortgage company for the next 28 years. You can have that lifestyle on that income but you needed to get on the real estate appreciation wave about a dozen years ago.

For a couple of 35 year olds with little kids in an apartment in 2014, they are going to need a lot more income to make the jump to that 'upper middle class existance'.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I call bull shit on buying a 800k row house on a 90k salary

Call BS all you like, but I bought my $800k row house on a lower salary than that. Of course it wasn't worth $800k then, but you understood that, right?

Do you want a cookie? Think of how much salary you would need to buy that same home today. So the whole 90k and I am making it fine argument is BULLSHIT if you bought before the bubble. thanks and troll through you dick.

Yes please. Chocolate chip would be nice.

Suggest you read my post above about how I did it and how you can still do it. It doesn't happen overnight and back in 2004 I was kicking myself for not buying five years earlier.

Three is no opportunity to make that type of appreciation in the region today and probably ever again. You won the lottery be grateful for what you lucked out on. Most people aren't as lucky.

so you will never have a nice life because of this?? Get over it! There are several broken records on dcum and this is one of them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I call bull shit on buying a 800k row house on a 90k salary

Call BS all you like, but I bought my $800k row house on a lower salary than that. Of course it wasn't worth $800k then, but you understood that, right?

Do you want a cookie? Think of how much salary you would need to buy that same home today. So the whole 90k and I am making it fine argument is BULLSHIT if you bought before the bubble. thanks and troll through you dick.

Yes please. Chocolate chip would be nice.

Suggest you read my post above about how I did it and how you can still do it. It doesn't happen overnight and back in 2004 I was kicking myself for not buying five years earlier.

Three is no opportunity to make that type of appreciation in the region today and probably ever again. You won the lottery be grateful for what you lucked out on. Most people aren't as lucky.

So many of these threads get bent around familiar issues. Yes, you can send your kids to private own a nice house in a desirable neighborhood with kids and a HHI of $90k, as long as you aren't on the hook to send $3000 checks to the mortgage company for the next 28 years. You can have that lifestyle on that income but you needed to get on the real estate appreciation wave about a dozen years ago.

For a couple of 35 year olds with little kids in an apartment in 2014, they are going to need a lot more income to make the jump to that 'upper middle class existance'.

+1,000

[Anonymous]

Good for you, but just so you know the pompous ass attitude of "I can, so you should be able to also" is just as insufferable as the wealthy whiners.
All of you need to take a seat!

[Anonymous]

Anonymous wrote:Good for you, but just so you know the pompous ass attitude of "I can, so you should be able to also" is just as insufferable as the wealthy whiners.
All of you need to take a seat!

so how about those of us making 90k HHI without having bought before the bubble? LOL.

[Anonymous]

Anonymous wrote:The concept of upper middle class is pretty vague and economists and sociologists look at it differently. It usually refers to well-educated professionals with graduate degrees and comfortable incomes secure from economic down-turns. Economists like to emphasize the security from the business cycle. Sociologists like to emphasize skills, education and patterns of behavior. What they agree on is that it isn't about absolute income. While a small business owner or sales executive may earn more than a doctor or lawyer, they are generally not included in the upper middle class concept because those occupations don't necessarily carry the same social status and influence or cultural attributes. Academics are almost always included in the definition, even though they may make very little (adjuncts!). Historians like to point out the unique role that the upper middle class has played in social movements.

Bottom line - money isn't everything. Autonomy, security, and education are better indicators of who is in the upper middle class than income alone.

This is such a good summary of a pretty controversial DCUM issue. Thanks!

[Anonymous]

Anonymous wrote:

That's what I thought in 2004. I was wrong and so are you. Bit a fixer upper in a rough neighborhood and fix it up slowly, invest in your home and your community

That's probably not going to work if you need your kids to attend their local public school.

What I love most about PP was her idea that 'sweat equity' was what added value to her property. It was pure dumb luck to buy before the bubble and gentrification. And it could easily have been a bad bet, just like folks keep expecting acps schools to turnaround.

So the only way to make it to middle class living is to build a time machine or risk your life in a shady neighborhood? And if you think DC will keep appreciating, go check out GMU Fuller discussion on the regions dropping GDP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Good for you, but just so you know the pompous ass attitude of "I can, so you should be able to also" is just as insufferable as the wealthy whiners.
All of you need to take a seat!

so how about those of us making 90k HHI without having bought before the bubble? LOL.

Buy a fixer upper in an area with potential. I already recommended Mount Rainier or Hyattsville. You don't even need to buy a fixer upper there. Live there, do it up, invest in your community. The people who insist that you can only scrape by on $400k are just out and out snobs. If you earn less than $100k you can have a great life. Here are some options that I found during a 30 second search:

$330k, renovated http://www.trulia.com/property/3161467267-HARICLIF-3403-Newton-St-Mount-Rainier-MD-20712 5 bed, 3 bath
$240k, 3 bath http://www.trulia.com/property/3011346974-5505-Gallatin-St-Hyattsville-MD-20781
$185k 3 bed townhome http://www.trulia.com/property/3173459795-WILLOW-HILLS-RESUB-PARC-7603-Swan-Ter-Hyattsville-MD-20785
$215k 3 bed http://www.trulia.com/property/3185320097-GREEN-MEADOWS-6409-Sligo-Pkwy-Hyattsville-MD-20782

None of these are in as bad shape as my house when I bought it. They all have room for significant appreciation. Mount Rainier has a lovely neighborhood feel and community. Hyattsville has a thriving arts district. Commutes in to DC are not excessive. There are lots of families.

The problem here is this huge sense of entitlement. No most people don't get a perfect home handed to them on a plate. You buy what you can afford and you make it work. Don't buy beyond your means.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

That's what I thought in 2004. I was wrong and so are you. Bit a fixer upper in a rough neighborhood and fix it up slowly, invest in your home and your community

That's probably not going to work if you need your kids to attend their local public school.

What I love most about PP was her idea that 'sweat equity' was what added value to her property. It was pure dumb luck to buy before the bubble and gentrification. And it could easily have been a bad bet, just like folks keep expecting acps schools to turnaround.

So the only way to make it to middle class living is to build a time machine or risk your life in a shady neighborhood? And if you think DC will keep appreciating, go check out GMU Fuller discussion on the regions dropping GDP.

You're pretty clueless here. Remember I bought a FORECLOSURE. Yes, the work I have done on the home has added significant value. I also didn't pay through the nose for the work unlike many here in DCUM-LALA-LAND.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

That's what I thought in 2004. I was wrong and so are you. Bit a fixer upper in a rough neighborhood and fix it up slowly, invest in your home and your community

That's probably not going to work if you need your kids to attend their local public school.

What I love most about PP was her idea that 'sweat equity' was what added value to her property. It was pure dumb luck to buy before the bubble and gentrification. And it could easily have been a bad bet, just like folks keep expecting acps schools to turnaround.

So the only way to make it to middle class living is to build a time machine or risk your life in a shady neighborhood? And if you think DC will keep appreciating, go check out GMU Fuller discussion on the regions dropping GDP.

You're pretty clueless here. Remember I bought a FORECLOSURE. Yes, the work I have done on the home has added significant value. I also didn't pay through the nose for the work unlike many here in DCUM-LALA-LAND.

Yes, you gambled and won. Woo-hoo. I have friends who bought foreclosure in Phoenix who lost their shirts. You bought a home where most people can't make a place to live (b/c schools are so bad). People on DCUM are not buying fancy homes, they are paying through the nose for decent schools and live in $ditboxes. The value you put into the house from renovation is maybe $100k, the rest is bubble appreciation. You get a clue and have some modesty.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

That's what I thought in 2004. I was wrong and so are you. Bit a fixer upper in a rough neighborhood and fix it up slowly, invest in your home and your community

That's probably not going to work if you need your kids to attend their local public school.

What I love most about PP was her idea that 'sweat equity' was what added value to her property. It was pure dumb luck to buy before the bubble and gentrification. And it could easily have been a bad bet, just like folks keep expecting acps schools to turnaround.

So the only way to make it to middle class living is to build a time machine or risk your life in a shady neighborhood? And if you think DC will keep appreciating, go check out GMU Fuller discussion on the regions dropping GDP.

You're pretty clueless here. Remember I bought a FORECLOSURE. Yes, the work I have done on the home has added significant value. I also didn't pay through the nose for the work unlike many here in DCUM-LALA-LAND.

Yes, you gambled and won. Woo-hoo. I have friends who bought foreclosure in Phoenix who lost their shirts. You bought a home where most people can't make a place to live (b/c schools are so bad). People on DCUM are not buying fancy homes, they are paying through the nose for decent schools and live in $ditboxes. The value you put into the house from renovation is maybe $100k, the rest is bubble appreciation. You get a clue and have some modesty.

We bought an older townhouse in a good school area - and I don't consider it a **itbox. We have a HHI like OP and we are doing just fine. It can be done. Its about choices.