How can anyone afford a huge expensive home?!

[Anonymous]

Anonymous wrote:Np.

So... with a 230k income you all would think 600-700k is doable?

Of course.

[Anonymous]

bought in 2001 and bought way, way, way more house than we needed as 30 year olds so we'd never have to move.

(and for those who claim that was an easy and great time to buy in the District, no, it wasn't easy. We lost two bidding wars and had to stalk elderly homeowners. in 2000 / 2001)

[Anonymous]

Anonymous wrote:A huge expensive USED home. Boggles my mind.

It's a home, not a car or boat. Used doesn't have the same meaning in terms of value here.

[Anonymous]

My neighborhood is now practically nothing but 1M+ homes. The ones below 1M that are the original houses of the neighborhood and they are becoming few and far between. I live in one

[Anonymous]

Anonymous wrote:bought in 2001 and bought way, way, way more house than we needed as 30 year olds so we'd never have to move.

(and for those who claim that was an easy and great time to buy in the District, no, it wasn't easy. We lost two bidding wars and had to stalk elderly homeowners. in 2000 / 2001)

Ohh tell me about stalking the elderly homeowners. I truly considered that! We're looking to buy in the District in the next year and have been stalking houses in our current neighborhood (Hill East).

[Anonymous]

Anonymous wrote:This is not that HARD. They make more money than you.

K, whatevs.

I'm willing to bet that they either (a) work like a dog or (b) have rich parents.

I feel your pain, OP. I'm one of the $150 HHI DC poors. I found it gross that my former neighbor who is a public school teacher with a SO who didn't appear to work outside the home (often spotted walking their rat dog in pajama pants in the afternoon when I was strolling DC out of our condo building) was able to trade up to an $850K house down the street because of their wealthy parents.
Of

[Anonymous]

The question isn't how they can afford it (they make a lot of money) but why they want it. I would never want a huge mortgage payment. Just me I guess.

[Anonymous]

We bought a townhouse in Logan Circle in 2000 for 425k that needed renovating. It still does. We could probably sell today for 1.6M and roll that into some other house but we like our junker in a great close-in neighborhood.

[Anonymous]

Anonymous wrote:We bought a townhouse in Logan Circle in 2000 for 425k that needed renovating. It still does. We could probably sell today for 1.6M and roll that into some other house but we like our junker in a great close-in neighborhood.

with that much equity why not renovate? sounds like you made an awesome decision in 2000.

[Anonymous]

Three things always stand out for me:

-- in a neighborhood of 200 houses at a price point of $410k, most people paid much less than that. In fact, almost all paid less than you because they bought in 2009 or 2000 or 1990.
Most people I know (including me) would tell you that "we could not afford to buy our house today".

-- Other folks had equity built up in their previous home

-- And, sure: A lot of people make a ton of money around here. The Washington area has about half of the top 10 income counties in the country.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought a townhouse in Logan Circle in 2000 for 425k that needed renovating. It still does. We could probably sell today for 1.6M and roll that into some other house but we like our junker in a great close-in neighborhood.

with that much equity why not renovate? sounds like you made an awesome decision in 2000.

We've gone back and forth on this for years and have secured a line of credit but we have kids schooling in far away neighborhoods and would like a little more outdoor space. We'll see. Since the kids are set we are in no hurry.

[Anonymous]

We paid $500k in the 90s. Some was equity from our previous home. Did a $500k renovation about 10 years later. Worth $1.4m now. We used cash and a HELOC for the reno, and paid the HELOC off in about 3 years. We owe very little on it now. No family money or trusts just 2 working parents. It's not that complicated.

[Anonymous]

Anonymous wrote:We paid $500k in the 90s. Some was equity from our previous home. Did a $500k renovation about 10 years later. Worth $1.4m now. We used cash and a HELOC for the reno, and paid the HELOC off in about 3 years. We owe very little on it now. No family money or trusts just 2 working parents. It's not that complicated.

It isn't that complicated. Just get a time machine to the 90s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We paid $500k in the 90s. Some was equity from our previous home. Did a $500k renovation about 10 years later. Worth $1.4m now. We used cash and a HELOC for the reno, and paid the HELOC off in about 3 years. We owe very little on it now. No family money or trusts just 2 working parents. It's not that complicated.

It isn't that complicated. Just get a time machine to the 90s.

The point is buy what you can, make it nicer, and then hopefully sell for a profit. Roll that into the next one.

[Anonymous]

We make a modest income, but saved A TON over years and lived within our means, drove old cars, etc. Our decisions and sacrifices paid off b/c we could afford to buy a 495K SFH.

So, yes, HHI helps, but starting to save it early on is even more important