SERIOUSLY - how are people affording these $1Mil+ homes with $8,000+ monthly mortgages!?

[Anonymous]

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

Nobody thinks they're owed a mansion, we literally just want an affordable starter home.

The problem is the boomers moaning about millennials still think a "starter home" mean a small, outdated house in a decent, close-in neighborhood like it did in their day, when nowadays the first rung on the property ladder for people without exception-to-the-rule careers (biglaw and tech) actually means either a 1br condo that may never appreciate enough to reach that second rung, or a rowhouse in a neighborhood that boomers decrying them for not buying there would never even set foot in.

Buddy, if we could buy a 1,000sf SFH in Bethesda and Arlington on a GS-9 salary like you all did, you'd never hear us complain again. We don't want luxury, we just want what you had.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

Nobody thinks they're owed a mansion, we literally just want an affordable starter home.

The problem is the boomers moaning about millennials still think a "starter home" mean a small, outdated house in a decent, close-in neighborhood like it did in their day, when nowadays the first rung on the property ladder for people without exception-to-the-rule careers (biglaw and tech) actually means either a 1br condo that may never appreciate enough to reach that second rung, or a rowhouse in a neighborhood that boomers decrying them for not buying there would never even set foot in.

Buddy, if we could buy a 1,000sf SFH in Bethesda and Arlington on a GS-9 salary like you all did, you'd never hear us complain again. We don't want luxury, we just want what you had.

Exactly. The concept of a starter home like you mentioned doesn't really exist in Montgomery County. And for those saying "oh, not everyone needs a million dollar luxury mansion," in Montgomery County, million dollar homes aren't really anything special. Here are some properties on the market in MoCo that are right around $1 million that, as you can see, are your typical run of the mill suburban homes:


https://www.redfin.com/MD/Potomac/1500-W-Kersey-Ln-20854/home/10524174

https://www.redfin.com/MD/North-Potomac/11449-Frances-Green-Dr-20878/home/10619787

[Anonymous]

Want what I had...Hmm. Bought a house in a NJ town that was the butt of mainstream music (Bruce Springsteen wrote an entire album dedicated to escaping places like this) when I was 24. It was so small the developer had to build it up sideways so the front door opened up directly to the back of someone else's house. Continued to upgrade as my job allowed. Economic activity in NYC fueled a bit of property value/economic boom to the entire area, to the point most people couldn't afford it any longer. Exactly the same thing happened to this area. Would I, starting at 24 over again, be able to afford a 'nice' starter home in a desirable area? No. But I didn't live in a great area back then either. I just had a decade or two of forced savings on top of the typical millenial first time buyer.

[Anonymous]

Yeah sorry those are highly desirable homes in a very nice area.

[Anonymous]

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

People just have too high of expectations. What was considered a typical middle class house in the suburbs 50 years ago is now considered a dump. People are now demanding significant square footage in prime locations. If you can't hang, buy a place in cow country like everyone else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

Nobody thinks they're owed a mansion, we literally just want an affordable starter home.

The problem is the boomers moaning about millennials still think a "starter home" mean a small, outdated house in a decent, close-in neighborhood like it did in their day, when nowadays the first rung on the property ladder for people without exception-to-the-rule careers (biglaw and tech) actually means either a 1br condo that may never appreciate enough to reach that second rung, or a rowhouse in a neighborhood that boomers decrying them for not buying there would never even set foot in.

Buddy, if we could buy a 1,000sf SFH in Bethesda and Arlington on a GS-9 salary like you all did, you'd never hear us complain again. We don't want luxury, we just want what you had.

OP is literally complaining about having to buy a house with normal 8' ceiling height and 1500 sq ft.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

People just have too high of expectations. What was considered a typical middle class house in the suburbs 50 years ago is now considered a dump. People are now demanding significant square footage in prime locations. If you can't hang, buy a place in cow country like everyone else.

WTF? Those middle class “dumps” are still a million freaking dollars anywhere within an hour of a job in the DMV. Middle class salaries don’t allow today’s middle class workers to even consider buying anything remotely close to their job if they they work in DC. God forbid they consider the schools.

The question of whether they think they’re too good for the housing stock is a straw man. Stop gaslighting the youngsters.

[Anonymous]

How do they?

Parents, crypto, or bought over 10 years ago

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

People just have too high of expectations. What was considered a typical middle class house in the suburbs 50 years ago is now considered a dump. People are now demanding significant square footage in prime locations. If you can't hang, buy a place in cow country like everyone else.

Agree with this! Did you see the links above where a PP claims “the concept of a starter home does not exist in Moco,” and links to 975k properties to show that $1m homes in the area are “typical run of the mill suburban homes” that “aren’t anything special”? Look at the first link - they’re implying that a 3-level, 4BR house with master sitting room and ensuite, 2 car garage, patio and fenced backyard is a starter house.

[Anonymous]

^and the second one is 6 bedrooms, 4.5 baths. Just…what?

[Anonymous]

Anonymous wrote:Slightly related point here: it is hard to stomach a $8K monthly payment for the $1M home, when you could rent that same home for less. It really depends what neighborhood you are looking at. "Building equity" is great - but you need to typically stay in a home for 5+ years before you can sell without a loss. And people tend to forget how expensive maintenance can be.

Yes somehow the rent for our neighbors across the street is not much more than half of our mortgage payment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP: The answer is mostly that people have family help by giving them money for the down payment. Yes, there are some outliers of people that make a lot of money, but I fully believe that the people affording these houses you mention are able to do so primarily because they have family help.

I have to say that I feel for you, OP, as we're in a similar situation. We're in a TH in MoCo that we're rapidly outgrowing, and are looking at SFHs in the better school clusters, and they are all expensive.

I really think this is something that people who don't know how to live frugally tell themselves. Meanwhile they spend their 20s going to bachelor(ette) parties in Mexico and the Caribbean, spending tons at brunches, happy hours and going out, living in expensive luxury apartments, buying fancy tech, etc. It's easy to fritter away the money as a single person, but then you hit your 30s with little to nothing in the bank and panic. And you don't know who to live frugally because you're so used to spending freely.

+1 Don't just brush off everyone who saved their money by assuming they were handed money on a silver platter. I saved my money instead of spending on those exact things you listed. That enabled me to buy my first place in my early 30's, then use that equity to buy the next place.

It's better to live frugally in your 20's when others are doing it too. It's mind boggling how OP and their spouse went through so many milestones without saving to buy a house. Almost everyone I knew who was getting married either owned a home or was saving for it. How on earth do you get married and have kids without this being a priority?

Time is the most precious thing we all have and the day you graduate college to day you are married is a short window in your life. When you have a paycheck coming in and most of your friends and people your age are single and able to meet up and go on vacation. Why throw it away to save a few bucks?

My only regret is I did not spend more.

[Anonymous]

Anonymous wrote:^and the second one is 6 bedrooms, 4.5 baths. Just…what?

Those are really nice homes on big lots. Not starter homes at all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

Nobody thinks they're owed a mansion, we literally just want an affordable starter home.

The problem is the boomers moaning about millennials still think a "starter home" mean a small, outdated house in a decent, close-in neighborhood like it did in their day, when nowadays the first rung on the property ladder for people without exception-to-the-rule careers (biglaw and tech) actually means either a 1br condo that may never appreciate enough to reach that second rung, or a rowhouse in a neighborhood that boomers decrying them for not buying there would never even set foot in.

Buddy, if we could buy a 1,000sf SFH in Bethesda and Arlington on a GS-9 salary like you all did, you'd never hear us complain again. We don't want luxury, we just want what you had.

OP is literally complaining about having to buy a house with normal 8' ceiling height and 1500 sq ft.

As recently as 2020 you could buy a small home in Bethesda for 600K.

https://www.redfin.com/MD/Bethesda/6218-Rockhurst-Rd-20817/home/10670708

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bunch of millenials moaning they can't suddenly afford luxe housing the second they want one after 15 years of renting in trendy areas. There's plenty of affordable starter places on the market. Sorry you think life owes you a mansion.

Nobody thinks they're owed a mansion, we literally just want an affordable starter home.

The problem is the boomers moaning about millennials still think a "starter home" mean a small, outdated house in a decent, close-in neighborhood like it did in their day, when nowadays the first rung on the property ladder for people without exception-to-the-rule careers (biglaw and tech) actually means either a 1br condo that may never appreciate enough to reach that second rung, or a rowhouse in a neighborhood that boomers decrying them for not buying there would never even set foot in.

Buddy, if we could buy a 1,000sf SFH in Bethesda and Arlington on a GS-9 salary like you all did, you'd never hear us complain again. We don't want luxury, we just want what you had.

OP is literally complaining about having to buy a house with normal 8' ceiling height and 1500 sq ft.

As recently as 2020 you could buy a small home in Bethesda for 600K.

https://www.redfin.com/MD/Bethesda/6218-Rockhurst-Rd-20817/home/10670708

And that house has nearly doubled since then. Not sure what you're trying to prove.