Who can afford 800K-1M homes? Genuine Curiosity!
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Anonymous
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S/O from the Capital Hill thread that I started.
What I can't figure out is how there can be so many people who can afford homes priced at 800K-1M? DH and I are both college graduates with HHI of 130K when we were both working. I'm at home with a baby now, and since I will probably be home more if we have a #2 or working part-time, we want to be more conservative about home price. What I can't figure out is who is buying the 900K places in Capital Hill? Growing up in a different part of the country it was known that certain professions did well financially: doctors, big law, owners of profitable businesses, and people with inherited wealth. There is so, so much housing stock at such a high price point in the DC metro area, that there can't be enough of the above mentioned folks to buy them all. What are the jobs that I don't know about that enable people to afford these homes? Serious inquiry! I want my kids to be aware of these professions! It is strange that solidly middle (and over 100K in other places would be considered upper-middle) class families can only afford more crime-ridden areas within the city. How does the criminal element afford to live there? |
Anonymous
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Economists.
People who saved well and were lucky to buy and sell at the right times. |
Anonymous
| Cardiothoracic surgeons. |
Anonymous
Who can afford $1 million? The short answer is, two-earner couples where one parent does not quit working to stay with the baby. Harsh truth. -- a SAHM, kicking around in a veritable ghost town up here in NW DC, 8 a.m. to 7 p.m, Mon - Fri |
Anonymous
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OP,
We had a HHI of 180K when we were both working. Then I became a SAHM and that dropped by half and then went back up to the same level over 10 years because DH got promoted. We live in a 800K home because we bought our first condo in 99, sold it in 2004 for double the price, bought a fixer upper with the money, fixed it up and sold it for double the price 2 years ago (not flipping--we just needed to move). So now we live in an 800k home because it's the size and in the condition and in the neighborhood we wanted, not because we wanted to spend this much on housing. |
Anonymous
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Lawyers.
I read your other post about Capitol Hill. Have you looked at Brookland? We make about the same as you and have a cute rowhouse in Brookland. You can find nice rowhomes (the smaller ones) for the mid 300's. Most of our neightbors are teachers, non-profit workers, etc. The neighborhood is full of young families. The public schools aren't good, but we're working on it. |
Anonymous
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We just bought a $1M house (put 20% down). I am a lawyer at a big law firm. DH is a partner at an IT firm. HHI is $500k. Both have graduate degrees.
I don't think we are a majority in this area, but I suspect there are quite a lot of people like us (dual pretty high incomes). |
Anonymous
Not |
Anonymous
Why is that? |
Anonymous
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We started with two incomes, a little down payment and a little condo. Recently sold (with some nice appreciation) and moved into something in the 600k range. Once we get it fixed up, the house should easily be work $100k more, plus there's appreciation and the gradual paydown of our mortgage. Should we ever move again, I can see us getting something in the range you're curious about.
No one deserves their "forever" house right off the bat. Most of us (well, those who live in the real world unsupported by trust funds or six-figure bonuses) have paid our dues with smaller, crappier, compromise-filled housing and now we have the building blocks in place to enjoy more options. |
Anonymous
| Two professionals (one JD, one masters) working in the public sector, early 30s. HHI $200k+. Bought a house ($650k) in an urban, up and coming area (U Street) in 2008 that has appreciated enough to sell and buy a $1.2 million + house in the suburbs (Potomac). |
Anonymous
| I'm a GS-14, DH is a GS-15, so we have a HHI of over $200K. We both had starter type homes before we married that we made a bunch of money on. We sold one at the height of the market after we got married. We recently used that money that we have just been saving for about 5 years to sell our current house and buy a house for $790K. |
Anonymous
| People who bought in DC in the late 90s. |
Anonymous
| World Bank, Inter-American Development Bank, IMF...this trio is a major employer of high earners in the metro area... |
Anonymous
| Lobbyists, Tech Entreprenuers (lots of them in the DC metro area), Venture Capitalists. |