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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

This is exactly what I was talking about. You played on easy mode and you think everyone else is doing the same 40+ years later.

Let's play a game. Tell me your job title and employer when you bought that house. Let's see what that salary is today and what you could afford.

I have no idea what point you are trying to make here. I lived in shitholes and built equity instead of living in luxury and a fun lifestyle. I didn't move to a desirable, high priced area and expect too end housing which many people here want it all immediately. There was nothing easy about it

You have no idea what point PP was making because you’re painfully stupid. A 30-something couple wanting a modest 3 bedroom house within an hour of their jobs and in an adequate school district =/= living a luxurious, fun lifestyle. There are significantly more people competing for the exact same resources than when you were young.

Here is a simple point: you built equity in houses you considered shitholes back in the day. Those same houses are what the youngins CANNOT AFFORD today, and guess what? They’re even SHITTIER than when you lived there.

This is a great location in a really fun, family friendly neighborhood where a bunch of my son's friends live. There are literally two busses that pick up for the local elementary school from this neighborhood. I know it's under contract, but OP could easily afford this and if she's not to much of a snob, probably make some great friends: https://www.redfin.com/VA/Falls-Church/7848-Snead-Ln-22043/home/9543478

How dumb are you?

You're not winning any arguments just insulting people and swearing at them. Get help. Do better.

[Anonymous]

Anonymous wrote:What an unpleasant group of posters.

I suspect it's the same bitter person that posts in ALL of these threads about how much they hate Boomers (and doesn't actually know what a Boomer is, so they think anyone over the age of 40 is one). They just need to get help. Clearly they have a terrible relationship with their parents and have made some poor financial decisions. I hope they get the help they need. It's really sad to read them ignoring good advice and just continuing to insult people over and over again. Peace to you, if you're that PP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

This is exactly what I was talking about. You played on easy mode and you think everyone else is doing the same 40+ years later.

Let's play a game. Tell me your job title and employer when you bought that house. Let's see what that salary is today and what you could afford.

I have no idea what point you are trying to make here. I lived in shitholes and built equity instead of living in luxury and a fun lifestyle. I didn't move to a desirable, high priced area and expect too end housing which many people here want it all immediately. There was nothing easy about it

You have no idea what point PP was making because you’re painfully stupid. A 30-something couple wanting a modest 3 bedroom house within an hour of their jobs and in an adequate school district =/= living a luxurious, fun lifestyle. There are significantly more people competing for the exact same resources than when you were young.

Here is a simple point: you built equity in houses you considered shitholes back in the day. Those same houses are what the youngins CANNOT AFFORD today, and guess what? They’re even SHITTIER than when you lived there.

This is a great location in a really fun, family friendly neighborhood where a bunch of my son's friends live. There are literally two busses that pick up for the local elementary school from this neighborhood. I know it's under contract, but OP could easily afford this and if she's not to much of a snob, probably make some great friends: https://www.redfin.com/VA/Falls-Church/7848-Snead-Ln-22043/home/9543478

How dumb are you?

You're not winning any arguments just insulting people and swearing at them. Get help. Do better.

Do better at finding OP a house to buy that’s actually for sale if that’s the strategy you want to use, idiot.

[Anonymous]

Anonymous wrote:We make over $300k and bought in PG at a 3% interest rate. Housing takes up about 10% of our take home. Commute is great. Schools stink. We use the savings for great private schools.

This is the life hack. We love our home and send our kids to great private schools.

[Anonymous]

* we live PG

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The market sets the prices. If you don't prepare to meet the market where it is, you can reasonably expect to be disappointed. Many people in this generation live a life of luxury, free spending, and expect to have it all. That is not a reasonable expectation. I can tell you are upset by the increasing insults you are hurling. No one owes anyone else a house.

I’m upset that you and your entire generation have royally f$&ked up our entire country due to your stupidity and short-sightedness, and you don’t even have the good grace to STFU and stop telling the youngsters that it’s the avocado toast and not the mouth breathing Fox News cult members and the blue blood union busting union beneficiaries (ahem, you) who are ruining their futures.

No one owes you respect. And you clearly aren’t worthy of any.

Look, I am 40, I have 3 kids and have a HHI of 400-450k. We own 3 houses in NW DC all over 1 mil in value. We also send kids to private school (about 80-90k/year).

We also never eat out, and watch what we spend. Our only car is very old, all the properties we bought were fixer uppers, etc. we rent two out of 3 and the rent pays for the mortgage and any repairs needed.

We had about 300k from my others to buy the first house, but we bought the second and third on our own by saving (living below our means).

We are not boomers (also not born in the US), but I see how much families with lower HhI than ours spend… that is why they can’t afford to buy a house. Stop shopping at While Foods, getting Ubers, eating out multiple times a week, getting nails done, etc. and you will see how much you will save.

Literally nothing else in your post counts when the bolded is true, princess. Stop pretending your generational wealth that allowed you to *vault* over your peers is NOTHING and you did it all by yourself because you’re just so wonderful and smart and frugal. Do some calculations using the median income (not your top 1% salary) in the DMV, add in reasonable expenses and retirement savings, and tell me how long it will take you to SAVE an extra 300K.

You’re nothing more than a spoiled rich @$$hole. Seriously, STFU.

Let me break it down for you since you are not very smart.

Yes, my parents helped buying the first house. It was a 1,400 sqft townhouse in downtown DC. Very walkable area, but not very safe and ok schools. House was outdated, but in decent shape for us. We dug the basement (after a couple of years of savings) and started renting it. Our income at the time was HHI 200k. The rent gave us an extra 1,200/months which was great. We had a 3k mortgage per month and one baby. I was in school and mostly took care of our daughter.

After about 6 years, we had saved enough to buy another townhouse. This new house is bigger than the first and little further out. Our income had gone up to maybe 350k (including the rent of the first house around 50k/year). This second house was a big dump. Disgusting, dirty, with pests everywhere. We moved into the basement that was the nicest part of the house (1 bedroom and 1 bathroom for 4 people). Slowly we started fixing the upper part. We took down carpets, broke down some walls, redid bathrooms and eventually 5 years later we redid the kitchen. For the first 4 years we lived with a very ugly and outdated kitchen/appliances. We painted a lot of the house ourselves and tried to cut costs as much as possible. Rented the basement after we moved in the upper floors and increased our income that way.
By this time, our income had gone up to 400 or so, but we had 2 kids in private so our take home was more like 170k. We were paying two mortgages. Always living as cheaply as possible, we bought another home recently while renting the other two.

We are trying to give our kids a head start by giving them a nice house each to start with, but I fully expect them to save and grow their wealth like DH and I are doing. This is how we are easing our kida

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make over $300k and bought in PG at a 3% interest rate. Housing takes up about 10% of our take home. Commute is great. Schools stink. We use the savings for great private schools.

This is the life hack. We love our home and send our kids to great private schools.

Except you are excluded from the community for being uppity.

[Anonymous]

Our first house was a $300k townhouse in 2019 when we were making $160k. We down paid 5% for that house. Our HHI went up to $300k. We sold it in 2023 for $450k and then down paid 10% on a $1 million house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make over $300k and bought in PG at a 3% interest rate. Housing takes up about 10% of our take home. Commute is great. Schools stink. We use the savings for great private schools.

This is the life hack. We love our home and send our kids to great private schools.

Except you are excluded from the community for being uppity.

Not really. Most of my neighbors are in the same boat as us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The market sets the prices. If you don't prepare to meet the market where it is, you can reasonably expect to be disappointed. Many people in this generation live a life of luxury, free spending, and expect to have it all. That is not a reasonable expectation. I can tell you are upset by the increasing insults you are hurling. No one owes anyone else a house.

I’m upset that you and your entire generation have royally f$&ked up our entire country due to your stupidity and short-sightedness, and you don’t even have the good grace to STFU and stop telling the youngsters that it’s the avocado toast and not the mouth breathing Fox News cult members and the blue blood union busting union beneficiaries (ahem, you) who are ruining their futures.

No one owes you respect. And you clearly aren’t worthy of any.

Look, I am 40, I have 3 kids and have a HHI of 400-450k. We own 3 houses in NW DC all over 1 mil in value. We also send kids to private school (about 80-90k/year).

We also never eat out, and watch what we spend. Our only car is very old, all the properties we bought were fixer uppers, etc. we rent two out of 3 and the rent pays for the mortgage and any repairs needed.

We had about 300k from my others to buy the first house, but we bought the second and third on our own by saving (living below our means).

We are not boomers (also not born in the US), but I see how much families with lower HhI than ours spend… that is why they can’t afford to buy a house. Stop shopping at While Foods, getting Ubers, eating out multiple times a week, getting nails done, etc. and you will see how much you will save.

Literally nothing else in your post counts when the bolded is true, princess. Stop pretending your generational wealth that allowed you to *vault* over your peers is NOTHING and you did it all by yourself because you’re just so wonderful and smart and frugal. Do some calculations using the median income (not your top 1% salary) in the DMV, add in reasonable expenses and retirement savings, and tell me how long it will take you to SAVE an extra 300K.

You’re nothing more than a spoiled rich @$$hole. Seriously, STFU.

Let me break it down for you since you are not very smart.

Yes, my parents helped buying the first house. It was a 1,400 sqft townhouse in downtown DC. Very walkable area, but not very safe and ok schools. House was outdated, but in decent shape for us. We dug the basement (after a couple of years of savings) and started renting it. Our income at the time was HHI 200k. The rent gave us an extra 1,200/months which was great. We had a 3k mortgage per month and one baby. I was in school and mostly took care of our daughter.

After about 6 years, we had saved enough to buy another townhouse. This new house is bigger than the first and little further out. Our income had gone up to maybe 350k (including the rent of the first house around 50k/year). This second house was a big dump. Disgusting, dirty, with pests everywhere. We moved into the basement that was the nicest part of the house (1 bedroom and 1 bathroom for 4 people). Slowly we started fixing the upper part. We took down carpets, broke down some walls, redid bathrooms and eventually 5 years later we redid the kitchen. For the first 4 years we lived with a very ugly and outdated kitchen/appliances. We painted a lot of the house ourselves and tried to cut costs as much as possible. Rented the basement after we moved in the upper floors and increased our income that way.
By this time, our income had gone up to 400 or so, but we had 2 kids in private so our take home was more like 170k. We were paying two mortgages. Always living as cheaply as possible, we bought another home recently while renting the other two.

We are trying to give our kids a head start by giving them a nice house each to start with, but I fully expect them to save and grow their wealth like DH and I are doing. This is how we are easing our kida

Again, no one wants to read your autobiography you smug dingbat. Nobody cares what kind of house you picked out with your THREE HUNDRED THOUSAND DOLLAR GIFT.

This update actually makes you look more pathetic. You were pulling down 200K and you STILL needed mommy and daddy to buy you your shitty townhouse? What a freaking loser.

[Anonymous]

Anonymous wrote:Our first house was a $300k townhouse in 2019 when we were making $160k. We down paid 5% for that house. Our HHI went up to $300k. We sold it in 2023 for $450k and then down paid 10% on a $1 million house.

You have a 900k mortgage on 300k HHI?! You are house poor my dear. I don’t care what your interest rate is. That’s insane.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The market sets the prices. If you don't prepare to meet the market where it is, you can reasonably expect to be disappointed. Many people in this generation live a life of luxury, free spending, and expect to have it all. That is not a reasonable expectation. I can tell you are upset by the increasing insults you are hurling. No one owes anyone else a house.

I’m upset that you and your entire generation have royally f$&ked up our entire country due to your stupidity and short-sightedness, and you don’t even have the good grace to STFU and stop telling the youngsters that it’s the avocado toast and not the mouth breathing Fox News cult members and the blue blood union busting union beneficiaries (ahem, you) who are ruining their futures.

No one owes you respect. And you clearly aren’t worthy of any.

Look, I am 40, I have 3 kids and have a HHI of 400-450k. We own 3 houses in NW DC all over 1 mil in value. We also send kids to private school (about 80-90k/year).

We also never eat out, and watch what we spend. Our only car is very old, all the properties we bought were fixer uppers, etc. we rent two out of 3 and the rent pays for the mortgage and any repairs needed.

We had about 300k from my others to buy the first house, but we bought the second and third on our own by saving (living below our means).

We are not boomers (also not born in the US), but I see how much families with lower HhI than ours spend… that is why they can’t afford to buy a house. Stop shopping at While Foods, getting Ubers, eating out multiple times a week, getting nails done, etc. and you will see how much you will save.

Literally nothing else in your post counts when the bolded is true, princess. Stop pretending your generational wealth that allowed you to *vault* over your peers is NOTHING and you did it all by yourself because you’re just so wonderful and smart and frugal. Do some calculations using the median income (not your top 1% salary) in the DMV, add in reasonable expenses and retirement savings, and tell me how long it will take you to SAVE an extra 300K.

You’re nothing more than a spoiled rich @$$hole. Seriously, STFU.

Let me break it down for you since you are not very smart.

Yes, my parents helped buying the first house. It was a 1,400 sqft townhouse in downtown DC. Very walkable area, but not very safe and ok schools. House was outdated, but in decent shape for us. We dug the basement (after a couple of years of savings) and started renting it. Our income at the time was HHI 200k. The rent gave us an extra 1,200/months which was great. We had a 3k mortgage per month and one baby. I was in school and mostly took care of our daughter.

After about 6 years, we had saved enough to buy another townhouse. This new house is bigger than the first and little further out. Our income had gone up to maybe 350k (including the rent of the first house around 50k/year). This second house was a big dump. Disgusting, dirty, with pests everywhere. We moved into the basement that was the nicest part of the house (1 bedroom and 1 bathroom for 4 people). Slowly we started fixing the upper part. We took down carpets, broke down some walls, redid bathrooms and eventually 5 years later we redid the kitchen. For the first 4 years we lived with a very ugly and outdated kitchen/appliances. We painted a lot of the house ourselves and tried to cut costs as much as possible. Rented the basement after we moved in the upper floors and increased our income that way.
By this time, our income had gone up to 400 or so, but we had 2 kids in private so our take home was more like 170k. We were paying two mortgages. Always living as cheaply as possible, we bought another home recently while renting the other two.

We are trying to give our kids a head start by giving them a nice house each to start with, but I fully expect them to save and grow their wealth like DH and I are doing. This is how we are easing our kida

Again, no one wants to read your autobiography you smug dingbat. Nobody cares what kind of house you picked out with your THREE HUNDRED THOUSAND DOLLAR GIFT.

This update actually makes you look more pathetic. You were pulling down 200K and you STILL needed mommy and daddy to buy you your shitty townhouse? What a freaking loser.

Calling people names makes you look even more pathetic… I feel really bad for you that you need or want to do this on an anonymous board. I hope your life gets better

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our first house was a $300k townhouse in 2019 when we were making $160k. We down paid 5% for that house. Our HHI went up to $300k. We sold it in 2023 for $450k and then down paid 10% on a $1 million house.

You have a 900k mortgage on 300k HHI?! You are house poor my dear. I don’t care what your interest rate is. That’s insane.

A lot of people would say that but we don't have any less leftover than when we were making $160k with a $2k mortgage. Then we had take home of around $9000 per month with $2000 mortgage. Now we have a take home of $15000 and a $7000 mortgage.

I don't feel any more poor than I have been and now I have a house I am comfortable raising my family in. Nothing changed other than I have a better house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make over $300k and bought in PG at a 3% interest rate. Housing takes up about 10% of our take home. Commute is great. Schools stink. We use the savings for great private schools.

This is the life hack. We love our home and send our kids to great private schools.

Except you are excluded from the community for being uppity.

Not really. Most of my neighbors are in the same boat as us.

Absolute BS.

[Anonymous]

We are in a 2.6mm home and our mortgage is around 3k. Our parents gifted us the down-payment and we bought a long time ago.