How does your family survive making under 200k hhi

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:98th percent is Asian f, good luck

Huh?

Haha, so true.

Whatever, I don't need for my kid to be perfect. My point is that he is performing well in a non-W school despite the "risks" of sitting alongside people with brown skin in the classrooms.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh, come on. There are plenty of undervalued homes located throughout the Washington DC metro area that are more than affordable to most people making $100K per year. There is a lot of value to be had in downcounty MoCo and PG County. In my neighborhood, homes are going for about $300K and we are walking distance to metro!

And then basically pay for another house by going private with two kids for 13 yrs.

50yo PP with two kids here. We live in downcounty MoCo and our kids go to public school. No need for privates - they are getting a good education thanks to MCPS.

What you are saying tells me not that you find it hard to "survive" on $200K in this area. You find it hard to attain the best of everything for your family on $200K. Which is altogether different.

BINGO. There are a lot of highly educated Feds, journalists, professionals making less than $200k for a family of four and feeling like somehow they deserve more. Fact is, wages have stagnated. It was easier to have a nice lifestyle even ten years ago. Sudden influx of NYC-type wealth in DC has skewed everyone's expectations. Ten or fifteen years ago, shabby chic and gentille poverty was fine -- now it's not.

[Anonymous]

Anonymous wrote:Although there are exceptions, most who are amazed that folks find it frustrating to not be living more comfortably on roughly $200K seem to have bought pre-run up in prices (so have a house in a good school district even if they dont have an astronomical mortgage) or else have a SAHP so the 2nd salary isn't taxed at such a high level and they don't have the child care expenses. If 1 person can earn X it goes much further than 2 people earning that amount or even a little more.

Or they don't live in a 2000 sq. ft. house in a desirable neighborhood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh, come on. There are plenty of undervalued homes located throughout the Washington DC metro area that are more than affordable to most people making $100K per year. There is a lot of value to be had in downcounty MoCo and PG County. In my neighborhood, homes are going for about $300K and we are walking distance to metro!

And then basically pay for another house by going private with two kids for 13 yrs.

50yo PP with two kids here. We live in downcounty MoCo and our kids go to public school. No need for privates - they are getting a good education thanks to MCPS.

What you are saying tells me not that you find it hard to "survive" on $200K in this area. You find it hard to attain the best of everything for your family on $200K. Which is altogether different.

BINGO. There are a lot of highly educated Feds, journalists, professionals making less than $200k for a family of four and feeling like somehow they deserve more. Fact is, wages have stagnated. It was easier to have a nice lifestyle even ten years ago. Sudden influx of NYC-type wealth in DC has skewed everyone's expectations. Ten or fifteen years ago, shabby chic and gentille poverty was fine -- now it's not.

gentile poverty? No this area used to be middle managers and government workers so the housing stock and lifestyle wasn't that high.

Since the money moved in during the 90s the area has transformed and the col has shot up.

[Anonymous]

This thread is hilarious.

[Anonymous]

Ten or fifteen years ago, shabby chic and gentille poverty was fine -- now it's not.

gentile poverty? No this area used to be middle managers and government workers so the housing stock and lifestyle wasn't that high.

Say it with me, both of you: "GENTEEL poverty."

[Anonymous]

Anonymous wrote:In came back to the DC area in 2008 after working abroad for 5 years. My salary then was $65,000. My DW and I bought a house near DTSS for $228,000. We could have sold it at the peak of the bubble for about $600K.

From 2002 - 2003, we were single income as my DW went to grad school. Our mortgage payment was $1500/mo. In 2004, we went back overseas for four years (Korea). During this time, and this is the only time in our 17 years of marriage, we were dual income. We rented out our SS house for $1600/mo. We saved enough money while overseas for a down payment on another house. So, we bought a second home as a primary residence and continue to rent out the SS house.
We currently have a net work of $500K, $100K iinvested and available for college and $300K in my TSP.

I make approximately $140K as a Fed. DW is SAHM. We seem to be doing OK. We dont' take extravagant vacations. We drive old cars. DD is in public schools in FFX and we are happy with them. So, it is completely doable depending on your lifestyle choices!

Must be nice to have taken advantage of the housing boom and not have childcare expenses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Although there are exceptions, most who are amazed that folks find it frustrating to not be living more comfortably on roughly $200K seem to have bought pre-run up in prices (so have a house in a good school district even if they dont have an astronomical mortgage) or else have a SAHP so the 2nd salary isn't taxed at such a high level and they don't have the child care expenses. If 1 person can earn X it goes much further than 2 people earning that amount or even a little more.

Or they don't live in a 2000 sq. ft. house in a desirable neighborhood.

Exactly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Although there are exceptions, most who are amazed that folks find it frustrating to not be living more comfortably on roughly $200K seem to have bought pre-run up in prices (so have a house in a good school district even if they dont have an astronomical mortgage) or else have a SAHP so the 2nd salary isn't taxed at such a high level and they don't have the child care expenses. If 1 person can earn X it goes much further than 2 people earning that amount or even a little more.

Or they don't live in a 2000 sq. ft. house in a desirable neighborhood.

Exactly.

This is just not true, unless your expectation is to live in the most affluent areas. We live in a 2100 soft (plus 600 basement finished sqft) home in neighborhood of homes that have gone for between 650-800 in the past three years, many under contract within a week of listing. It is in Vienna, so maybe that is not desirable for some, but it works for us. We had to save aggressively for a few years for the down payment, but that is to be expected anywhere. It can be done, but it requires making saving a priority and delaying gratification. You CAN do it on 120-200k, but you might not be willing to. There is a big difference between the possibility of a tasks and an individual actually accomplishing it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In came back to the DC area in 2008 after working abroad for 5 years. My salary then was $65,000. My DW and I bought a house near DTSS for $228,000. We could have sold it at the peak of the bubble for about $600K.

From 2002 - 2003, we were single income as my DW went to grad school. Our mortgage payment was $1500/mo. In 2004, we went back overseas for four years (Korea). During this time, and this is the only time in our 17 years of marriage, we were dual income. We rented out our SS house for $1600/mo. We saved enough money while overseas for a down payment on another house. So, we bought a second home as a primary residence and continue to rent out the SS house.
We currently have a net work of $500K, $100K iinvested and available for college and $300K in my TSP.

I make approximately $140K as a Fed. DW is SAHM. We seem to be doing OK. We dont' take extravagant vacations. We drive old cars. DD is in public schools in FFX and we are happy with them. So, it is completely doable depending on your lifestyle choices!

Must be nice to have taken advantage of the housing boom and not have childcare expenses.

Your children will not always require childcare costs. Just wait until braces and driver's license and college. There will always be another boom and bust cycle and you will be on the beneficial side then. We bought at the top of the last boom (1989), 24 years later you guys are telling us we caught a "lucky" break. It took over 10 years before our house value increased.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In came back to the DC area in 2008 after working abroad for 5 years. My salary then was $65,000. My DW and I bought a house near DTSS for $228,000. We could have sold it at the peak of the bubble for about $600K.

From 2002 - 2003, we were single income as my DW went to grad school. Our mortgage payment was $1500/mo. In 2004, we went back overseas for four years (Korea). During this time, and this is the only time in our 17 years of marriage, we were dual income. We rented out our SS house for $1600/mo. We saved enough money while overseas for a down payment on another house. So, we bought a second home as a primary residence and continue to rent out the SS house.
We currently have a net work of $500K, $100K iinvested and available for college and $300K in my TSP.

I make approximately $140K as a Fed. DW is SAHM. We seem to be doing OK. We dont' take extravagant vacations. We drive old cars. DD is in public schools in FFX and we are happy with them. So, it is completely doable depending on your lifestyle choices!

Must be nice to have taken advantage of the housing boom and not have childcare expenses.

Your children will not always require childcare costs. Just wait until braces and driver's license and college. There will always be another boom and bust cycle and you will be on the beneficial side then. We bought at the top of the last boom (1989), 24 years later you guys are telling us we caught a "lucky" break. It took over 10 years before our house value increased.

It's more than just housing and childcare expenses. Healthcare costs have skyrocketed. My copays look like I'm not even paying monthly premiums. College expenses have risen exponentially, gas prices increased tremendously just in the last few years, 401k matching have gone done if you get any now. People used to get good pensions. So yes, I think things were overall cheaper in relation to salary 20 years ago compared to now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In came back to the DC area in 2008 after working abroad for 5 years. My salary then was $65,000. My DW and I bought a house near DTSS for $228,000. We could have sold it at the peak of the bubble for about $600K.

From 2002 - 2003, we were single income as my DW went to grad school. Our mortgage payment was $1500/mo. In 2004, we went back overseas for four years (Korea). During this time, and this is the only time in our 17 years of marriage, we were dual income. We rented out our SS house for $1600/mo. We saved enough money while overseas for a down payment on another house. So, we bought a second home as a primary residence and continue to rent out the SS house.
We currently have a net work of $500K, $100K iinvested and available for college and $300K in my TSP.

I make approximately $140K as a Fed. DW is SAHM. We seem to be doing OK. We dont' take extravagant vacations. We drive old cars. DD is in public schools in FFX and we are happy with them. So, it is completely doable depending on your lifestyle choices!

Must be nice to have taken advantage of the housing boom and not have childcare expenses.

Your children will not always require childcare costs. Just wait until braces and driver's license and college. There will always be another boom and bust cycle and you will be on the beneficial side then. We bought at the top of the last boom (1989), 24 years later you guys are telling us we caught a "lucky" break. It took over 10 years before our house value increased.

But prices at the top of that boom were still lower, relatively speaking and adjusting for inflation, than prices are now. My parents bought a house in Burke (so not even an area that's boomed as much as the closer-in suburbs) for about $320K in 1999, before the last run-up. That's the equivalent of $447K now, according to this inflation calculator: http://data.bls.gov/cgi-bin/cpicalc.pl.

That house is probably worth about $600K or 650K now. Even if you bought at the top of the last boom, if you bought 25 years ago housing was still much cheaper relative to salaries then it is today.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In came back to the DC area in 2008 after working abroad for 5 years. My salary then was $65,000. My DW and I bought a house near DTSS for $228,000. We could have sold it at the peak of the bubble for about $600K.

From 2002 - 2003, we were single income as my DW went to grad school. Our mortgage payment was $1500/mo. In 2004, we went back overseas for four years (Korea). During this time, and this is the only time in our 17 years of marriage, we were dual income. We rented out our SS house for $1600/mo. We saved enough money while overseas for a down payment on another house. So, we bought a second home as a primary residence and continue to rent out the SS house.
We currently have a net work of $500K, $100K iinvested and available for college and $300K in my TSP.

I make approximately $140K as a Fed. DW is SAHM. We seem to be doing OK. We dont' take extravagant vacations. We drive old cars. DD is in public schools in FFX and we are happy with them. So, it is completely doable depending on your lifestyle choices!

Must be nice to have taken advantage of the housing boom and not have childcare expenses.

Your children will not always require childcare costs. Just wait until braces and driver's license and college. There will always be another boom and bust cycle and you will be on the beneficial side then. We bought at the top of the last boom (1989), 24 years later you guys are telling us we caught a "lucky" break. It took over 10 years before our house value increased.

It's more than just housing and childcare expenses. Healthcare costs have skyrocketed. My copays look like I'm not even paying monthly premiums. College expenses have risen exponentially, gas prices increased tremendously just in the last few years, 401k matching have gone done if you get any now. People used to get good pensions. So yes, I think things were overall cheaper in relation to salary 20 years ago compared to now.

Blah blah blah, "our generation has it the worst" ...... If you want to talk about sky rocketing gas, think 1974. Or perhaps the double digit inflation of the late 1970's and early 1980's. Stagflation. Or maybe the devastating poverty of the 1930's. Or all the men and women that lost their lives in WWI, or Viet Nam. People didn't have 401k until the 90's. College prices have always been the price of decent car - each year. Still are. People didn't have 401ks until the 1990s. Some people got good pensions, not everyone or even a majority - that is why so many elderly rely entirely on social security. AIDS used to be a death sentence. Many cancers are now curable. No polio or small pox. All sorts of medical advancement have been made. They cost money.

You have it so much better an you don't even know it. Interest rates are at historic lows. Inflation at historic lows. Medical care advancements are astounding.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In came back to the DC area in 2008 after working abroad for 5 years. My salary then was $65,000. My DW and I bought a house near DTSS for $228,000. We could have sold it at the peak of the bubble for about $600K.

From 2002 - 2003, we were single income as my DW went to grad school. Our mortgage payment was $1500/mo. In 2004, we went back overseas for four years (Korea). During this time, and this is the only time in our 17 years of marriage, we were dual income. We rented out our SS house for $1600/mo. We saved enough money while overseas for a down payment on another house. So, we bought a second home as a primary residence and continue to rent out the SS house.
We currently have a net work of $500K, $100K iinvested and available for college and $300K in my TSP.

I make approximately $140K as a Fed. DW is SAHM. We seem to be doing OK. We dont' take extravagant vacations. We drive old cars. DD is in public schools in FFX and we are happy with them. So, it is completely doable depending on your lifestyle choices!

Must be nice to have taken advantage of the housing boom and not have childcare expenses.

Your children will not always require childcare costs. Just wait until braces and driver's license and college. There will always be another boom and bust cycle and you will be on the beneficial side then. We bought at the top of the last boom (1989), 24 years later you guys are telling us we caught a "lucky" break. It took over 10 years before our house value increased.

But prices at the top of that boom were still lower, relatively speaking and adjusting for inflation, than prices are now. My parents bought a house in Burke (so not even an area that's boomed as much as the closer-in suburbs) for about $320K in 1999, before the last run-up. That's the equivalent of $447K now, according to this inflation calculator: http://data.bls.gov/cgi-bin/cpicalc.pl.

That house is probably worth about $600K or 650K now. Even if you bought at the top of the last boom, if you bought 25 years ago housing was still much cheaper relative to salaries then it is today.

Our income was quite a bit lower too. The metro DC area has been a high cost area for many decades.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In came back to the DC area in 2008 after working abroad for 5 years. My salary then was $65,000. My DW and I bought a house near DTSS for $228,000. We could have sold it at the peak of the bubble for about $600K.

From 2002 - 2003, we were single income as my DW went to grad school. Our mortgage payment was $1500/mo. In 2004, we went back overseas for four years (Korea). During this time, and this is the only time in our 17 years of marriage, we were dual income. We rented out our SS house for $1600/mo. We saved enough money while overseas for a down payment on another house. So, we bought a second home as a primary residence and continue to rent out the SS house.
We currently have a net work of $500K, $100K iinvested and available for college and $300K in my TSP.

I make approximately $140K as a Fed. DW is SAHM. We seem to be doing OK. We dont' take extravagant vacations. We drive old cars. DD is in public schools in FFX and we are happy with them. So, it is completely doable depending on your lifestyle choices!

Must be nice to have taken advantage of the housing boom and not have childcare expenses.

Your children will not always require childcare costs. Just wait until braces and driver's license and college. There will always be another boom and bust cycle and you will be on the beneficial side then. We bought at the top of the last boom (1989), 24 years later you guys are telling us we caught a "lucky" break. It took over 10 years before our house value increased.

But prices at the top of that boom were still lower, relatively speaking and adjusting for inflation, than prices are now. My parents bought a house in Burke (so not even an area that's boomed as much as the closer-in suburbs) for about $320K in 1999, before the last run-up. That's the equivalent of $447K now, according to this inflation calculator: http://data.bls.gov/cgi-bin/cpicalc.pl.

That house is probably worth about $600K or 650K now. Even if you bought at the top of the last boom, if you bought 25 years ago housing was still much cheaper relative to salaries then it is today.

Our income was quite a bit lower too. The metro DC area has been a high cost area for many decades.

OK, let's compare. Let's take a typical mid-level federal worker. A beginning GS-12 made $48,796 in 1999: http://archive.opm.gov/oca/99tables/GSannual/fsc/dcbgsf.htm. Adjusted for inflation that's about $68K, according to the government calculator I used before. That same beginning GS-12 makes 74K today. So yes, a little more -- about 8 percent more, relative to inflation. Meanwhile the house in Burke costs maybe 30 to 50 percent more than it did back then. And in many close-in neighborhoods, prices have skyrocketed even more. I stand by what I said before -- houses are much more expensive relative to salaries than they were 15, 20 or 30 years ago.