It’s extremely hard to raise kids in a nice neighborhood without generational wealth
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Anonymous
| My wife and I, along with our two kids, live in a mortgage-free, two-bedroom, two-bathroom condo in McLean. Our household income is $600K per year. The boys share a bedroom until they go off to college. We use the money to pay for their piano lessons, guitar lessons, tennis lessons, golf lessons, and private tutoring. These activities cost us $100K per year for both kids. We save the rest for retirement and future college expenses. I want to give my kids the best chance to succeed in life, and buying a house isn’t part of that plan. We invest heavily in our kids' IQ and EQ, so they can succeed in life—not by living in a SFH. |
Anonymous
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We bought a 1.5 million home at age 30 but had both commuted from Baltimore to DC for 5 years and lived in a $150K house there while we saved our DC salaries.
It probably looked like we had family money but we saved $500K+ cash this way. Now we're in our 40s, 2 kids in private school, second home, nice lifestyle but it all started with living very, very simply for 5+ years. |
Anonymous
Delusional again. If I give you a 5000sqft home in McLean or a 5000sqft home in Vienna for free, which one would you take? |
Anonymous
+1 We didn't buy a house til we were near 40 and with 2 kids. We lived in an 800 sq foot condo and saved up (no family money involved). And even then we bought the tiniest oldest house on our street in a nice part of Bethesda. But yes, most of our neighbors are either: 1) old, 2) have houses inherited from their families/family money, or 3) have a very high earning member of the family (law firm partner/lobbyist/ROAD medical specialty). |
Anonymous
I have zero interest in a 5,000 square foot house in either place. I had the money to buy in McLean and chose not to. Buying a house isn’t just about rich neighbors and coke flowing freely at (Langley) parties. Vienna is an actual community. |
Anonymous
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It's not family money, it equity from the townhouse / condo people bought in their late 20s or early 30s.
Nothing wrong with having babies (or kids any age) in a townhouse and then moving later if you feel like it. |
Anonymous
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I mean I feel this way in Capitol Hill where houses cost a lot less. But we're middle class and increasingly people buying in are either very high income or have family money.
I think there have always been rich people on the Hill but one thing that has changed is that more of them are using the public schools for elementary, which creates the issue of our kids knowing each other and getting friendly, and the difference in resources gets very obvious by 2nd or 3rd grade. It is what it is. |
Anonymous
DP here, unlike the other PP I will take either house for free, thanks! But Vienna is better for my commute. |
Anonymous
| We bought at $2M under 35 (still under 35). Our HHI is around 750k, no parent contributions. We also pay for our nanny and private school on our own. It’s tight (seriously, no complaints though, we made our choices and know where we can cut back if needed) but we don’t spend much besides on the house and kids. |
Anonymous
| We raised kids in Bethesda, bought over 27 years ago, and now lots of young families are moving in. We discuss it, because we couldn't afford our house today, and we wonder how all these kids can afford the brand new homes popping up throughout our neighborhood. Our guess is mommy and daddy are helping significantly, because none are old enough to make big law partner, or be similarly employed |
Anonymous
| You don't need to be partner. Two associates would be able to afford it. |
Anonymous
| My husband and I are late 30s and early forties and are raising our infant only in a one bedroom condo in NW DC that we rent. Get some perspective. Stop complaining and work harder. |
Anonymous
| Op- I generally agree with you. I bought a SFH in McLean at 2M, both of us were 34 at the time but had 50k gift from parents to cover the gap for the down payment. I could have paid it myself but it would have meant liquidating stocks and paying a lot of tax. On the back end I spend lot of money on my parents in other ways so in my mind it evens out. We had a 400k W2 income at the time, now 500k. |
Anonymous
This is crazy to me as someone your age ish who makes the same. I had no idea people in our income bracket were stretching this much to “have it all.” |
Anonymous
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DH was a big law associate when we bought our house, but only for 2 years, since he'd worked in the government for 6. But, we also only had one car (even after having a kid), a 10yo tv, and our house was so lacking in furniture that a delivery person thought it was abandoned so he didn't make the delivery.
We didn't factor my salary into anything and saved it all. We finally bought a new TV when my BIL showed up, aghast. Nearly 25 years later, we are not spendthrifts, but not at all frugal like that. But saving during our early years set us up big time. |