Curious: where do the $$ come from??
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Anonymous
| Some people are also house poor |
Anonymous
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Just off the top of my head, my street has:
Lawyer Lawyer Finance Finance Business owner Finance Lawyer Business owner Diplomat Lawyer Retired after selling business at 40 I don't know for sure, but I would guess that each of these households make at least $300k, and probably much more. This is just one block in Arlington. There is a lot of money around here, and most of it is not family money. When you are young and don't have kids, it's not hard to save $50k a year when you make good money. You just don't spend everything you make. |
Anonymous
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My Fairfax County neighborhood street 800k homes:
social worker and govt contractor SAHM and govt contractor SAHM/association executive SAHM/govt contrator architect/financial planner doctor/doctor retired military/retired retired state dept SAHM/military officer |
Anonymous
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1) All the lawyers (60K who work downtown I think)
2) Rich immigrants 3) I don't know ANYONE who just got into the real estate game and bought something for over $650K in over 10 years. I think the buyers/sellers of the over $650K properties have been in real estate since the early 2000s. |
Anonymous
What does business owner even mean? What is the business, I assume not dry cleaner or 7-11 business. |
Anonymous
| I don't know how people do it either. Our HHI is just over 200K. We live in an apartment that cost 450K. We have one child and are unlikely to have another. |
Anonymous
How much was the house? And what happens if one if you is laid off or needs to work part time to help the kids? That is were the old maxim of 3x income came from (back when single income was norm), to have margin for health issues, major expenses layoffs; plus the SAHP could enter workforce in a pinch. Now two income buyers stretching (no money down, are we back to that crazy already), there is no room for surprise. I hope pp is now trying to save up money for a good emergency find since you didn't seem to have enough for down payment? Or are you just uber savvy and able to invest you hundreds of thousands downpayment elsewhere and make enough to cover interest and PMi? |
Anonymous
| Many people are in fields that are in demand and are not concerned. Many software people make average of 150k and other non lawyer fields like sales, healthcare can make mid ,150s. Now if you are in a risky or niche field or work at the one town plant that got shutdown that's different. High housing prices aren't just because of high incomes but due to demand exceeding the supply of labor. |
Anonymous
| Exactly what kind of lawyer makes the most $? Also, at social gatherings people always say, "I am in finance." What exactly does that mean, what is the job title and what educational background helps lead to a sweet gig in finance? What exactly isconsulting. Thanks for answering these questions that I would never be so rude as to ask anyone directly! |
Anonymous
One post per 100k is the norm, right? |
Anonymous
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My block with mostly $900 to $1.3 houses
IMF guy Idb guy Lawyer Retired dude Teacher who bought in 92 (lol) Finance pousey |
Anonymous
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My block ($1.2K to 1.4)
doctor/nurse lawyer/lawyer family money (parents bought the couple the house) PhD/World Bank World Bank Finance/commercial real estate law partner |
Anonymous
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OP, I hope you realize that the Washington DC area is DIRT CHEAP compared to other capitals in the developed world. I have lived in Paris and Tokyo, and enjoy my life here in Bethesda! |
Anonymous
Paris is always my go to example for crazy. 
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Anonymous
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I went to grad school here in DC and many of my classmates are still around. We're mostly mid-late 30s now.
Everyone I can think of (except me) had parents contribute to college/grad school and/or house downpaymnt and/or their weddings. It makes a huge difference in how someone lives and enters the real estate market. |