Millennials aren't going to buy your ugly mcmansions, silly Boomers!

[Anonymous]

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Anonymous wrote:

Anonymous wrote:i think DC is starting to become more like other major cities - where the wealthiest live in the city, and those with less $ live further out. think London, Paris, New York, etc. Eventually some of the millennials will move to the burbs when they have kids, some will stay put and their kids will go private if their parents earn enough $$ or if the millennials' boomer parents pay for private school (there will be a huge transfer of wealth once the boomers start getting older and dying), and some will luck into good schools/charters. But the reality is - more will stay in the city than they used to, but many will also move to the burbs because they are priced out of a house and good schools. And there are a ton of millennials - so there are definitely enough of them to buy the mcmansions even if many stay in the city.

DC is full of very poor people.. Christ, the myopia in this thread is amazing, people think that upper NW or Dupont equals "all of DC".

Actually, both are true. I don't have the statistics handy, but there seems to be a bimodal distribution in terms of income in DC. Both the wealthiest and poorest live here--not much middle class, though. I do wish DC would build more affordable housing for this third group.

Yes there are a lot of poor people in DC and gentrification is slowly pushing many of them out. It's hard to find a sfh anywhere except se DC for under $500k. Have you seen what's going on with prices in Ne DC? And prices in Cleveland park and other close in NW DC neighborhoods are much higher on a per square foot basis than Bethesda and McLean.

That's true but kind of irrelevant since people determine how much they're willing to spend on housing based on total cost, not price per square foot.

But price per square foot affects what they can get for the money and is one of the big factors in determining where to live. If you have $1.5m you can get a 5 bedroom new build in north Arlington. Or you can get a 2500 sq foot house with tiny bathrooms and closets in Cleveland park.