What HHI to feel comfortable with a family in a close-in city like Bethesda/Arlington/McLean?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This basically boils down to how much income to afford at least a 1.3 million dollar house (with a million-ish dollar mortgage). Assuming this translates to roughly $8,000 monthly payment (with escrows) then you could do it on 300K a year, but many would prefer not to. Maybe 350-400K is more reasonable.

Sorry, but $1.3m is on the ow end in those neighborhoods. The majority of your kids’ school friends will live in houses worth much more. The “poor kids” live in the $1.3 and under houses.

This is such a stupid and shallow comment. We live in a 2.4 mil house in McLean, my kids' friends have houses all over the price spectrum, from apartments to townhouse and SFH, NOBODY CARES what type of housing you have or at least no decent person cares. Regardless of what sort of dwelling they live in, they are all good kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It really depends on housing. I know many dual fed couples in Arlington, but they bought a while ago.

I also know families in apartments or condos, but many wouldn't be okay with that and want a SFH. Those family love being walkable and the community that comes with shared spaces like the local playground.

Where in Arlington do you know two Fed families? Everyone around us is law and tech. Are they in their 60s? Or are you talking SA, as that was cheaper more recently…

Different poster. There are several couples in my expensive north Arlington neighborhood. They are all lawyers and bought 10 or more years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have done fine with <$250k.

Fine and Comfortable are two different things

Comfortable is having a 4k sq foot house, with a decent yard, decent cars, substantial annual savings, no financial stress, can cash flow any urgent need without thinking, etc

Fine is living an acceptable house, old cars, maxing 401(k)s but that's really it, but still having to worry about money or contemplate bigger purchases

I find it very comfortable.

But at that income you can't save enough to truly have a comfortable retirement. You're not getting $5m+ on a sub 250k salary in any of these three areas. A comfortable retirement is not 2M, that's a fine retirement

DP.

A fed with an 80k a year pension does not need to save 5mil for a comfortable retirement.