How can 20 somethings in college/right out of college afford to live in 2k a month buildings in DC?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I made $60k out of school at 22 as an engineer. I paid $1k with no roommates bought a Toyota then too. No parent help with expenses but they helped with college so no loans and that was a big deal. We hire for 65-70 now. Engineers. Without many other expenses they can afford $2 for rent esp if they have no loans.

The under 25 year olds in these buildings are responsible adults holding down full time jobs?

If you look at the reviews of many of these newer buildings you will see residents complaining about the under 25 year olds having loud rooftop pool parties, playing loud music at all hours of the night, passing out and vomiting in the hallways and elevators.

So you mean to tell me this is what you were doing as a 22 year old?

This is exactly what I was doing at 22, and I was holding down a full time job at the same time.

Same. I was 22, fresh out of school, in DC, working for a non-profit making $24,000 a year. I had no college debt, drove a $600 car, and shared a group house on 15th St. (when that was a sketchy neighborhood in the late 90's) paying $400 a month rent. I saved 10% of my salary. The remainder was spent partying. And I was 22 - I could easily party until 3 and get up and go to work at 9. Several times a week. I look back fondly at those days.

[Anonymous]

We live in a fairly affluent neighborhood (CC, MC) and most of the recent college grads we know are not being subsidized by mom and dad. These are young people whose parents could certainly help them out and who are fortunate enough to have little or no college debt. If they're in DC and can't afford the rent on their own, they're in a group house with rooommates or living at home and saving up money for a security deposit and first month's rent. Those who are living in expensive cities -- and we know quite a few in NYC and SFO -- have good jobs (investment banks, Silicon Valley) -- are living with roommates in neighborhoods with lower rents.

[Anonymous]

Mom and dad. Or sharing rooms. A lot of friends did this. When I was first out of school I paid $1000/month in a group house with seven roommates in Adams Morgan on a salary of $30,000. I had ~$1000 left over every month for health care, food, going out. I was poor af, but it was the best years ever. More fun then college!

[Anonymous]

My nephew just graduated from college and got a great high paying job in finance in DC. He is living in this amazing apartment in a high end luxury building in Gallery Place with 2 roommates (they all have their own rooms). The building has 2 pools on the roof, a gym, parking garage, and lots of other bells and whistles. His share for his room and bath is $1400 per month. The building is pretty much all young high earning 20 somethings and feels like a luxury dorm. It looks like so much fun - but I think recent college grads could only afford this lifestyle with a high paying job. It's a far cry from when I graduated from college decades ago and shared a group house in Glover Park with 3 other people.

[Anonymous]

Anonymous wrote:Mom and dad. Or sharing rooms. A lot of friends did this. When I was first out of school I paid $1000/month in a group house with seven roommates in Adams Morgan on a salary of $30,000. I had ~$1000 left over every month for health care, food, going out. I was poor af, but it was the best years ever. More fun then college!

You couldn't afford to live there.

[Anonymous]

I made around 70k out of college and rented a one bedroom for 1,800. one paycheck when to rent and the other to food and entertainment. I didn't have a car or even cable tv.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mom and dad. Or sharing rooms. A lot of friends did this. When I was first out of school I paid $1000/month in a group house with seven roommates in Adams Morgan on a salary of $30,000. I had ~$1000 left over every month for health care, food, going out. I was poor af, but it was the best years ever. More fun then college!

You couldn't afford to live there.

I think her numbers show that yes, she could and did afford to live there.

[Anonymous]

Back in the day, I knew a few very attractive young ladies who had lobbyist boyfriends who footed the bills. I would imagine that still happens.

[Anonymous]

When I was younger, I wondered about this. But in dribs and drabs, it came out that every.single.one of the 20-somethings who were living in prime areas -- and not struggling in a studio apartment without AC on the fringe of town -- were get help from their parents and/or grandparents. They were cagey about it, and I only realized over time when things slipped out.

They all would talk as if they supported themselves and/or were independent. But that was a load of nonsense.

[Anonymous]

yeah, there are some who make enough but they tend to have graduate degrees. Most just aren't telling the whole truth, many are being subsidized.

[Anonymous]

24 and $100k/year, though I've been working in IT all throughout undergrad. I pay $2050/month for a 1BR in one of the nice buildings in Mt. Vernon Triangle with no parental assistance.

[Anonymous]

I had a roommate. My first apt was on the 2nd floor of a walk up and we had mice. I decided to upgrade and live in a highrise building.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I made $60k out of school at 22 as an engineer. I paid $1k with no roommates bought a Toyota then too. No parent help with expenses but they helped with college so no loans and that was a big deal. We hire for 65-70 now. Engineers. Without many other expenses they can afford $2 for rent esp if they have no loans.

The under 25 year olds in these buildings are responsible adults holding down full time jobs?

If you look at the reviews of many of these newer buildings you will see residents complaining about the under 25 year olds having loud rooftop pool parties, playing loud music at all hours of the night, passing out and vomiting in the hallways and elevators.

So you mean to tell me this is what you were doing as a 22 year old?

Not PP, but I had a great job out of grad school and also partied hard then too as did many of my peers. Work hard, play hard.

[Anonymous]

I did this at 23 in NYC in the early 2000s. Relatively high income and low expenses made it feasible. Place was small so there wasn't much to furnish and I didn't have a car so transport costs were really low.

[Anonymous]

My nephew is living with his girlfriend. He pays $500, She pays $500 and each set of parents pay $500/month.

Both he and his girlfriend went to college for free, merit scholarships and are trying to start their own business. Wrote a business plan for their parents. Asked them to "invest" in their future, not their business, but they did note "hey you did not have to pay tuition".

I would not consider this "rich daddy" set up.