SERIOUSLY - how are people affording these $1Mil+ homes with $8,000+ monthly mortgages!?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of people bring home 30k a month, Like, everyone on my block does.

Tech? Law? What do they do here? I'm so confuse by the salaries in this area.

I would think everyone in my block dues too. A few finance , a few lawyers, a few consultants, a few business owners. I would guess many bring home much more than $30k a month. I know we do.

.

You'd be wrong. 30K a month take home = an annual salary of ~$480,000. That places one at roughly the top 2% of earners in this country. It is statistically impossible that "many more" bring home more. Even less so being home 'much more'.

[Anonymous]

Anonymous wrote:Why no matter where you go on this website does a simple question turn into a slew of trolling and insults.

Weak moderation

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of people bring home 30k a month, Like, everyone on my block does.

Tech? Law? What do they do here? I'm so confuse by the salaries in this area.

I would think everyone in my block dues too. A few finance , a few lawyers, a few consultants, a few business owners. I would guess many bring home much more than $30k a month. I know we do.

.

You'd be wrong. 30K a month take home = an annual salary of ~$480,000. That places one at roughly the top 2% of earners in this country. It is statistically impossible that "many more" bring home more. Even less so being home 'much more'.

Uh, define "many"

The top 2% of earners is millions of people

[Anonymous]

Anonymous wrote:Why no matter where you go on this website does a simple question turn into a slew of trolling and insults.

People are reacting to OP's entitlement that he's somehow owed a million dollar home despite not saving for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of people bring home 30k a month, Like, everyone on my block does.

30k per month? That’s crazy. I just hit $4k per month and I was feeling rather rich.

you are, this is the DCUM bubble , filled with women that hate sex and lawyers that pretend to work.

4k per month around DC is near median, not rich.

[Anonymous]

Anonymous wrote:I must be doing something wrong. My household income is $300K and with two small kids, I want to live in a good public school zone. It feels impossible! My mortgage budget is $4k…which is maybe a $600K home. My research says if I want a good school with that budget, I’m buying an outdated 1500sq ft home with 7.5 foot ceilings. I need to leave Montgomery county!

Well first of all in Potomac I saw average down payment is 40 percent. Very few put little down on those high priced homes. When I bought in MoCo in 2017 I put 60 percent down as only way monthly payment is affordable.

Just put down more money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of people bring home 30k a month, Like, everyone on my block does.

30k per month? That’s crazy. I just hit $4k per month and I was feeling rather rich.

you are, this is the DCUM bubble , filled with women that hate sex and lawyers that pretend to work.

Aw is someone mad? My husband and I have sex every week and we pull in $60K/month. Could tell you more about our portfolio but don’t want to make you even angrier!

That poor man. He could do much better for a cost of only around $8K/month

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of people bring home 30k a month, Like, everyone on my block does.

Tech? Law? What do they do here? I'm so confuse by the salaries in this area.

Assuming the 30k refers to monthly HHI, then yes, plenty of HHIs in DC make 360k a year. I'm a manager at a professional services firm and make 160k including bonus. VPs are 200k, senior VPs 250k and it goes up from there.

You can see how a manager married to a VP can have a 360k HHI. My coworker is married to a lawyer who is not in BIGLAW but even then they must still have 400k+ in HHI.

Marrying smartly goes a very long way.

FWIW, $360K/year is only about $21K after taxes but before deductions for insurance, etc. Are people really comfortable tossing $8K of that into a mortgage payment? As for the professions delivering those salaries, I clearly need to restructure my job search because I've never seen jobs pay that well in DC. NY, SF, LA yes, but DC metro outside of big law, no.

We make more like 450HHI and contribute to just about every retirement savings, stock, and stock purchase plan available. For the first two months of the year my DH's take home pay was about $3,500 for the month, and he makes $360K. A lot of that is bonus-tax related but take-home aren't always huge for higher incomes (and that is a blessing).

Anyway, we feel comfortable with a mortgage (insurance, etc.. all in) under 5K. Our goals are to save additional cash each month on top of the savings that are directly taken from our checks. Many months we do not that do because homeownership and kids are hella expensive. We have no debt, attend public schools, no one in college yet. It's just that once you reach a certain standard of living with travel sports and vet emergencies and $250 here to fly to visit mom and $800 there to replace the brakes on a 5 year old car and $1500 here to get a new computer stuff adds up. Of course people can live and save on less income, but spending is all relative, and having a mortgage that is below your means is always the right choice unless you're mega rich.

A lot of people in expensive houses are not maxing out retirement and 529

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of people bring home 30k a month, Like, everyone on my block does.

30k per month? That’s crazy. I just hit $4k per month and I was feeling rather rich.

you are, this is the DCUM bubble , filled with women that hate sex and lawyers that pretend to work.

Aw is someone mad? My husband and I have sex every week and we pull in $60K/month. Could tell you more about our portfolio but don’t want to make you even angrier!

That poor man. He could do much better for a cost of only around $8K/month

Goddamn both of you need to grow up.

[Anonymous]

Anonymous wrote:Plenty of people bring home 30k a month, Like, everyone on my block does.

"Bring home" if they are dual high income or aren't saving for retirement and 529, sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Parental help.

disagree. Most of the people i know just saved money until they had 20% for a downpayment in their 20s. Then upgraded later on and rolled the sale of that TH in.

I'm just one person but I sold my house to a parent who paid cash for their child to live there.

[Anonymous]

How old are you that you have two small children, but no home equity? Do you have other assets at least?

[Anonymous]

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

Not OP but this describes us. We are in our first (and forever?) home in our early 40s. No family money, grad school, student loans, HCOL rent to get those HCOL jobs, and didn't have the down payment to take advantage of those 2.5% interest deals.

[Anonymous]

Anonymous wrote:All these people talking about the property ladder....I guess that makes sense if you owned from 2002-2007 and from 2020-2025. But DC real estate is not going to have appreciation like those two periods for a loooong time. A house can be a forced savings account, but I wouldn't rely on it actually appreciating in value.

Why do you think DC real estate will not appreciate? Do you see a ton of new houses being built in DC? If so, where?

The second rates dip near 5% I expect a frenzy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How old are you that you have two small children, but no home equity? Do you have other assets at least?

Not OP but this describes us. We are in our first (and forever?) home in our early 40s. No family money, grad school, student loans, HCOL rent to get those HCOL jobs, and didn't have the down payment to take advantage of those 2.5% interest deals.

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