How are Millennials affording new $1.5+million home in MD, DC and VA?

[Anonymous]

Anonymous wrote:Jesus. No one even works in finance here. Some people just make a lot of money. You really need to get over your bitterness. And improve your grammar.

Uh I work at an investment bank and have been saving bonuses so that we could build new. Final number around $2M age 33 and 36.

[Anonymous]

Anonymous wrote:Jesus. No one even works in finance here. Some people just make a lot of money. You really need to get over your bitterness. And improve your grammar.

Sure they do. They are just regular people living in $1m-$2m homes in your neighborhood. I work in accounting and see the bonuses. They have millions in the bank, but they aren't pretentious and showy about it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Jesus. No one even works in finance here. Some people just make a lot of money. You really need to get over your bitterness. And improve your grammar.

Sure they do. They are just regular people living in $1m-$2m homes in your neighborhood. I work in accounting and see the bonuses. They have millions in the bank, but they aren't pretentious and showy about it.

Omg.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Jesus. No one even works in finance here. Some people just make a lot of money. You really need to get over your bitterness. And improve your grammar.

Sure they do. They are just regular people living in $1m-$2m homes in your neighborhood. I work in accounting and see the bonuses. They have millions in the bank, but they aren't pretentious and showy about it.

Omg.

LOL. Where is my popcorn?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:what does that have to do with 2008 TARP?

and no I don't want to waste time talking with you.

2008 TARP was paid back b/c Fed propped up and purchased garbage MBS, which gave banks the capital to pay back the govt. I guess you are a young millennial?

Which kept PPs NYC Manhattan lifestyle in the black.

what does 2019 Fed doing QE in the current global macro environment have to do with 2008 TARP?

you have no clue who I am, but I can guarantee you i know what I'm talking about and I can guarantee everyone here that you do not. but you sure are consumed with hate from 2008. take a pill or something.

Whatever. Fed isn’t doing QE in 2019, it was attempting QT. I’m sure you know that, but whatever.

It was exciting QT to unwind it’s 1.5T position in MBS and bonds it accumulated bailing out the banks.

My point was that NYC business IS finance, everything comes from that including PPs success from ‘hard work’.

I’m not consumed with hatred from 2008, I understand why it was done.

I do hate the “people born on third to base and go through life thinking they hit a triple” crowd, which I’m pretty sure Manhattan PP would be. But they are welcome to chime in their rags to riches of trading stocks at Ohio Community College or what not. I would be truly curious and would happily recant my story — maybe they were doctors (but I doubt it b/c NYC doctors make squat generally).

[Anonymous]

Anonymous wrote:Jesus. No one even works in finance here. Some people just make a lot of money. You really need to get over your bitterness. And improve your grammar.

So besides young law partners, what do those millennials do who are buying crazy rich houses, without family money?

[Anonymous]

Anonymous wrote:My neighborhood has 2 former SCOTUS clerks who rolled their $500k signing bonus to big law right into their new house purchase.
It was the first question the older one asked the younger one- what’d you do with your special bonus?

This kind of makes me sick

[Anonymous]

Screw all you finance people who are getting rich by leeching off the rest of the economy that is full of people who actually do valuable work

[Anonymous]

Anonymous wrote:

Anonymous wrote:My neighborhood has 2 former SCOTUS clerks who rolled their $500k signing bonus to big law right into their new house purchase.
It was the first question the older one asked the younger one- what’d you do with your special bonus?

This kind of makes me sick

Why? Being a SCOTUS clerk is a really big deal and there are so few of them.

[Anonymous]

Anonymous wrote:Help from parents is one scenario. Other possibilities might include: higher risk / lower down payment; high dual-income HHI, since older Millenials are mid-30s and well into their careers; secondary income from side gig, Air B&B, etc.; and/or bringing equity from somewhere else, such as a condo they bought in a sketchy part of DC that has gentrified.

I guess I don't think 40 is that all that young to be buying a million dollar house. They aren't kids fresh out of college. DH and I were born in '77 and '79, respectively -- we're among the youngest GenX -- and we could afford a $1M house on our unimpressive government salaries plus the equity from a TH we bought 10 years ago.

You are your "unimpressive government salaries"? Curious minds want to know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Help from parents is one scenario. Other possibilities might include: higher risk / lower down payment; high dual-income HHI, since older Millenials are mid-30s and well into their careers; secondary income from side gig, Air B&B, etc.; and/or bringing equity from somewhere else, such as a condo they bought in a sketchy part of DC that has gentrified.

I guess I don't think 40 is that all that young to be buying a million dollar house. They aren't kids fresh out of college. DH and I were born in '77 and '79, respectively -- we're among the youngest GenX -- and we could afford a $1M house on our unimpressive government salaries plus the equity from a TH we bought 10 years ago.

You are your "unimpressive government salaries"? Curious minds want to know.

What are your "unimpressive government salaries?" Curious minds what to know.

[Anonymous]

Anonymous wrote:It's all about timing Very few 22-25 year olds have any clue about what kind of market they are getting into

for all the stories about people buying a condo in 2009 you have people that bought in 2005 that got screwed and are just breaking even now

It does crack me up all these people in these $2000, 2500+ per month apartments renting. It's like roommates and living within your means are foreign to folks

Roommates are awful.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm amazed at how many 28-40 yo's we know that are purchasing brand new homes in Bethesda, Chevy Chase, DC, Vienna and McLean. What took my spouse and I years to afford, they are buying at a relatively young age. How do they do it here? My spouse is a partner in a law firm and our house is barely worth a million. Granted, we'll have it paid for next year. But really, Millennials what's your secret?

Millennials here. We bought our starter home for $1.2M 10 years ago at age 28. It was an apartment in Manhattan. We had no help from family.
We now live in a $2M home in Arlington.
The secret is hard work.

Did parents pay for a college education? Were you raised to understand financial literacy? Were you raised to believe you could achieve your goals?

If so, you had help.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's all about timing Very few 22-25 year olds have any clue about what kind of market they are getting into

for all the stories about people buying a condo in 2009 you have people that bought in 2005 that got screwed and are just breaking even now

It does crack me up all these people in these $2000, 2500+ per month apartments renting. It's like roommates and living within your means are foreign to folks

Roommates are awful.

Yeah I had a roommate whose boyfriend moved in unofficially. Then there was the one who collected all the tea cups and stored cigarette butts there. Oh and the one who wanted to be paid for the copy of the key she made for her boyfriend when she moved out, and when we insisted she return all keys she broke it off in the lock.

[Anonymous]

Anonymous wrote:Screw all you finance people who are getting rich by leeching off the rest of the economy that is full of people who actually do valuable work

There you go again. Pls get therapy.