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Reply to "How are Millennials affording new $1.5+million home in MD, DC and VA?"
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[quote=Anonymous][quote=Anonymous]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. [/quote] Agree, if you can’t afford it by 40 maybe you will not later on. At 40 many people in careers that can afford 1+mill homes are established and making the salary necessary. [/quote]
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