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Money and Finances
Reply to "How rich are people buying 1-1.5 mil homes?"
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[quote=Anonymous]You can't ask this question without asking about family help and/or equity from another house. MANY people in the DC area get assistance from family (inheritances, down payment help on this or a previous starter home that now has equity, etc.). And PP is right that people over-leverage for schools. Our HHI is $250 with a low NW (no family help and lots of student loan debt) and we'll probably end up having to spend $1m for schools with a 20% down payment, but that would over extend us and make it difficult to catch up on retirement saving.[/quote]
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