Reply to How the shit do normal people afford to live here?

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[quote=Anonymous][quote=Anonymous]I make a fair amount of money but it's barely enough, and I know I make multiples of what "normal" is.

How the hell does anyone making $50k live here? Where the heck do they live? Even the shittiest genetic disaster of a house is going to cost at least $400k.

I see these people working at crate and barrel or at some shopping mall and I just can't fathom how the hell they aren't robbing the nearest bank.

DC is so crazy.[/quote]

If you make $50K, then your federal taxes are $6630.  Your FICA is $3825.  MD state taxes are 2322.50.  That means with nothing but taxes and FICA taken out, you are bringing home $37222.50 or $3100/month.  You can rent 2 BR apartments in many parts of the region for under $2000/month.  And 1BR apartments for less still.  If you qualify for FHA, there are a number of condos that you can get for under $150K with 3% downpayment.  That means that you need about $4-$5K for downpayment.  We were just looking for such a property for my inlaws to be able to come to visit for extended visits without having to stay in our home.  We found a number of 2 BR condos with about 800-1000 sf for under $150K.  We could have had more options if we were willing to look at townhouses, but my MIL cannot handle steps so townhouses were out.  We live in Laurel.  But there are some places in Silver Spring, Wheaton, Aspen Hill, DC, Arlington, even one in Alexandria comes up on redfin.

After you pay your rent/mortgage, basic utilities and food, then everything else is optional and unlike higher incomes, you pick and choose only one or two that you can do instead of several.  Many people do own property on median income, $60K nationwide and $75K in the DC region and under.[/quote]

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