Reply to It’s extremely hard to raise kids in a nice neighborhood without generational wealth

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's never been the case that young families without help could buy right into the poshest suburbs in DC.  OP's premise is ridiculous.[/quote]

I guess it depends on your definition of the "poshest suburbs" but my parents were a fed and a teacher and they had no problem affording a house in upper NW in the 1980s. And it's not like they were an anomaly, I had plenty of friends in the neighborhood whose parents were average white and even blue collar workers.

Also your premise is ridiculous as well. You can't buy in a nice neighborhood EVER nowadays without wealth, never mind "buying right into" one. [b]The era of storming up the property ladder with starter home values doubling every few years in DC is over.[/b] If you're not in the top 3-4% of incomes making $500K+ you'll simply never be able to afford to live in Upper NW/Bethesda/N. Arlington. It didn't used to be that way. [/quote]

Another whammy is look at the population trends - there’s a big chance unless we increase highly skilled + compensated immigration massively we won’t have any buyers for all these homes in 2040-50 anyways. So we’re paying peak prices in the face of a catastrophic future supply surplus. [/quote]

One of the reasons I don’t think of my home as an investment. It’s a nice place to live and there is security in owning it versus being subjected to the whims of a landlord, but I pay a premium for that and when I think about investments, I think about my 401k, brokerage account, private investments, etc., not my home.[/quote]

PP you quoted, couldn’t agree more. We bought significantly below what we could afford because of this. It’s pretty clear wealth creation for your average American the next 20-30 years will be via equities vs significant, lasting home appreciation. [/quote]

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