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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

[b]How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?[/b][/quote]

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.[/quote]

Your son wouldn’t have been able to do that alone though, he not only needed to make 350k/year in his 20’s but also meeting a woman who makes a similar amount, and depend on family in the area to give rent free housing for 5 years. That’s 3 unlikely events happening simultaneously that gave him this opportunity. Now think about what if he was earning 350k, with a spouse working as a teacher making 50k, no free housing. Not to mention SWE jobs aren’t exactly stable these days (Amazon is famous for PIPs and burnout). [b]Get laid off or replaced by AI, and that mortgage payment is going to hurt.[/b] [/quote]

But mommy and daddy will step in if that happens! No generational wealth here. Nothing to see. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics