Reply to I used to think a million dollar house would be a mansion

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[quote=Anonymous][quote=Anonymous]4x70 is 280, not 500.

No way are you qualifying for a $1.2M mortgage on a $70k x2 income -- you are leaving out the part where your spouse way out earns you and your total income is likely more than two GS14s.

[b]Living in a studio? So you must have left a lot of your belongings at your parents I would guess. Sure you can live simply, but let's be real here[/b].  [/quote]

You are forgetting market returns, which have been substantial for those who started investing mostly after the crash and went 100% equities.

My wife and I on a biglaw + 60k government salary saved $700k in four years once loans were paid.  In a one bedroom.

Then I quit biglaw, we bought a house, my wife temporarily stopped working and we have two kids, so now we save like 15% of our income -- hopefully just temporary and we will resume saving more later -- but it can be done.  (But our house is $750k not $1.3 million and we live in the burbs).

We also know a couple that live in a $1.9 million home in Chevy Chase.  DH works for his dad's small but successful law firm.  DW is doing informational interviews.  No kids yet.

So points can be taken on both sides of this.

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