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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I must be doing something wrong with my life. 29 affording a million dollar home. Jesus![/quote]

Yeah, you weren't born to multimillionaire parents.  I can't believe the wealth here among young people.  [b]And no, being a dual fed couple or a law firm associate does not quite make it add up. [/b] No one can deny that there are a lot of people here with inherited wealth.  There is a row of new build McCraftman homes in our area that go for about $1.8 million and the couples who live there don't even look like they are in their 30s.  Wow.     [/quote]

Actually it does.  You can definitely save 300-400k over the course of 4-5 years if renting a relatively inexpensive apartment and no children in the picture. 
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Excuse me, but where does one rent an "inexpensive apartment" in this area such that they can save 300-400K in 5 years?  Just wondering.  [/quote]

We rented a studio apartment in an older building in Ballston until July 2016 at $1,250 per month and it included utilities. We saved my entire take home of roughly $70k for 4 years and had $500k when we bought a $1,649,00 new built in Arlington.  When we moved our landlord raised rent to $1.300. [/quote]

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.

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.  [/quote]

1.  My income over the 4 years averaged close to $100,000 and I stated that we saved my "take home" of $70,000 for 4 years which was -- as you pointed out $280,000
2.  My husband's income over the 4 years averaged closed to $125,000 and we save about $30,000 a year from his income
3.  When we were married, we brought individual savings to the marriage -- he had $60,000 and I had about $40,000
4.  We qualified for a $1,149,000 jumbo mortgage at 3.75 percent because we had high credit scores and had paid off student loans and had not other debt
5.  We had all of our belongings in the 572 square foot studio.  The only thing we did not have in the apartment were the two bikes we rode to work.  We stored them on the balcony.

We thought it was a real way to live because we knew where we wanted to live, the type of house we wanted, and the plans we had if my mother and his parents chose to live with us as they grew older.

We had Thanksgiving in our new home with family and friends.  They did not seem to think we had done anything unique.

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