Reply to If you were born in 1990, how do you plan on ever affording a house?

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Reply to "If you were born in 1990, how do you plan on ever affording a house?"

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[quote=Anonymous]I'm a young x-er/late millennial who is lucky to have rich parents who paid for law school and then my husband and i both ended up in much better career trajectories than our friends.  Some was hard work and smarts on our part, but some was just luck (including our smarts - not everyone has that).  We are in a $1.4m house with 60% equity.

All that said, i have no idea how regular people with regular jobs born in 1990 are ever going to be able to afford a house in DC without an outrageous comment.  It's BS when people say stuff like "I bought next to a crack house; i lived for two years with my parents; i didn't eat out for 5 years".

So you're making $50k out of college. Sure, some college kids make more than that.  Most don't. Jobs out of college are shitty for most kids these days.   Even if you live with your parents and literally do not spend a penny of your money for 5 years (no savings, no 401k, etc), you end up with $150k after 5 years.  But that's not anyone's reality. You need to save, and have a 401k, and eat, and pay for a car and/or commute. So in reality, in some insanely frugal world, you save $10k-$15k a year.  After 5 years of socking that away, that doesn't buy you a 1 bedroom apartment in a safe part of DC.  More likely on $50k, you're saving about $5-10k a year.

The comments about not eating out or having room mates or expecting granite are red herrings.  That's not the difference between being able to buy and not.  [/quote]

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