Reply to My aunt started working as a maid at the Watergate after graduating HS & bought a home in Arlington

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Reply to "My aunt started working as a maid at the Watergate after graduating HS & bought a home in Arlington"

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[quote=Anonymous][quote=Anonymous]The key is how much you save vs how much you earn. Many people with low salaries or wages are actually very good at budgeting their money and saving.

Many high earners are actually in debt with high mortgages, car loans, and private school tuition, in an attempt to maintain the lifestyle they think they deserve.

If you are thrifty and don’t turn your nose up at a small fixer-upper, it can be done.

[/quote]

I don't think this is true, unless you are living with your parents. If the average cost of a house in your area starts high enough, then the annual increase in value may be more than its possible to save in a year on a much lower income. For example, I moved to Alexandria in 2016, and the very cheapest TH in my neighborhood went from the high 400s to 600k. People with lower incomes cannot keep up with that rate of increase through cash savings, unless by "lower" you mean "significantly higher than the US average, but less than I make." Also, no such thing as small fixer uppers in areas where developers buy cash and raze.

We had to move an hour out without traffic to afford a small fixer upper. And now our job prospects are more limited, because I'm not going to take a new job requiring 5 days a week in DC. [/quote]

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