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Reply to "Are you considering youself rich?"
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[quote=Anonymous][quote=Anonymous]The biggest issue is housing cost. If you bought before 2002 you should be fine living in mid 150s, if you bought later you will need double that for the same home.[/quote] This is a fair point, by 2002 we were on our third house, having traded up several times along the way. When we moved to DC a couple of years ago this meant we had enough equity to purchase a nice home but only take on a $400k mortgage. Without this benefit no way could we have afforded to live in a good neighborhood close to DC. We'd have been living in Northern MoCo or the outer reaches of Fairfax or PWC. Our HHI is relatively modest for this area -- $125k -- but we get along fine as long as we are somewhat careful. I cannot imagine how we'd manage if we had to pay a huge mortgage like some younger families do. We also have no student loan debt (although we do have kids starting college, so I guess that all evens out). :D [/quote]
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