Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So a person making over 150k can't even afford an old house in the dmv with good schools? What about the singles making 50 to 80k? What can they afford? A shack or tent in the woods here? [/quote]

They have roommates or live in affordable housing.  https://housing.arlingtonva.us/income-rent-limits/

[/quote]

This is not true. The singles making 50-80k can afford a condo, and a person making 150k can afford a house with good schools. You just might not like the commute to DC - like it might be out in Fairfax where I live and not a super updated gorgeous magazine-worthy house. But you can do it. I find people on here are often a little dramatic about their prospects. [/quote]

I'm the PP who said people in this range have roommates or are in affordable housing.  I moved here in 2009 with a $50K salary and lived in a 2 bedroom apartment with 3 other roommates.  This allowed me to pay my student loans aggressively.  There is no way I could have purchased a condo.[/quote]

Well you could have, you just had student loans and chose to pay them off aggressively. I was speaking in general terms about what someone can afford in the DC suburbs. I was making around $70k when I bought a condo for 3% down not even 5 years ago. There are still plenty of those available in the suburbs for those making regular incomes. [/quote]

1) By aggressively I meant an extra $100 or so a month. 2) IF there are 0% down loans, I wasn't aware of them (I'm still not, frankly).  I had NO money for a DP when I left school.  I had debt.  Sure my extra $100 a month would have been bee $1.2K a year. After 5 years that would have been $6, or 3% of a $200K town house or condo.  I've never seen a condo for this price in DMV.  3) Your $70 gives you twenty thousand more reasons a years that you could save a DP.  Good for you.[/quote]

I am not going to quibble with you over your situation, but you are completely wrong that condos don’t exist in the DMV for $200,000 and that people who are making $50-80k cannot afford them as a rule. Your particular situation with student loan debt may not have enabled you to do so, or you didn’t make it a priority. However, it is possible. [/quote]

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