Reply to We've been saving to move to upper NW...

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Who is able to afford these houses? What’s driving up prices? If salaries aren’t keeping pace with home prices, why do prices keep going up? Investors?[/quote]

I live in OP's target neighborhood (CCDC). A real estate friend of mine says that it is not uncommon for parents to pay down payments or even purchase houses outright for their adult children. On my block there are at least 5 families with infants living in $1.5 to $2 million homes. I don't know how they've swung it but I know I couldn't have afforded current CCDC housing prices on the salary I was earning when my kids were born.[/quote]

I’ve been going to open houses and I would say fully half of the groups there include an elderly parent. Including for buyers in their 30s and 40s!

Also for buyers who look just out of college…which my parents had bought me a half million dollar+ condo or house when I was just out of school…[/quote]

I know at least two couples with 300k HHI that have bought 1.5M house. I am sure that their family helped at least with down payment. [/quote]

Or they worked a high-income job like Big Law for a few years before burning out and saved a $1M down payment so their $500K mortgage is affordable.  Not everyone relies on Mommy and Daddy.[/quote]

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