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]Millennial here.  I just purchased a 1200 sq foot townhouse in Falls Church for $600,000.

In 2000, the townhouse I purchased was sold for $190,000.

In today's dollars, indexed for CPI, purchasing the townhouse for $190,000 in 2000 would have been like purchasing it for $268,783.80 today.

$268,783.80 in 2000 bought you a townhouse which was 17 years younger, had a stellar commute to DC, and was in a top school pyramid.

We purchased the townhouse from a single guy with a totally nondescript job in IT.  And he probably didn't have to save for the house while paying off crushingly high student loans, because his education cost a lot less.  Seller was able to move on to a $800,000 SFH only because of the equity he "earned" (he told us as much), but not due to any great professional or financial achievement.

In order to purchase the same house the seller bought 17 years ago, it took two incomes for us. And my spouse works as a consultant for a top firm.

Prior generations absolutely did NOT have to make the sacrifices millennials have to make.  Things like a great commute, top schools, and affordable housing was far more accessible to more "normal" people.

And, no, these people were not commuting into DC from Manassas in 2017 traffic.  Not even close.[/quote]

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