Reply to Family of Four on 90k - An Upper Middle Class Existence

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is in response to 8:35 above- don't want to quote again since it's so long- but PP's house probably didn't just appreciate due to the bubble- sure it's a part but gentrification has lead to crazy increases in housing prices in many DC neighborhoods, and it's not like those places went rock bottom again when the bubble popped.  From my limited experience looking at home values when we were house shopping, it was more outlying, exurban areas that really got screwed by the bubble.  Investing in a gentrifying inner city neighborhood is a risk that I'm not sure I would have had the courage to take, but for PP it worked out.  It doesn't sound like you (as a self described country boy) would have wanted to take that kind of risk even if you had the means.[/quote]

I agree there is some gentrification effect, but part of that was driven by the housing bubble (people couldn't afford upper nw so looked east). but again this is an external effect, gamble on a neighborhood and win type appreciation, not sweat equity that boosts a house by $500k. it worked out birdie many people it won't; haven't people been gambling on acps schools improving, and there are always neighborhoods that are tr next big thing but never make it. pp helped by being a pioneer but she did not effect the change on her own but benefitted from good timing and luck. and reproducing that luck with a declining dc economy seems unlikely, despite her assurance that anyone could replicate her success today. [/quote]

I agree that it will be hard to get the kind of appreciation that I've had.  But it's only relevant if your goal is wealth appreciation and you plan to sell not if you simply need somewhere affordable to live.  What's relevant is how to find somewhere to live well on a sub $100k salary.  You either take risks (like I did, and you still can) or you live in a small place (mine is also small, BTW) with a long commute in a better school district like bitter PP.  These are trade offs.  You don't get everything right away. (Or ever, for many people, myself included).[/quote]

The Counter point to OP was that having a decent middle class life of good schools, reasonable commute, single family home is only achievable oN much higher incomes. OP was Poo-pooing this saying they she does it just fine. So your assertion is to live in unsafe marginal neighborhoods and hope it gets better? That seems like a gamble most parents can't make. And most millennials won't be in a position to buy a home b/c of student debt And higher down payment requirements until they have kids. [/quote]

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