Reply to Ok can we stop saying $300k is "rich" in DC?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If you make 300K and you can't afford a nice home in NW, then you are spending your money somewhere else: student loans, tuition, debt. Whatever the case may be, you should be able to swing a home in NW DC with that income. [/quote]

Yup. Student loans. It takes $ to make $. We don't all have mommies and daddies paying for our college educations. [/quote]

Nice assumption a******. Some of us, like me, worked our way through college in the 90s and didn't take on any student loans.

I know that's not the case anymore for a lot of people. However, the fact that you can afford massive student loan payments without defaulting or going without food means that you do have a ton of disposable income. Imagine your student loan debt with somebody making only $85,000 a year. Try to get a grip[/quote]

I think the PP was just saying that with loans, it's hard to afford a "nice home in NW" with a HHI of $300k. Not that life is terrible or no one else has it hard.

I truly don't know how people afford those houses in NW - nice or not. We left DC in part because even with two adults working what we thought were pretty reasonable jobs, there was no chance of affording [b]a house we actually wanted to live in[/b]. We weren't anywhere close to $300k, and did/do have student loans still, but - I dunno; it seemed nuts still that at what by all objective measures was a comfortable HHI, we felt we had so few appealing housing options.

Anyway, that's a tangent. I once interviewed a bunch of people about wealth and whether they felt wealthy. It really did seem to come down to your peer group and expectations - if you are earning $100k in a place where your peers have less, you feel quite wealthy; if you are earning $400k in a place where your peers are living in $2 million condos, you feel broke. That's that. If you want your wealth tofeel different, you have to earn more or move, basically. (We moved and feel very fortunate to have been able to do that.)
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The 8 words that define this generation and its overwhelming sense of entitlement. This is why you will never own a home -- there is no home that's good enough.[/quote]

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