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Real Estate
Reply to "If you were born in 1990, how do you plan on ever affording a house?"
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[quote=Anonymous]My story: mid-1990s, 30 y.o. recent PhD, first full-time job, no savings. Bought a SFH in PG County. After mortgage and utilities and groceries each month I had about $25 left. The house payment was around 75 percent of my income. I have no idea how I got a mortgage but the PMI was huge--something like 25 percent. It was extremely painful, but also nice to finally be out of apartments and in a peaceful, clean SFH. A few years went by. My salary increased. The equity in the home went up, the PMI came off. Some inflation happened. Now I had a relatively cheap place to live and a nice investment. This wouldn't have ever happened if I had needed an Arlington or Bethesda address. [/quote]
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