Reply to How are Millennials affording new $1.5+million home in MD, DC and VA?

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Reply to "How are Millennials affording new $1.5+million home in MD, DC and VA?"

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[quote=Anonymous]We’re barely 40 and have normal incomes - GS15 equivalent and a GS13. Our next house in 2-3yrs will be closer to $1.25-1.4. We’ll sell our current house for $900k and find the difference with cash.

No student loans - thanks to scholarships and engineering co-ops.
Had roomates until we got married at 33.
Lived in mid-tier cities so rent with roomies was low.
Had jobs that require frequent business travel - per diems and airline / hotel points paid all vacations.
Max out employee share purchase plan for a company whose stock has done very well. Shares bought at $12 were sold for $65 to fund part of our down payment.
Family help - we get a check each year for $28-50k to spend down an estate. We will get $0 inheritance because we get it now.
We live within our means and don’t budget for bonuses, tax refunds or family gifts. Any “bonus” is applied to college savings or our next car and house.
We drive modest cars. We send our kids to in-home daycare/church preschool instead of having a nanny. Our vacations are modest - a week at the beach in a rented house or visiting family. [/quote]

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