Reply to Who can afford 800K-1M homes? Genuine Curiosity!

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[quote=Anonymous][quote=Anonymous]Mostly people who 1) are 2 income families, 2) made money on their first condos or starter homes, to help with the downpayment, and 3) sometimes get a little bit of padding from family money.  [/quote]

This.

My husband was stationed here in 2006.  I knew very little about economics, but even I could tell the housing market was wildly out of control.  Enlisted families who had bought tiny shacks by Quantico or Ft. Belvior around 2000-2002 had sold for double and more in 2005/2006, walking away with a quarter million in cash.  We looked at these houses and said WHO in God's name has half a million dollars to spend on a tiny 1960s brick box??

I started following the market very closely, and I came to the same conclusions:

1). Two income families
2). People who lucked out with the timing of the insane housing market
3). Family money

Even now, with the fake wealth gone, and gone spectacularly, I look at the boom McMansions and wonder who paid top dollar for them, and what it feels like to see new neighbors move in, knowing they paid less than half.  Entire neighborhoods in PWC went that direction.

Anyway, back to million dollar houses...my question is, what about the young 20-somethings of today?  How will they ever, ever break into that tier of housing, since #2 is probably gone for good?  Are #1 and #3 enough?[/quote]

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