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[quote=Anonymous][quote=Anonymous][quote=Anonymous]there are a lot of people in dc who work for the government, non-profit sector, or less than full-time (contracts/gigs).  these are not all especially high paying jobs.  not everyone is a 2 parent family either.  unless you purchased your home years ago, 100-200k does not leave a lot leftover after housing expenses.[/quote]

The median home ownership tenure in DC is 13.3 years, so yes, lots of people bought years ago. In my immediate neighborhood, where SFHs are all over $1mil, we were the last on our block to purchase, and that was 25 years ago at 1/3 of the current tax assessed value. Many people's income does not match the assessed value of their homes, but they have a lot of home equity to retire on.[/quote]

Most people in that situation will not sell their homes to retire on the proceeds because it doesn't make sense. You'd have to move well outside this area in order to realize any gains, because you still need a place to live and this entire area has expensive housing. That means leaving family and established community.

Most people in the situation you describe will retire in their homes (hopefully paid off) and hope that retirement savings plus social security buys them an okay life. The house doesn't get sold until they are forced to leave either to go into Medicaid-paid assisted living (which will be a downgrade and they will avoid as long as possible) or they die.

The. house becomes a windfall to the next generation. It will not substantially improve quality of life for the parents.[/quote]

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