Reply to Is this a common feeling in your early 40s? Feels like friends are getting rich and we're stagnant

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]"Family money" isn't buying those $3M houses for the most part.  There are just not that many uber-wealthy people out there.

For most, "family money" means no college debt, wedding paid for, a $100K down payment provided, and maybe a $17K annual gift.  That's nice but sure as hell isn't enough to land you in a $3M house unless you are also killing it professionally.[/quote]

This level of family money that you describe can make a HUGE difference. $100k down payment + some extra annual help plus no student loan payment - that’s a really big help getting started on the property ladder early in life. Over the  long term that could very well be the difference between a $1m house and a $3m one, all other things being equal.  (Not that a $1m house is something to sneer at - or feel despondent about - in my opinion)[/quote]

+1. Excellent schools age 3-18, no college debt, if not also no grad school is such a massive leg up and makes those milestones so much easier to hit. Not to mention parents covering rent and helping you become a homeowner in your 20s. Paying for the chic wedding, big down payment on the first big house as a couple. Huge.[/quote]

No.  I’m the PP who posted above (months ago - looks like this thread has been revived) that the UMC “family money” that many in this area receive – college and grad school paid for, $100K down payment, $17K annual gift, etc. – is not enough to get into the $3 million houses.

If you disagree, show me the GS-15s who received that level of help (not uber-wealthy trust funders) in $3 million houses.  I thought so. As much as DCUM likes to go on about all the family money in the area, most people still are earning their way into $3 million homes.[/quote]

Most probably have both-wealthy families and well paying jobs.[/quote]

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