Reply to How rich are people buying 1-1.5 mil homes?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You can't ask this question without asking about family help and/or equity from another house. MANY people in the DC area get assistance from family (inheritances, down payment help on this or a previous starter home that now has equity, etc.). And PP is right that people over-leverage for schools.

Our HHI is $250 with a low NW (no family help and lots of student loan debt) and we'll probably end up having to spend $1m for schools with a 20% down payment, but that would over extend us and make it difficult to catch up on retirement saving.[/quote]

"Having to spend $1m for schools."

Ok.[/quote]
How do you feel if I tell you we're getting paid for good schools? Say if you bought in McLean, after your kids are done with schools, your house is worth at least 500k even 1M more. You can then cash in and move to other areas you want.[/quote]

I don't care what you're doing. Just don't frame it as a necessity. "I can't buy a house worth under $1m because schools!"[/quote]

Everyone knows that people in less expensive neighborhoods simply don’t send their children to school. Or not the children who matter. [/quote]

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