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Reply to "How rich are people buying 1-1.5 mil homes?"
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[quote=Anonymous]In Arlington this is roughly the buy in point if you want a SFH. This means that some people are stretching and putting every ounce of their income in so they can afford a SFH with a short commute and good schools. While others make much more and are buying well under their means to retire early or have more security. It's totally mixed. We bought 6 years ago just under $1m, but for a house that needed a lot of work immediately, putting it around the $1.2m investment point. We financed a lot of the improvements with cash from the sale of our starter home. At the the time it was a bit of a stretch for us. Our HHI has grown and our mortgage has shrunk, so now we have a HHI of $500k with a $350k mortgage. Not a bad place to be at 39 yo. We do think about moving to upgrade, but are happy with our neighborhood and schools. Moving would be a big disruption.[/quote]
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