Reply to Poverty level is $140,000 for a family. Really.

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Reply to "Poverty level is $140,000 for a family. Really."

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[quote=Anonymous][quote]I remember when we were renting a one bedroom in Silver Spring and had two little kids. We earned 80K as a household.

And now we're in a SFH in Bethesda, still earning below 140K a year. We've lived frugal lives for decades. DC1 is in college, DC2 in high school.[/quote]

...what year was this? If you've got a kid in college, we're talking at least mid to late 2000s, which is an entirely different story financially. Could you buy your house now? Would you have been able to stow any money aside for a down payment on $80k/year in 2025?

The cost of housing has skyrocketed, and that SFH in Bethesda, even in 2010, was actually not out of reach of families (not developers), even when you take into account small housing downturns in this area. Now, when a family is bidding on a house, that little stretch to outbid can mean a lot vs. a developer who can just throw in whatever is needed to get the lot and tear down the house. Your interest rate is likely significantly lower than what a family would take now.

I feel for young families in the current market/economy. There's no way we could afford to buy what are being sold as teardowns in our neighborhood. Even if you find a sympathetic or emotional seller who wants to side with families and not see their house torn down, the entry cost is still very high. But then again, the sellers are facing skyrocketing long-term care and/or nursing home costs, so they feel forced to take the highest bid.

...and we're just talking about housing. What about a car, groceries, etc? [/quote]

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