Reply to $200K and just getting by

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Reply to "$200K and just getting by"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]But you didn't have to have 20% back then and you weren't saddled with exorbitant student loan debt. Mortgages were spec and no DP and college was reasonable. You were entering the work force and adulthood in an economic boom. WE entered in the worst financial climate since the Great Depression. Not saying you guys didn't work but you did NOT have the hurdles back then that we do now. [/quote]

Actually, that PP's description is atypical for GenX too. Things weren't as cheap in the early to mid 1990s as you may think.  When I was 22 (1995) I was still a law student, paying 35k per year for tuition and room & board.  As another PP  said starting salaries for people who had recently finished college were well under 40K.  Even as a lawyer at biglaw in the late 90s, starting salaries were under 100k. The only people I know who bought houses within a year of finishing school had parental help for the downpayment. [/quote]
+1.  When I moved to the DC area after college in 1996 I was 22 and I had an exempt position requiring a college degree that paid $27k and required long hours and travel.
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