Reply to How are Millennials affording new $1.5+million home in MD, DC and VA?

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Reply to "How are Millennials affording new $1.5+million home in MD, DC and VA?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]A. Wealthy parents financing the kids home purchase

B. Folks who have lots of equity in existing homes

C. Retired military folks buying with VA Loan and high post-retirement salaries

[b]D. Just hardworking people who finally saved up![/quote][/b]

But affording 1.5m by age 35 takes more than saving. A $1.4M house appreciating at 3% is going up by $40k every year — you can’t save nickels fast enough to keep up with rising prices. [/quote]

[b]Above $1m is slow to appreciate and slow to sell. Check it out for yourself.[/b]

Properties with gift loan amounts ($625k loans?) sell fast, not super jumbo loan properties. Esp not now that only $750k of super jumbo loan is a tax shield and not $1M loans like before.[/quote]

It depends where and, to a degree, how much over $1m.  There are plenty of areas around here where houses in the $1.1-1.4M or so range move quickly.  Above $1.5M or $2M, you have fewer buyers so they can sit longer, but there is still plenty of a market for these in some neighborhoods around here.[/quote]

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