Reply to Fitting into Upper Income Neighborhood Or Where Should Live/School

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Somebody in the other thread the OP referenced noted that many desirable neighborhoods are full of residents that were "grandfathered in" and could not now easily afford the houses they live in. So if you move into a $1 million house, there probably many families that bought their houses for half that a few years ago and are living a lifestyle well below what a $1 million house implies. So this would pose a favorable force on OP's concerns about being "outclassed" by neighbors. [/quote]

Waving hand-- Over here!  We are in southern McLean HHI of $150-$180k.  We could not afford our current home and still keep our current work/family life balance. However, unless poster has children in MS and HS, that is changing fast.  Families with younger kids definitely make more than the MS/HS cohort.  We used to call our section of McLean the "braownbag" section,  but that is changing faster than the teardowns are being turned into McMansions.  [/quote]

[b]This stuff makes me upset[/b] but whatever. We have a HHI of over 300K but since we just started out and are in our early 30s and have high kids costs we don't have enough saved to buy in places where people make half.[/quote]

Why?

We couldn't afford to buy in our neighborhood now, either - but when we did buy, it was a stretch.  What is upsetting to you about PP's post?[/quote]

It's upsetting because the housing market is being distorted by hedge funds and the Fed QE, which benefits existing homeowners at the expense of first time homebuyers. If the bubble of the 2000s had popped properly, then we would have much more diverse communities

And PP probably can't afford the delorean either to go back and buy a house in 1999. [/quote]

Exactly how is it fair that the previous generation gets to sit back and suck the money off the first time home buyers. It's utter bull shit but in the end the bad neighborhoods will continue to get better and have younger families where as the older more expensive ones will turn into old white people dying off.[/quote]

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