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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]One of three things:

- they’re bringing money from a previous house sale
- family money (this one is the biggest imo)
- incomes for the highest earners have gone up way more than you realize. I don’t think ppl realize how much extra money the high end service workers, small business owners, contractors etc are making compared to 5 years ago. DH and I work in unrelated industries and both of us have doubled our very high incomes from five years ago. Based on the cars in our kids school, I’m guessing others have the same. But this kind of income increase wasn’t shared with ppl making, like, $120k. Who probably got around $20k of boost and that’s it. [/quote]

I agree with this. Incomes have gone up wildly [/quote]

I read the M&F dcum forum pretty regularly, and I don't think people on this forum realize how many very wealthy people there are, and how many more there are now compared to 5 years ago.  I'm not saying it's normal or it's everyone.  But people in their 30s, 40s and early 50s, if they were in good private sector jobs pre-covid (like, $150k+), they've likely doubled their salaries in the last five years.  So in a city like DC, of the people in those age brackets, easily 10-20% of those people in the DC area are making mad, mad money these days.  Now, if you take into account people outside those age brackets, and students, and sahms, and part time workers, the number ends up being just 5% of the region. Which tracks with the general idea that incomes over $200k are "wildly rich" and not the norm.  But when you narrow in on the relevant demographic - people in their highest earning years who actually work - then we're talking about a sizable chunk of the region.  Still less than half, sure.  But lots of bodies to pay for $1m+ mortgages.

Let's use the example of big law lawyers.  As a very, very conservative estimate, there are 100 "big law" firms with offices in DC, and they probably have an average of 100 lawyers each.  (Some have way more: like covington and burling, hogan etc with 500+, and others are more branch offices with 50 - so i think 100 is actually really conservative).  So my conservative number means 10,000 big law lawyers in DC working at big firms.  The starting salaries one year out  of law school at big law is $210k.  So every one of those lawyers is making at least $210k. And there are 10,000+ of them in the DC area.

That's a lot of bodies who can buy $1m homes without even blinking an eye.  I think a lot of people making $150k can't fathom how many bodies in cities like DC are making really high salaries in their 30s-50s.  [/quote]

Yes and those biglaw associates become partners after around a decade…

Like me…[/quote]

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