Reply to How does a single person buy a house around here

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]350K/yr for a 31 year old person is like the top 1% earner in the country.  If you want to buy a 2M townhouse in Georgetown, with 400K down payment, you are looking at 11.8K/month before property tax, insurance, utilities, etc...  That's just crazy.[/quote]

Yeah it's top 1% for that age bracket but more like top 2-3% including all ages, maybe only top 5% in the DC area.

If you're trying to buy in an area with 2M houses you're not competing with other single 31 year olds who started with nothing, you're competing with dual income 40 year old doctors, people with inherited wealth, people who bought 25 years ago, and a few folks with crazy high individual incomes of over 1M/yr. A single 350k/yr earner in a lot of McLean zip codes is probably average income at best.

I know someone who bought a year ago in a close in zip code when he was 29 and I can tell you he didn't pay for it with his own 9-5 salary, he paid with his parents money.[/quote]
Right on with that last paragraph. I’ve owned a few homes now in my late 30’s and I make a modest low 6 figure income but I’ll be blunt, I’ve been able to “trade up” each time mostly because of family money. My family is a prominent contractor in the area and I get consistent monthly payments from their profits. [/quote]

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