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Reply to "It’s extremely hard to raise kids in a nice neighborhood without generational wealth "
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[quote=Anonymous]This is why you build equity in properties. We are in our 40s now. No generational wealth at all. Kids are in elementary. We started with a condo in our 20s. Two good paying jobs but nothing amazing. Absolutely scrimped and saved for that thing. Worked hard and moved up — income starts increasing. Then we took the equity from that coupled with a rise in income and bought a row house in Shaw. House after that was upper NW; nothing spectacular but good enough. Now we are in our forever home ($3M+) still in DC because I’d never live in the suburbs but in a very very nice part of DC. All of this done by rolling up equity from the previous property and increasing our own income. Point is: we didn’t start out there and most people don’t (who the hell in their 20s wants to live in McLean???). And our kids are still young enough that they will have almost 10 years in this house before leaving for college. Start small and grow from there. [/quote]
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