Reply to Buying a first home - did you get the downpayment from your family?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, you're making like $6k a month.  You could spend $1,500 on rent each month and still have tons leftover.  Where's all your money going?[/quote]

I wish. It's $4500 take home after my taxes, thrift contribution (12% of salary + 8% match), life+health+dental+vision insurance. Also, I just hit this level of salary one month ago after a recent promotion. I'm also dumping a LOT ($700+ month) on student loans and didn't finish full-time grad school until I was 29. If it wasn't for grad school, I wouldn't have my very good job (got a 40% raise vs. my job before grad school).

[b]I do have money saved up, but no way do I have $50K+ for the down payment (plus closing costs) for a mediocre condo[/b].[/quote]

Cry me a river.  Six figures at 31, no dependents, and you can't save anything?  Nothing?

Better get cracking to save up that $50K.  You need to start somewhere.[/quote]

OP here:

I'm not crying anything. I was just trying to see if my experience was typical for young, well educated professionals in DC. Think of my posting as more of a survey than a rant. I freely admit that saving up for a downpayment is hard work and requires sacrifice for most people.

That said, I went to a grad school populated by lots of wealthy students and they compose my main network here in DC. So it sometimes feels like its only me and a few other friends from middle class backgrounds who are struggling with this while all those who are buying are not having the same experience.[/quote]

Yes, OP this is DC.  DH went to grad school and we paid for it.  He was working full time, going to grad school and had a newborn at home.  It sucked, we had no help financially or help with the baby so we had to suck it up and be adults.  DH was going to school with others saying how 'hard' it was and grad school was their only job that they were not paying for.  DH graduated at the top of his class and while friends were on daddy's dime, going to the bars and spending $150 without thinking about it, he was at home eating homemade meals since even take out was too expensive.  When we went out to dinner to celebrate DH's graduation, his parents didn't even pick up the tab at a cheap restaurant so we had to pay for it.

If you keep trying to stay on par with your friends, you will find yourself miserable.  Just wait until you have kids- then you see the real competitiveness of DC with the furniture the parents buy to the stroller, the type of fricken diaper their kid craps in.  If you learn to do your own thing- get a roommate, move farther out, etc. you can start living for yourself and not others.  The grass is always greener on the other side.[/quote]

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