Reply to How are you able to afford the DC area

Forum Index » Real Estate

Reply to "How are you able to afford the DC area - from an out-of-towner?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Another out of town lurker here with a prospect to relocate.  Many of you seemed to earn a bundle in the 90s before the housing boom.  I was still in high school then.  How do people in their early 30s and younger manage in DC?[/quote]

I'm 34, DH 37. We both earn decent money together just over 300K/yr), but the real reason we can afford to live here is that we purchased a home before the housing boom when we were in our early 20s, at that time loans were given out to anyone. We got lucky and flipped two homes and walked away with a few 100K in tax free profits.  Added to that we both gratuated GMU without debt, as we attended as commuters living at home and paid for school out of pocked from PT jobs.

You get a huge start in life when you have no college debt and are able to buy a home very early, pre-boom and sell at the top of the market.  We were wise enough to realize that it was time to bail when housing had hit the peak in 2006.  At that time both of our homes had been converted into rentals and we quickly unloaded them. The poor people that bought them? I don't think they are probably sitting too pretty right now.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics