They way we afford to live in our $1.2 mln paid off house is the following steps:
1. My divorced spouse boughta single house back in 2003 for $420K. We got married and paid it off after a couple of years before kids.
2. Sold the house for over $600K in 2007
3. Bought the house for $800K, paid huge downpayment ( $550K) from previous house sale money
4. Paid off the current house within 5 years that is now valued over $1.2 mln.

Our combined annual gross income never exceed $200K. We were very frugal with our lifestyle; we still travelled and ate out on occasions though. Our goal was to pay off the mortgage as fast as we could. We are in our early 50s.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of SFHs less than 1 mil. Also, many jobs are located other than DC proper, so it isn’t as black and white as it used to be regarding inside or outside of the beltway.

None of the SFH in my McLean neighborhood is less than 1 mil. The lowest one in the neighborhood is around 3M.

This is less than 1mil.

https://www.zillow.com/homedetails/6628-McLean-Ct-Mc-Lean-VA-22101/51756011_zpid/

It’s also a townhouse, not a SFH.

A perfectly average townhouse with a tiny patio and an okay HOA fee for almost a million freaking dollars.

Thanks, I am sure this TH in a top school district is not up to your standard.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think salaries have gone way up in respect to housing prices. My house value is pretty much exactly the same as when I bought it 13 years ago with a cumulative of 41% inflation. However, I am essentially earning the same as I did at that time despite numerous years of experience, maybe a percentage point or two increase.

So, people entering the market a few years ago have quite the buying power.

EG they can afford to go and get themselves a mortgage if they want to buy my house. Even considering the one bright spot of my matriculation was that mortgage rates were rock bottom.

That being said, I wish mortgage rates were lower, so that I can raise the price of my house.

You must not live around here. When we were first striving for a 3br 10 years ago, they were $1M. We thought, oh in 3-4 years we’ll be able to afford that. The same 3brs 3-4 years later were then $1.2M. And now they are $1.6. We cannot earn or save enough to reach the first rung on the ladder.

You have champagne tastes on a beer budget.

More likely she has beer taste but the bar is way overpriced.

Sounds like she wants a 2023 new construction, 5500 sqft, top of the line finishes, sub zero fridge, in a cul-de-sac hood of McLean, inside beltway, walkable to the golf course, movies and coffee shops, and priced at $500,000.

You got all of that from her stating that they wanted a 3 bedroom house?

Get a life, you miserable loser. Oh wait, you can’t! Because you’re spending all your money on your average house lol.

No worries I have 2 houses over 1.5mm. You sound jelly.

Look in 22044.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of SFHs less than 1 mil. Also, many jobs are located other than DC proper, so it isn’t as black and white as it used to be regarding inside or outside of the beltway.

None of the SFH in my McLean neighborhood is less than 1 mil. The lowest one in the neighborhood is around 3M.

This is less than 1mil.

https://www.zillow.com/homedetails/6628-McLean-Ct-Mc-Lean-VA-22101/51756011_zpid/

It’s also a townhouse, not a SFH.

A perfectly average townhouse with a tiny patio and an okay HOA fee for almost a million freaking dollars.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think salaries have gone way up in respect to housing prices. My house value is pretty much exactly the same as when I bought it 13 years ago with a cumulative of 41% inflation. However, I am essentially earning the same as I did at that time despite numerous years of experience, maybe a percentage point or two increase.

So, people entering the market a few years ago have quite the buying power.

EG they can afford to go and get themselves a mortgage if they want to buy my house. Even considering the one bright spot of my matriculation was that mortgage rates were rock bottom.

That being said, I wish mortgage rates were lower, so that I can raise the price of my house.

You must not live around here. When we were first striving for a 3br 10 years ago, they were $1M. We thought, oh in 3-4 years we’ll be able to afford that. The same 3brs 3-4 years later were then $1.2M. And now they are $1.6. We cannot earn or save enough to reach the first rung on the ladder.

You have champagne tastes on a beer budget.

More likely she has beer taste but the bar is way overpriced.

Sounds like she wants a 2023 new construction, 5500 sqft, top of the line finishes, sub zero fridge, in a cul-de-sac hood of McLean, inside beltway, walkable to the golf course, movies and coffee shops, and priced at $500,000.

You got all of that from her stating that they wanted a 3 bedroom house?

Get a life, you miserable loser. Oh wait, you can’t! Because you’re spending all your money on your average house lol.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Plenty of SFHs less than 1 mil. Also, many jobs are located other than DC proper, so it isn’t as black and white as it used to be regarding inside or outside of the beltway.

None of the SFH in my McLean neighborhood is less than 1 mil. The lowest one in the neighborhood is around 3M.

This is less than 1mil.

https://www.zillow.com/homedetails/6628-McLean-Ct-Mc-Lean-VA-22101/51756011_zpid/

Does a SFH generally have 4 bedrooms and 4 bathrooms?

In answer to OP"s question, they don't. Even the POTUS and most members of Congress sleep in their office.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think salaries have gone way up in respect to housing prices. My house value is pretty much exactly the same as when I bought it 13 years ago with a cumulative of 41% inflation. However, I am essentially earning the same as I did at that time despite numerous years of experience, maybe a percentage point or two increase.

So, people entering the market a few years ago have quite the buying power.

EG they can afford to go and get themselves a mortgage if they want to buy my house. Even considering the one bright spot of my matriculation was that mortgage rates were rock bottom.

That being said, I wish mortgage rates were lower, so that I can raise the price of my house.

You must not live around here. When we were first striving for a 3br 10 years ago, they were $1M. We thought, oh in 3-4 years we’ll be able to afford that. The same 3brs 3-4 years later were then $1.2M. And now they are $1.6. We cannot earn or save enough to reach the first rung on the ladder.

You have champagne tastes on a beer budget.

More likely she has beer taste but the bar is way overpriced.

Sounds like she wants a 2023 new construction, 5500 sqft, top of the line finishes, sub zero fridge, in a cul-de-sac hood of McLean, inside beltway, walkable to the golf course, movies and coffee shops, and priced at $500,000.

Anonymous wrote:

Anonymous wrote:Plenty of SFHs less than 1 mil. Also, many jobs are located other than DC proper, so it isn’t as black and white as it used to be regarding inside or outside of the beltway.

None of the SFH in my McLean neighborhood is less than 1 mil. The lowest one in the neighborhood is around 3M.

This is less than 1mil.

https://www.zillow.com/homedetails/6628-McLean-Ct-Mc-Lean-VA-22101/51756011_zpid/

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think salaries have gone way up in respect to housing prices. My house value is pretty much exactly the same as when I bought it 13 years ago with a cumulative of 41% inflation. However, I am essentially earning the same as I did at that time despite numerous years of experience, maybe a percentage point or two increase.

So, people entering the market a few years ago have quite the buying power.

EG they can afford to go and get themselves a mortgage if they want to buy my house. Even considering the one bright spot of my matriculation was that mortgage rates were rock bottom.

That being said, I wish mortgage rates were lower, so that I can raise the price of my house.

You must not live around here. When we were first striving for a 3br 10 years ago, they were $1M. We thought, oh in 3-4 years we’ll be able to afford that. The same 3brs 3-4 years later were then $1.2M. And now they are $1.6. We cannot earn or save enough to reach the first rung on the ladder.

You have champagne tastes on a beer budget.

More likely she has beer taste but the bar is way overpriced.

People have family money, are overpaid lawyers or lobbyists, or they’re just house poor but in denial.

Anonymous wrote:Plenty of SFHs less than 1 mil. Also, many jobs are located other than DC proper, so it isn’t as black and white as it used to be regarding inside or outside of the beltway.

None of the SFH in my McLean neighborhood is less than 1 mil. The lowest one in the neighborhood is around 3M.

Plenty of SFHs less than 1 mil. Also, many jobs are located other than DC proper, so it isn’t as black and white as it used to be regarding inside or outside of the beltway.

I just bought a million-dollar towhouse. I put 22% down and about the same amount in savings.

I am late 40s, divorced with kids, and make 200k a year and am a career nonprofit worker. I did not get any money that was not mine when divorcing several years ago...in fact, I took less than the law allows, which would have been 50% of our marital assets.

We bought our second marital home at 860k six years ago on his income alone, which was 180k at the time.

I am a lifelong saver. At 32, I still rented a room in a house with roommmates. I had massive student loan debt (70k in 1999, which was unheard of). I was an English major.

My guess is that you are trying to just get a SFH off the bat with purchasing. That is not how most people do it in this area.