Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Your son wouldn’t have been able to do that alone though, he not only needed to make 350k/year in his 20’s but also meeting a woman who makes a similar amount, and depend on family in the area to give rent free housing for 5 years. That’s 3 unlikely events happening simultaneously that gave him this opportunity. Now think about what if he was earning 350k, with a spouse working as a teacher making 50k, no free housing. Not to mention SWE jobs aren’t exactly stable these days (Amazon is famous for PIPs and burnout). Get laid off or replaced by AI, and that mortgage payment is going to hurt.

Anonymous wrote:It's never been the case that young families without help could buy right into the poshest suburbs in DC. OP's premise is ridiculous.

It was the case actually but we are talking like 60-70 years ago. Grandparents bought in Bethesda in the 60’s off a single early-mid career government income.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Sounds like a piece of cake!

it is, with the right life choices around employment, having children, and saving vs spending. All actions have consequences, some more favorable than others. And, people prefer different things, which is also fine, so they make different choices. None of it necessarily depends on "generational wealth", though.

Getting two FAANG jobs straight out of school and having parents with a literal guest house in a major city is not something anywhere close to a “piece of cake.” And if you think access to a guest house in a major city isn’t tapping generational wealth, you’re out of your mind.

You're extrapolating from one anecdote. Plenty of young physicians, BigLaw attorneys, and entrepreneurs who saved diligently and limited their family size have expensive homes at relatively young ages, all without generational wealth paying for anything. If you obtained an education which qualified you for only low income employment, or if you spend wantonly, you're not going to be in that group. If you have a large family at a young age, fail to save and invest diligently, or engage in other asset-sapping behaviors, you're not going to be in that group.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Do you have a guest house? It would be a cold day in hell that I would agree to live with my in laws or future daughter or son in law. Share a kitchen, family room, and laundry room? Have sex with them down the hallway?

They lived in our guest house, which features a full kitchen, family room, and laundry room. Fortunately, we spend our winters in Florida and Vietnam and travel extensively between spring and fall, so we really only saw them during the summer. FWIW, I get along great with my daughter-in-law; she has actually been my younger daughter's best friend since first grade.

lol your son benefitted a lot from generational wealth. This is laughable.

Yeah I was pretty excited to maybe see a real example of young people buying big on their own but this is just generational wealth wrapped up in 5 years of free housing in a HCOL area with a PE dad who is probably worth $20M conservatively (if he sucked at PE) and $100M+ if he was good.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Do you have a guest house? It would be a cold day in hell that I would agree to live with my in laws or future daughter or son in law. Share a kitchen, family room, and laundry room? Have sex with them down the hallway?

They lived in our guest house, which features a full kitchen, family room, and laundry room. Fortunately, we spend our winters in Florida and Vietnam and travel extensively between spring and fall, so we really only saw them during the summer. FWIW, I get along great with my daughter-in-law; she has actually been my younger daughter's best friend since first grade.

I mean, this is great and I congratulate you. But I find it pretty sad and weird that you know exactly how much money that both your son and DIL make and how they fare in the stock market. It sounds like you are a very money driven family and that you have few boundaries with each other.

Referring to their salaries as a "cool" this and a "cool" that is pretty pathetic as well. And with Amazon and Google? Yuck.

I know how much they make and how much they saved because they told me. I couldn't care less either way. I used to work in private equity, and my wife was a CPA, so they trusted us to invest their money wisely and advise them on how to pay the least tax possible. FWIW, don't you have better things to do with your miserable life?

Yea, right, you "couldn't care less." That's why you're on here naming their employers and their salaries. And you used to work in private equity and your wife's a CPA. And you know exactly what they paid for their house and what their mortgage is. And you "helped them invest" and save on taxes.

But no, you "couldn't care less" about what they make.

Right.

We live in a very nice area without generational wealth. We both work hard and save about 20% of our income and have for almost 20 years. Compounding is a wonderful thing!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Sounds like a piece of cake!

it is, with the right life choices around employment, having children, and saving vs spending. All actions have consequences, some more favorable than others. And, people prefer different things, which is also fine, so they make different choices. None of it necessarily depends on "generational wealth", though.

Getting two FAANG jobs straight out of school and having parents with a literal guest house in a major city is not something anywhere close to a “piece of cake.” And if you think access to a guest house in a major city isn’t tapping generational wealth, you’re out of your mind.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Do you have a guest house? It would be a cold day in hell that I would agree to live with my in laws or future daughter or son in law. Share a kitchen, family room, and laundry room? Have sex with them down the hallway?

They lived in our guest house, which features a full kitchen, family room, and laundry room. Fortunately, we spend our winters in Florida and Vietnam and travel extensively between spring and fall, so we really only saw them during the summer. FWIW, I get along great with my daughter-in-law; she has actually been my younger daughter's best friend since first grade.

lol your son benefitted a lot from generational wealth. This is laughable.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Do you have a guest house? It would be a cold day in hell that I would agree to live with my in laws or future daughter or son in law. Share a kitchen, family room, and laundry room? Have sex with them down the hallway?

They lived in our guest house, which features a full kitchen, family room, and laundry room. Fortunately, we spend our winters in Florida and Vietnam and travel extensively between spring and fall, so we really only saw them during the summer. FWIW, I get along great with my daughter-in-law; she has actually been my younger daughter's best friend since first grade.

I mean, this is great and I congratulate you. But I find it pretty sad and weird that you know exactly how much money that both your son and DIL make and how they fare in the stock market. It sounds like you are a very money driven family and that you have few boundaries with each other.

Referring to their salaries as a "cool" this and a "cool" that is pretty pathetic as well. And with Amazon and Google? Yuck.

I know how much they make and how much they saved because they told me. I couldn't care less either way. I used to work in private equity, and my wife was a CPA, so they trusted us to invest their money wisely and advise them on how to pay the least tax possible. FWIW, don't you have better things to do with your miserable life?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Do you have a guest house? It would be a cold day in hell that I would agree to live with my in laws or future daughter or son in law. Share a kitchen, family room, and laundry room? Have sex with them down the hallway?

They lived in our guest house, which features a full kitchen, family room, and laundry room. Fortunately, we spend our winters in Florida and Vietnam and travel extensively between spring and fall, so we really only saw them during the summer. FWIW, I get along great with my daughter-in-law; she has actually been my younger daughter's best friend since first grade.

I mean, this is great and I congratulate you. But I find it pretty sad and weird that you know exactly how much money that both your son and DIL make and how they fare in the stock market. It sounds like you are a very money driven family and that you have few boundaries with each other.

Referring to their salaries as a "cool" this and a "cool" that is pretty pathetic as well. And with Amazon and Google? Yuck.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Do you have a guest house? It would be a cold day in hell that I would agree to live with my in laws or future daughter or son in law. Share a kitchen, family room, and laundry room? Have sex with them down the hallway?

They lived in our guest house, which features a full kitchen, family room, and laundry room. Fortunately, we spend our winters in Florida and Vietnam and travel extensively between spring and fall, so we really only saw them during the summer. FWIW, I get along great with my daughter-in-law; she has actually been my younger daughter's best friend since first grade.

It's possible, we did it. You have to delay kids to your mid to late 30's to give yourself time to save and invest for a house in Mclean. Most younger people are blowing money on stupid stuff like Starbucks, fake nails, tattoos, travel,

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Do you have a guest house? It would be a cold day in hell that I would agree to live with my in laws or future daughter or son in law. Share a kitchen, family room, and laundry room? Have sex with them down the hallway?

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

“Some luck in the stock market” > Aka historic RSU appreciation. Those 4 year grants pay off well. Bet your son’s actual TC was closer to $1M w RSU appreciation and same for his wife.

I’d also count living with parents who are already in the dc area as family help so I don’t think this example counts as doing it without family help.

You can’t just wealth wash that as something normal - most people their ages have been paying rent in HCOL areas since graduating not living w mom and dad which drastically impacts savings (and is kinda weird tbh once a SO is involved??)

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 pages in and everyone is contributing their own version of “screw you, I got mine” while ignoring OP was focused on those under 35 buying $2-3M homes.

We get that many of you saved aggressively and traded up between mid 30s to 50s. You all keep repeating the same story that ironically was only possible for most of you because of unprecedented property appreciation in this country since 2008. Yet you all think you’re brilliant for benefitting from a macroeconomic trend.

How many PP’s bought a $2-3M home under 35 with kids without parental support or a trust in the DC area?

My 28-year-old son and his 27-year-old wife just purchased a $2M home in McLean with $1.2M down and an $800K mortgage. He graduated in 2020 and is currently working as a senior software engineer for Amazon for a cool $350K/year. His wife graduated in 2021 and is currently working for Google for a cool $300K/year. They got married in 2020 and lived with my wife and me for five years to save the $1.2M down payment (with some luck in the stock market) prior to purchasing the home. They plan on paying off the mortgage in the next two years. It is not that difficult.

Sounds like a piece of cake!

it is, with the right life choices around employment, having children, and saving vs spending. All actions have consequences, some more favorable than others. And, people prefer different things, which is also fine, so they make different choices. None of it necessarily depends on "generational wealth", though.