I went to grad school here in DC and many of my classmates are still around. We're mostly mid-late 30s now.

Everyone I can think of (except me) had parents contribute to college/grad school and/or house downpaymnt and/or their weddings. It makes a huge difference in how someone lives and enters the real estate market.

Anonymous wrote:
OP, I hope you realize that the Washington DC area is DIRT CHEAP compared to other capitals in the developed world.
I have lived in Paris and Tokyo, and enjoy my life here in Bethesda!

Paris is always my go to example for crazy.

OP, I hope you realize that the Washington DC area is DIRT CHEAP compared to other capitals in the developed world.
I have lived in Paris and Tokyo, and enjoy my life here in Bethesda!

My block ($1.2K to 1.4)

doctor/nurse
lawyer/lawyer
family money (parents bought the couple the house)
PhD/World Bank
World Bank
Finance/commercial real estate
law partner

My block with mostly $900 to $1.3 houses

IMF guy
Idb guy
Lawyer
Retired dude
Teacher who bought in 92 (lol)
Finance pousey

Anonymous wrote:

Anonymous wrote:We did zero down and are dual income earners mid 30s, not lawyers, with 2 youths kids 350k hhi. One consultant and the other in sales.

Sorry for the triple postt, not sure why that happened

One post per 100k is the norm, right?

Exactly what kind of lawyer makes the most $? Also, at social gatherings people always say, "I am in finance." What exactly does that mean, what is the job title and what educational background helps lead to a sweet gig in finance? What exactly isconsulting. Thanks for answering these questions that I would never be so rude as to ask anyone directly!

Many people are in fields that are in demand and are not concerned. Many software people make average of 150k and other non lawyer fields like sales, healthcare can make mid ,150s. Now if you are in a risky or niche field or work at the one town plant that got shutdown that's different. High housing prices aren't just because of high incomes but due to demand exceeding the supply of labor.

Anonymous wrote:We did zero down and are dual income earners mid 30s, not lawyers, with 2 youths kids 350k hhi. One consultant and the other in sales.

How much was the house? And what happens if one if you is laid off or needs to work part time to help the kids? That is were the old maxim of 3x income came from (back when single income was norm), to have margin for health issues, major expenses layoffs; plus the SAHP could enter workforce in a pinch.

Now two income buyers stretching (no money down, are we back to that crazy already), there is no room for surprise.

I hope pp is now trying to save up money for a good emergency find since you didn't seem to have enough for down payment? Or are you just uber savvy and able to invest you hundreds of thousands downpayment elsewhere and make enough to cover interest and PMi?

I don't know how people do it either. Our HHI is just over 200K. We live in an apartment that cost 450K. We have one child and are unlikely to have another.

Anonymous wrote:Just off the top of my head, my street has:
Lawyer
Lawyer
Finance
Finance
Business owner
Finance
Lawyer
Business owner
Diplomat
Lawyer
Retired after selling business at 40

I don't know for sure, but I would guess that each of these households make at least $300k, and probably much more.
This is just one block in Arlington. There is a lot of money around here, and most of it is not family money.

When you are young and don't have kids, it's not hard to save $50k a year when you make good money. You just don't spend everything you make.

What does business owner even mean? What is the business, I assume not dry cleaner or 7-11 business.

1) All the lawyers (60K who work downtown I think)

2) Rich immigrants

3) I don't know ANYONE who just got into the real estate game and bought something for over $650K in over 10 years. I think the buyers/sellers of the over $650K properties have been in real estate since the early 2000s.

My Fairfax County neighborhood street 800k homes:

social worker and govt contractor
SAHM and govt contractor
SAHM/association executive
SAHM/govt contrator
architect/financial planner
doctor/doctor
retired military/retired
retired state dept
SAHM/military officer

Just off the top of my head, my street has:
Lawyer
Lawyer
Finance
Finance
Business owner
Finance
Lawyer
Business owner
Diplomat
Lawyer
Retired after selling business at 40

I don't know for sure, but I would guess that each of these households make at least $300k, and probably much more.
This is just one block in Arlington. There is a lot of money around here, and most of it is not family money.

When you are young and don't have kids, it's not hard to save $50k a year when you make good money. You just don't spend everything you make.

Some people are also house poor