Anonymous wrote:We are in our mid 30's with two school-aged children. We live in a 4 bdrm. colonial in Arlington. We are getting ready to do a pretty substantial addition.
Prior to that, DH bought a townhouse in Arlington at age 27 which we sold in 2005 (to have the money to buy our current house).
We are not lawyers and have never received any type of financial assistance (after graduating from undergrad) from our parents. So, you don't have to be "Biglaw" or have a trust fund to make it in this town. DH has a really good job, we send our children to a great public school, and we live within our means.
ok, so you were lucky enough to ride the real estate roller coaster and come out ahead. which is how most of the mid-30s+ couples I know were able to afford a SFH closer in.
I kick myself every day that I didn't take my aunt up on her offer to loan me money to help me buy the 1 BR condo she eventutally invested in and let me rent from her. At 23 and making $28K/year, $10K seemed like a LOT of money to pay back. She sold that thing in 2003 (3 years later) for $120K more than she paid for it. That would have been an REALLY nice down payment on at least a decent sized TH, and maybe even an older SFH in South Arlington. Instead, we scraped together our very little life savings and wedding money and put down 5% on a tiny TH in the burbs. Thank goodness we were able to sell that for a profit still and purchase a SFH (nowhere closer in, but it's not the exurbs either), but if we'd had 2 properties sold in 2003-2005 time frame, we'd have been rolling in real estate profits to buy a much nicer house closer in.
As it is, we have run out of renovation money because we bought a house in need of some renovations in order to get slightly more space (and I'm talking 2200, NOT 3K or more). At least this one WASN'T a short sale or foreclosure, but it needed a good deal of updating. Such is life when you can't afford more than $450K in this area. But I refuse to move to Loudoun - the thought of that commute makes me want to cry. It would only make sense if my husband was making alone what we make combined currently.