Anonymous
09/25/2011 13:28
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
My husband works in banking and his base salary has ranged from about $150-175 over the last 8 years we have been married. His bonus has ranged anywhere from $20K (bad year) to $200K (good year). We have had about 2 good years since we were married and the rest have been somewhere in between. We bought our house at the wrong time 2006 and have probably lost about $100K on it. We save A LOT and could buy a house for about $1M now. I am a SAHM and have been for the last 5 years. I was only making about $50K when I stopped working and probably contributed about that much in savings to our house when we bought it. Both of us entered the marriage debt free. We save a lot on vacation b/c we have so many travel points from my husbands job and we don't have extras like a cleaning lady. We are in the suburbs and our kids are in public school.
Anonymous
09/25/2011 11:59
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Similar story here. Bought in '98 for $300k. Had made small profit on condo prior to that. Sold last year for $760k. Paid $880k for current home, but mortgage is half that.
We're a two-income household of about $225k. And yes, saving for retirement and college.
We just got lucky with the timing, as did many others.
this is us as well. Single $225K income. Bought current NW DC home for $1 mil but mortgage is for 500K. Made 100K on previous house, got 100K from parents, saved just shy of 400K for the down payment over 6 years when we were a dual income family living in a MUCH cheaper area prior to living in DC (we both work in healthcare where salaries are actually higher in lower-cost-of-living areas).
Anonymous
09/25/2011 11:43
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:How many of you in this "league" - BOTH partners, that is - spend much time with your own kids?
We live in a modest home that could probably be listed at $500K right now. We have a little less than 3/4 acre. However, we are thinking of downsizing and eliminating a mortgage altogether or having one that's very small.
As public employees, we don't make much - probably $150K combined, as I only work PT. But we see our kids each day. I'm with them during the summer, and although only I am available to pick up my son from preschool, either my husband or I can pick up our daughter from school. Both attend private school. And we do share a nanny for morning care only, as our works hours start at the butt crack of dawn.
I'd much rather have my mediocre home in our average 'hood and be able to spend time with my kids than to work my ass off, spending hours commuting, in order to afford a $6-7K monthly mortgage.
It's all about priorities.
Sooo self-righteous.
Anonymous
09/25/2011 11:14
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
How many of you in this "league" - BOTH partners, that is - spend much time with your own kids?
We live in a modest home that could probably be listed at $500K right now. We have a little less than 3/4 acre. However, we are thinking of downsizing and eliminating a mortgage altogether or having one that's very small.
As public employees, we don't make much - probably $150K combined, as I only work PT. But we see our kids each day. I'm with them during the summer, and although only I am available to pick up my son from preschool, either my husband or I can pick up our daughter from school. Both attend private school. And we do share a nanny for morning care only, as our works hours start at the butt crack of dawn.
I'd much rather have my mediocre home in our average 'hood and be able to spend time with my kids than to work my ass off, spending hours commuting, in order to afford a $6-7K monthly mortgage.
It's all about priorities.
We live in a modest home that could probably be listed at $500K right now. We have a little less than 3/4 acre. However, we are thinking of downsizing and eliminating a mortgage altogether or having one that's very small.
As public employees, we don't make much - probably $150K combined, as I only work PT. But we see our kids each day. I'm with them during the summer, and although only I am available to pick up my son from preschool, either my husband or I can pick up our daughter from school. Both attend private school. And we do share a nanny for morning care only, as our works hours start at the butt crack of dawn.
I'd much rather have my mediocre home in our average 'hood and be able to spend time with my kids than to work my ass off, spending hours commuting, in order to afford a $6-7K monthly mortgage.
It's all about priorities.
Anonymous
09/25/2011 10:42
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Anonymous wrote:Anonymous wrote: People frequently discuss the fact that they have advanced degrees and high paying jobs accordingly. Let me just say that I will be discouraging my children from getting a humanities PhD (DH)!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Yes, but you still have your soul. The lawyers and MBAs sold theirs.[/quote]
Why do people say stupid things like this? Oh, yes, someone who is well-educated must be absolutely TERRIBLE and have sold their soul. Ridiculous.
You think a law degree or an MBA makes you "well-educated"? Ridiculous.
Anonymous
09/25/2011 10:35
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
So, by your comment, I'm assuming you don't think that someone with a PhD in humanities is well-educated?
Anonymous wrote:Anonymous wrote:Anonymous wrote: People frequently discuss the fact that they have advanced degrees and high paying jobs accordingly. Let me just say that I will be discouraging my children from getting a humanities PhD (DH)!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Yes, but you still have your soul. The lawyers and MBAs sold theirs.[/quote]
Why do people say stupid things like this? Oh, yes, someone who is well-educated must be absolutely TERRIBLE and have sold their soul. Ridiculous.
Anonymous
09/25/2011 10:12
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:two doctors HHI 350K, soon to increase to near 500K. We are looking to buy a house in that price range and will put 20% + down. we are just savers. Save for retirement, college for kids and a house. drive regular cars, currently live in a small house and don't spend tons on extras.
We would be savers, too, with that income. DH's brother is a doctor and his loan payments are huge--did you guys have student loans?
Anonymous
09/25/2011 08:53
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Thank you for asking this question. I've been wondering the same thing for a long time. I can tell you anecdotally that among my friends/classmates from an Ivy League college (many of whom have advanced degrees from top schools too), the only ones who own rather than rent now, in our early thirties, are ones with family money. Not even the doctors and lawyers and others with stereotypical financially solid careers can afford to buy in big metropolitan areas like DC or NYC yet. It's sad, especially compared with what one can buy for 200k or 300k in decent cities in the Midwest and South.
Anonymous
09/25/2011 00:39
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
DW is a career civil servant who has 25 years in service. I am a federal computer specialist contractor. We both make slightly over $100K. While I did purchase my first home in the 90's and made about 250% on resale, this isn't why we live in a $720K house. I purchase my first home inexpensively, lived well within my means and saved the rest. In the 13 years I lived there, I had saved $180K which was used as the down payment on our next home. You have to live within your means. Seeing that the median family income in this area is close to $50K, then two incomes making $180K today, should be able to put away $20-40K per year and in 5 years, you'll have enough for a down payment for a good home. You have to make saving a priority. If you spend it all, then don't complain that you can't afford a home. You made the choices to spend rather than save.
Anonymous
09/25/2011 00:19
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:Anonymous wrote: People frequently discuss the fact that they have advanced degrees and high paying jobs accordingly. Let me just say that I will be discouraging my children from getting a humanities PhD (DH)!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Yes, but you still have your soul. The lawyers and MBAs sold theirs.[/quote]
Why do people say stupid things like this? Oh, yes, someone who is well-educated must be absolutely TERRIBLE and have sold their soul. Ridiculous.
Anonymous
09/24/2011 23:49
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
I bought my first $1M+ home last year, as a 38 yo single mom with a government job ($100Kish). The only reason it was possible was because I have $$ set aside from the sale of a previous house and an inheritance - I put almost 50% down. It's honestly a stretch for me, but I'm in a beautiful home in a desirable neighborhood and we're happy here. I do rent out a basement apartment for almost $1500/month, which covers a good chunk of my mortgage. Still, I look at what $1M would buy me nearly anywhere else in the country and just cringe.
Anonymous
09/24/2011 23:44
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
DH bought our house in the mid-90s, and it needed a lot of work.
It's a bit odd live in a neighborhood where so many people are so much wealthier.
It's a bit odd live in a neighborhood where so many people are so much wealthier.
Anonymous
09/24/2011 22:32
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote: People frequently discuss the fact that they have advanced degrees and high paying jobs accordingly. Let me just say that I will be discouraging my children from getting a humanities PhD (DH)!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Yes, but you still have your soul. The lawyers and MBAs sold theirs.
Anonymous
09/24/2011 22:15
Subject: Re:Who can afford 800K-1M homes? Genuine Curiosity!
People frequently discuss the fact that they have advanced degrees and high paying jobs accordingly. Let me just say that I will be discouraging my children from getting a humanities PhD (DH)!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Signed,
Liberal arts graduate who married another liberal arts graduate and obviously didn't understand that a great-books education should be chased by a high-powered professional degree not more of the same...
Shit, why didn't anyone ever explain this to me? We'll live in PG forever!
Anonymous
09/24/2011 21:47
Subject: Who can afford 800K-1M homes? Genuine Curiosity!
Anonymous wrote:1) Big Law
2) Inheritance/family help
3) Bought before and sold at profit before market crash
4) Two high-GS earners, public school
5) High-earners, kids out of daycare/nanny care
Also, people have families later. If you are earning a good salary and can afford where you are living, and then get engaged or married and the other personcan salary can basically be saved, and you do this for several years before kids, that is a nice downpayment, plus if you owned a property and bought/ sold before the crash. Now imagine with two kids and paying $2600 per month in childcare plus other child related expenses. I think it makes it harder to save a big downpayment.