What are the professions of folks living in the $500-$600k homes in Severna Park, Riva (Arnold: apartments, insurance)

[MB0909]

I have been curious what the people do for a living who live in the good school areas in A.A. County such as Severna Park, Crofton, Riva, etc. Somehow folks are snatching up the homes in the $500-$600k range and have 2-3 kids, drive Lexus SUVs & manage to go on 2-3 anazing vacations a year. Who are these folks & what do they do? We have been working for 13 years so we are not new college grads expecting the world right from the start.

I have two friends- 1 is literally a rocket scientist and his wife is s mechanical engineer by trade/big time manager and they couldn't afford that lifestyle & I know they live more comfortably than us. My DH has a masters and is pretty well compensated. I have chosen to have a "dumb job" while our child is young. However, even if I got a "bigtime salary" in my field we would not be even close to being able to obtain that lifedtyle. Anyone else feel like MD has become the haves and have nots?

[fortwashingtonkid]

Originally Posted by MB0909

I have been curious what the people do for a living who live in the good school areas in A.A. County such as Severna Park, Crofton, Riva, etc. Somehow folks are snatching up the homes in the $500-$600k range and have 2-3 kids, drive Lexus SUVs & manage to go on 2-3 anazing vacations a year. Who are these folks & what do they do? We have been working for 13 years so we are not new college grads expecting the world right from the start.

I have two friends- 1 is literally a rocket scientist and his wife is s mechanical engineer by trade/big time manager and they couldn't afford that lifestyle & I know they live more comfortably than us. My DH has a masters and is pretty well compensated. I have chosen to have a "dumb job" while our child is young. However, even if I got a "bigtime salary" in my field we would not be even close to being able to obtain that lifedtyle. Anyone else feel like MD has become the haves and have nots?

For one the housing market boomed in 2002 or 2003 around there. I remember all those houses shooting up to close to 500,000 then. Then it contracted a bit. Now it's back up again.

Many of those people that live there have lived there and got their houses much cheaper than what you see listed today. There are numerous townhomes and duplexes and even some apartments,condos in the area for those who want/need a cheaper home. There are some mixed economy communities as well. Manhattan Beach, Mago Vista, and Cape St. Claire are communities with million dollar homes on the water and just over $200,000 in other parts of the neighborhood. Also, you can find everything else in between in these 3 communities too. They are huge neighborhoods and they are safe. Ulmstead Gardens, Brightleaf/hidden ridge, whispering woods, Revell Downs, Kimberly woods, hunters point, stuarts landing and a few others have affordable housing. Also, many are settling in Pasadena because it's a bit cheaper and the schools are pretty good now. I agree though, I really don't know how people are doing it if they are buying $600,000 houses and living the good life in places like Shipleys choice or Ulmstead Estates. Up to their eyes in debt maybe? Here are some ideas.

High ranking Government and State employees.
Lawyers
Doctors
College professors
CEO's and business owners
County school teachers who are married to successful people.
People who inherit or receive great house deals from parents/family
Retirees with lots of money
Believe it or not still a lot of tradesmen in the area.

and unfortunately.....

Trophy wives
Divorcees with half of daddy's money and all of their new husbands money.
Drug Dealers - unfortunately this is very true. Lots of successful ones in the area.


This area has become increasingly posh over the last 20 years or so. When I was in Junior High and High School it had it's rich people but it was a more blue collar area than it is now that's for sure.


My parents bought their very nice Arnold home in 1986 for $125,000. It's worth over $500,000 now. However it hasn't gained much more in the last 8 years or so as the market took a bit of a hit there for a while.

[bande1102]

I live in that area and bought my first house several years ago. Currently, I live in a house worth about $400,000 and have an extremely low mortgage (since I have so much equity and bought in so long ago). This allows me to take several vacays a year and live comfortably. Oddly enough, I was briefly considering trading up, but I just can't stomach buying half a mil for a house in the middle of suburbia. I could potentially be the people that you're talking about; however, it would all come back to my having bought in all those years ago. Maybe that's what they've done, too.

The people I know who are currently buying half a mil houses are trading up. Most have lived here for several years and built up equity. I don't know of any first time buyers whose first home purchase is a one for half a mil.

To answer your question: absolutely. My children are getting older and I don't see them raising their families here. It's just too expensive. If I hadn't bought my first house so many years ago, there's no way that I'd be able to afford the house I have now.

[fortwashingtonkid]

and I'm really just joking about the drug dealers. There are a few but I'm sure it's not above the norm.

[Noble Savage]

I retired from the military as an enlisted NCO at 38. Wife bought a small business, which was later sold for a decent profit. Bought another business together, worked 70 hour days for over 5 years. No vacations, no movie theaters, restaurant meals or shopping sprees. All the $$ went to payoff mortgage and loan for the store. Bought the commercial property and became the landlord, sold the retail spot and retired at 50, 5 years ago. Been in this house for 12 years now. You have to have a vision and a plan, granted my vision was spotty some times, and I would change somethings if I could. Keep track of your expenses, and make your money work for you.

[Wizdom]

I know some are Engineers/Management at NASA Goddard.

Wiz

[King_of_DC]

Originally Posted by MB0909

I have been curious what the people do for a living who live in the good school areas in A.A. County such as Severna Park, Crofton, Riva, etc. Somehow folks are snatching up the homes in the $500-$600k range and have 2-3 kids, drive Lexus SUVs & manage to go on 2-3 anazing vacations a year. Who are these folks & what do they do? We have been working for 13 years so we are not new college grads expecting the world right from the start.

I have two friends- 1 is literally a rocket scientist and his wife is s mechanical engineer by trade/big time manager and they couldn't afford that lifestyle & I know they live more comfortably than us. My DH has a masters and is pretty well compensated. I have chosen to have a "dumb job" while our child is young. However, even if I got a "bigtime salary" in my field we would not be even close to being able to obtain that lifedtyle. Anyone else feel like MD has become the haves and have nots?

Lots of people live way beyond their means.

But if you take a couple I know, one is an SES and his wife a GS-14, they can afford that life. Plus, he has another side job. Two GS-14s could do it... If they have savings, etc. I'm single and can afford a house $350,000, easily (bank said over $400,000 but I think they are crazy). But then I have a gov't job and a business.

[badchad]

I'd say very average, "normal" people who aren't in debt, live within their means, and have prioritized a nice home as something they want.

With a small amount of equity in a home, you could easily afford a 500-660k house making a combined 160k/year. It all depends on your priorities

[BigCityDreamer]

Some people will never understand the thing about working hard and saving your money.

[MB0909]

@BigCityDreamer-I hope that's not aimed at me. I don't think most of the people I know could save THAT much money. Most of the people in my age bracket are mid-professionals, may have student loans for graduate or post-graduate school, 1-2 young kids, who let's face it- young kids cost a lot of $ , kids period, cost lots of $. You take your mortgage, family insurance plans, couple of 401 (k) s, loans, it gets eaten up fast. These people work hard. They are not slackers, entitled etc. Cost of living is very high; hard to save that 20 percent. Trying to figure how these 30-something young families afford those expensive homes.