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Old 05-04-2023, 05:21 PM
 
88 posts, read 52,578 times
Reputation: 88

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Quote:
Originally Posted by newenglandgal123 View Post
That profile certainly works but how many folks out there actually fit that profile and have two earners w ~250K+ /yr comp? Do any of them actually think about what happens if one loses their job? Would it be that easy to get another $250K/yr job? Would you really want to be locked in that much to corporate America knowing you each have to maintain those high salary jobs for the term of your mortgage or time living in that expensive $2M+ home to support that lifestyle? I guess that's the part that always gets me. Yay, we bring in $500K/year, so let's go buy that $2.2M colonial we always wanted in Hingham, along with the Porsche Cayenne and oh yes, the two annual European vacations too. Then after 3 years....cue the husband or wife dreading the daily commute into Cambridge/Boston and the 50+ hr work weeks.
Where else would they spend that money then? $2.2M is not even that crazy of a # in this town?! With this salary, they should pay for the home in 15-20 yrs anyway.
You could be making $50k a year, and you could lose your job at any time. What a way to live a life thinking about when am I going to lose my job?
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Old 05-04-2023, 05:29 PM
 
3,620 posts, read 1,844,995 times
Reputation: 1508
Quote:
Originally Posted by Moh1988 View Post
Where else would they spend that money then? $2.2M is not even that crazy of a # in this town?! With this salary, they should pay for the home in 15-20 yrs anyway.
You could be making $50k a year, and you could lose your job at any time. What a way to live a life thinking about when am I going to lose my job?
My point is if you make $500K/year....why go for the $2M home. Why not go for the $1M home, have more of a safety net if you do lose your job...then you can probably sustain your lifestyle a lot longer. I don't think anyone should go through thinking they're immune to job loss....that's not a way to live life either....happy balance is what I'm saying! You are also very much out of touch if you think $2.2M is not a crazy #. There are a lot more folks who can't afford that than can (even though it certainly is deceiving based on the number of multimillion sale pendings seen lately)!
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Old 05-04-2023, 05:31 PM
 
86 posts, read 46,507 times
Reputation: 76
Quote:
Originally Posted by newenglandgal123 View Post
That profile certainly works but how many folks out there actually fit that profile and have two earners w ~250K+ /yr comp? Do any of them actually think about what happens if one loses their job? Would it be that easy to get another $250K/yr job? Would you really want to be locked in that much to corporate America knowing you each have to maintain those high salary jobs for the term of your mortgage or time living in that expensive $2M+ home to support that lifestyle? I guess that's the part that always gets me. Yay, we bring in $500K/year, so let's go buy that $2.2M colonial we always wanted in Hingham, along with the Porsche Cayenne and oh yes, the two annual European vacations too. Then after 3 years....cue the husband or wife dreading the daily commute into Cambridge/Boston and the 50+ hr work weeks.
Oh my quote was a 1 earner household lol
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Old 05-04-2023, 05:33 PM
 
3,620 posts, read 1,844,995 times
Reputation: 1508
Quote:
Originally Posted by ca1337 View Post
Oh my quote was a 1 earner household lol
ok, one earner household they might be in even bigger doo if they had a job loss! lol
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Old 05-04-2023, 05:41 PM
 
88 posts, read 52,578 times
Reputation: 88
Quote:
Originally Posted by newenglandgal123 View Post
My point is if you make $500K/year....why go for the $2M home. Why not go for the $1M home, have more of a safety net if you do lose your job...then you can probably sustain your lifestyle a lot longer. I don't think anyone should go through thinking they're immune to job loss....that's not a way to live life either....happy balance is what I'm saying! You are also very much out of touch if you think $2.2M is not a crazy #. There are a lot more folks who can't afford that than can (even though it certainly is deceiving based on the number of multimillion sale pendings seen lately)!
"why go for the $2M home"!!! You do you man! You go and buy whatever you want, and let other people do what they do. What's the point of growing up in careers, and not spending money? Believe me, you not taking that money with you to the grave.
Again, for a family that makes $500k a year, $2M is not outrageous at all. It's basic math that we don't need to go over.
And no I'm not out of touch,,, you seem to be!
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Old 05-04-2023, 05:41 PM
 
86 posts, read 46,507 times
Reputation: 76
Quote:
Originally Posted by newenglandgal123 View Post
My point is if you make $500K/year....why go for the $2M home. Why not go for the $1M home, have more of a safety net if you do lose your job...then you can probably sustain your lifestyle a lot longer. I don't think anyone should go through thinking they're immune to job loss....that's not a way to live life either....happy balance is what I'm saying! You are also very much out of touch if you think $2.2M is not a crazy #. There are a lot more folks who can't afford that than can (even though it certainly is deceiving based on the number of multimillion sale pendings seen lately)!
I think you will find it VERY hard to find a 1M home within reasonable commutable distance from Kendall square, especially if you have kids and therefore need good public schools (private school is 35k per kid). Show me a house that sold for 1M in the past 6 months in...

- Belmont
- Newtown
- Brookline
- Lexington (east of town-center)
- Winchester

...That isn't a bike shed.

The closest I came to was a $1.2M 3br 1-car garage on a very good lot in Winchester, but that needed extensive renovations to bring to today's standards and add an extra bedroom for a family of 4.

Even Arlington prices are nuts now and the schools are like #35 on the list (not saying they are bad schools but I know many people will not even look at it based on that. I know people looking at top 10 schools only).

It's just brutal out there.
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Old 05-04-2023, 05:42 PM
 
86 posts, read 46,507 times
Reputation: 76
Quote:
Originally Posted by newenglandgal123 View Post
ok, one earner household they might be in even bigger doo if they had a job loss! lol
Well, the non-working adult can pick up a job, so there is a lot of untapped earning potential.
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Old 05-04-2023, 05:48 PM
 
3,620 posts, read 1,844,995 times
Reputation: 1508
Quote:
Originally Posted by ca1337 View Post
I think you will find it VERY hard to find a 1M home within reasonable commutable distance from Kendall square, especially if you have kids and therefore need good public schools (private school is 35k per kid). Show me a house that sold for 1M in the past 6 months in...

- Belmont
- Newtown
- Brookline
- Lexington (east of town-center)
- Winchester

...That isn't a bike shed.

The closest I came to was a $1.2M 3br 1-car garage on a very good lot, but that needed extensive renovations to bring to today's standards and add an extra bedroom for a family a 4.

Even Arlington prices are nuts now and the schools are like #35 on the list (not saying they are bad schools but I know many people will not even look at it based on this).

It's just brutal out there.
Not hard at all, there have been plenty around the $1M mark, even some sub $1M:


https://www.zillow.com/homedetails/2...56411079_zpid/

https://www.zillow.com/homedetails/2...56378935_zpid/
https://www.zillow.com/homedetails/1...56378956_zpid/

https://www.zillow.com/homedetails/7...58856258_zpid/
https://www.zillow.com/homedetails/4...56382194_zpid/
https://www.zillow.com/homedetails/8...56380752_zpid/
https://www.zillow.com/homedetails/3...56379758_zpid/
https://www.zillow.com/homedetails/1...57896644_zpid/
https://www.zillow.com/homedetails/3...58832273_zpid/
https://www.zillow.com/homedetails/2...56411830_zpid/
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Old 05-04-2023, 05:52 PM
 
3,620 posts, read 1,844,995 times
Reputation: 1508
Quote:
Originally Posted by Moh1988 View Post
"why go for the $2M home"!!! You do you man! You go and buy whatever you want, and let other people do what they do. What's the point of growing up in careers, and not spending money? Believe me, you not taking that money with you to the grave.
Again, for a family that makes $500k a year, $2M is not outrageous at all. It's basic math that we don't need to go over.
And no I'm not out of touch,,, you seem to be!
I'm not against buying nice things. I agree $2M may not be outrageous for a $500K/year earner. However, you are out of touch if you think a $2.2M priced home, in general, isn't outrageous....as I already said there are many more out there who can't afford a $2M price vs the number of those out there who can.
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Old 05-04-2023, 05:57 PM
 
88 posts, read 52,578 times
Reputation: 88
Quote:
Originally Posted by newenglandgal123 View Post
I'm not against buying nice things. I agree $2M may not be outrageous for a $500K/year earner. However, you are out of touch if you think $2.2M home isn't outrageous....as I already said there are many more than can't afford that vs the number of those out there that can.
I'm glad I was able to convince you that you were wrong
My point regarding $2.2M was specific to the $500k salary. Regarding your last sentence, believe me I know very well,,, I'm a happy renter in the Lex/Belm area who could only afford $600k 4bd/2ba in Nashua NH
God bless those who could afford >$2.2M homes
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