Spillover from GD: where do house buyers get the money from?

[Recursion]

I mean, really.

I'm looking at some of these lots being developed and advertised as "starting in the low 500's". WTF? Who makes that kind of money around here? And not just a few people but every damn development that gets started it seems like.

Where do they work to get enough money to afford that? I'm a UNIX admin and make well above the city average income but there's no *way* I could afford any of these houses I see. Not a question of "stretching it" or anything; it's just outside the realm of possibility. So my question is, where do these people work, and how do I get their job?

[sbj405]

1. They can't afford them. And all those with ARMs are about to realize it

My coworker(same salary) bought a house 4 times the cost of mine. And he has a wife and 2 kids to support. We're DINKs. He took out an interest only mortgage. The payment will eventually triple, but our salaries never will. It's very foolish.

[northzax]

2. DINKs, mostly

my landlords just offered me my unrenovated two bedroom in the ghetto for the discounted price of $450,000. wowza

[dcfirefighter]

3. DINKS and Debt, mostly

Plus realized appreciation from previous homes.

Most of the fire department members live in 1) family homes nearby, or 2) 1.5+ hours away in southern maryland, pennsylvania, or west virginia.