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Real Estate
Reply to "Who can afford 800K-1M homes? Genuine Curiosity!"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]the key thing, to me, is not so much the income to debt ratio. lenders are pretty conservative now, and they are still approving loans for those ratios. those ratios are very doable. You have plenty of money to live off after housing costs. The worry is if you lose your job, but that is a worry for most no matter the income or house cost. The key things are (i) putting enough money down, (ii) getting super low interest rates, (iii) having a stable job and (iv) having cash savings for 6 months plus. If you do those things, then you are fine. [/quote] Exactly, 100% right. [/quote] I would add buying a house at those price-points putting a premium on location matters if you ever need to sell your home quickly due to job loss or change in circumstances, i.e. the 2500 square-footer for 900k in N Arlington will probably turn over faster than the 10,000 sq foot mansion in Chantilly for the same price. We've had a few friends in close-in desirable areas who needed to relocate quickly and were able to sell their homes in these price ranges very quickly over the last couple years-- and yes they were all sub-300 folks. [/quote]
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