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Real Estate
Reply to "Salary vs House Cost"
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[quote=Anonymous][quote=Anonymous]The issue is that housing in the DC area in good school districts are expensive - period! the 3xs your salary rule goes out the window, unless you bought before 2004 and inside the beltway. So all the smug folks on here who are proud of their high HHI and low mortgages are scewing (sp?) the responses and reality to be quite frank. We have a HHI of $320K, and if we were in the market, our price range would be $800K-$1M max and even that buys you a shit box....[/quote] I'm a poster upthread who said we wouldn't be comfortable with a mortgage of more than 1.5 - 2 times gross. Here's the thing. When my salary was puny, we bought the house to go with it. When it went up, we upsized. That's been consistently true no matter where we lived and whether the home was our first home (purchased for $135,000) or our current one (purchased for $2 million). Some of us are not willing to spend more than that on a house, period. If you have that view, then you buy where and what you can based on what you earn. If you want to borrow more than that, go right ahead, but no matter what I made I wouldn't be in line behind you to do it, too.[/quote]
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