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Reply to "Salary vs House Cost"
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[quote=Anonymous]I think these responses are not near the norm for those buying now. Our house is worth about $950K, Mtg is around $750K and HHI is around $250K. And we are even ok with having a 15 year mtg. And we still take nice vacations, max out our 401Ks, save for 529s, etc. I don't oversave for college, because my house will be paid off when the kids are in school and I can pay as I go for about 50% or so. We are not interested in private schools, our cars are paid for, no student loans or credit card debt and somewhat stable young careers where we expect to make more money each year while the P&I remain fixed. It costs a ton to change houses. It could easily be $100K in transaction costs if I wanted a nicer house in 5 years. So I bought a little more house than I needed, but with the idea that this will be a house I can live in for 15+ years. and I'd rather have the appreciation on $950K than $750K. to me it is forced savings. [/quote]
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