What can we realistically buy with $250K HHI?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

[Anonymous]

Anonymous wrote:

Anonymous wrote:We made much less than OP when we bought our house in CC Md.

But that was 1998 and I feel prices were lower then.

Gee, ya think?

You’re likely right. We paid 300k in our 20s to live on CC. Seems it would cost a lot more now with appreciation. Anyone else notice prices going up?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

Why it is demoralizing to live in townhouse? And the truth is even a nice townhouse is over 750k nowadays. Get a grip, 250k in this area doesn’t go far.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I never saved a nickel I partied hard and spent more than I made when single.

I was then a passenger in a car crash 100 pervert drivers fault and even better an on duty cop witnessed it and driver confessed and took blame at scene.

That lawsuit was my downpayment. There is no morale to the story

I have a no morale story either, I was in a very bad accident at work when I was 23 that was the fault of a 3rd party. Badly broken leg allowed me to buy a house in cash at 30. I honestly can't even imagine where I would be without that, which is probably pretty sad.

Moral

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

Huh? Who cares if you live in a townhouse??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We made much less than OP when we bought our house in CC Md.

But that was 1998 and I feel prices were lower then.

Gee, ya think?

You’re likely right. We paid 300k in our 20s to live on CC. Seems it would cost a lot more now with appreciation. Anyone else notice prices going up?

You’re sharp, MeeMaw.

[Anonymous]

Here you go https://www.redfin.com/MD/Rockville/14406-Nadine-Dr-20853/home/11082247

[Anonymous]

Anonymous wrote:

Anonymous wrote:We made 80K when we bought a 650K house. We had scrimped and saved for 10 years, lived in a crappy one-bedroom rental with our two young kids, in order to pay a downpayment sufficient enough to qualify for that mortgage with that income: 40%.

In the years I've been on DCUM, I have often come across posts like yours, OP. Invariably, the authors of the posts have not saved as much as they could have. Most don't have no idea what REAL belt-tightening entails. They've never lived like that.

You made choices. Own them. Home-ownership is not for everyone - like everything that matters in life, you need to be able to prioritize.

This poster got lucky with Apple stock and is acting all high and mighty like they did it all on their own. 😂

They did do it on their own. In a very smart way. You shouldn’t be so hateful.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

NP: We have a $250k household income, live in a rowhouse in DC, and do not find it “demoralizing.” It’s a great lifestyle.

[Anonymous]

Anonymous wrote:Here you go https://www.redfin.com/MD/Rockville/14406-Nadine-Dr-20853/home/11082247

This is in Maryland though. No one wants to live there.

[Anonymous]

Living in a dc row house is very different from a suburban TH

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here you go https://www.redfin.com/MD/Rockville/14406-Nadine-Dr-20853/home/11082247

This is in Maryland though. No one wants to live there.

Except for women who value access to healthcare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

If that’s what you can afford, that’s where you live. The universe doesn’t owe you a SFH.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on your debt and expenses, and your down payment.
A general number is 3x gross salary. But if you have a ton of debt, less than that.
Will your income grow in the next 3 years? If so, I’d do 1M now.

3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.

Oh Please. She’s not getting anything under that. You have no idea if OP is at 250 HHI and stuck there, or 250 mid 30s with a potential climb to 400.

What? I mean that most people realistically spend way more than 3x gross salary because it is necessary unless they want to live in a tiny dumpy condo forever.

OP makes $250K, 3 times that is $750K. There are lots of good options for $750K in this area.

Where?

I just took a quick look for SFH in Herndon, Reston, Burke, and Ashburn, basically it's all upwards of $900k.

For $750k you're talking townhouse, and it would be pretty demoralizing to earn $250k and have to live in a townhouse...

Why it is demoralizing to live in townhouse? And the truth is even a nice townhouse is over 750k nowadays. Get a grip, 250k in this area doesn’t go far.

A townhouse is a thing you buy as a starter home before you get your proper “forever” home, a SFH.

If you’re well into your career and making good money and you’re priced out of SFHs that is truly messed up.

[Anonymous]

Don't sleep on TH, OP and other PP. If you get into a great community, there are a lot of upsides--

Much less yardwork, more kids around, still good appreciation, less costs, lower utility costs, nice community ammenities.

We make 350k and love our TH community.