If your HHI is 400k what is your monthly mortgage?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Too many low mortgages here. Good for you.

I think no one mentions that they put $500,000 + down and refinanced during the pandemic.

You don't need to live in a $1m house. Where do you think the vast majority of people, who cannot afford a $4000/month mortgage, live? Do you drive outside of NW DC or Chevy Chase?

90s SFH cost $1M in Howard County now. If you want functioning public schools and a SFH and drive less than hour to DC, $1M is price of admission.

Sure you can maybe find a 1300 brick rambler from the 30s in original condition in Silver Spring for $500k — but long term maintenance will kill you and you have slower appreciation because of lower performing schools — you are paying $500k for a lot essentially at that point in the houses lifetime.

that's usually not how these things work out. you're doing a historical comparison between two examples and projecting a linear interpolation based solely on recent performance.

what's far more likely is that the Silver Spring place will increase 50% to $750k long before the Howard County home increases 50% to $1.5M.

(And I don't live in either location, and my house is much more akin to the Howard Country example. I'm just pointing out that if you make your investment decisions based on what is currently expensive, you are going to underperform the market benchmarks...for any class of investment.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Too many low mortgages here. Good for you.

I think no one mentions that they put $500,000 + down and refinanced during the pandemic.

You don't need to live in a $1m house. Where do you think the vast majority of people, who cannot afford a $4000/month mortgage, live? Do you drive outside of NW DC or Chevy Chase?

90s SFH cost $1M in Howard County now. If you want functioning public schools and a SFH and drive less than hour to DC, $1M is price of admission.

Sure you can maybe find a 1300 brick rambler from the 30s in original condition in Silver Spring for $500k — but long term maintenance will kill you and you have slower appreciation because of lower performing schools — you are paying $500k for a lot essentially at that point in the houses lifetime.

that's usually not how these things work out. you're doing a historical comparison between two examples and projecting a linear interpolation based solely on recent performance.

what's far more likely is that the Silver Spring place will increase 50% to $750k long before the Howard County home increases 50% to $1.5M.

(And I don't live in either location, and my house is much more akin to the Howard Country example. I'm just pointing out that if you make your investment decisions based on what is currently expensive, you are going to underperform the market benchmarks...for any class of investment.)

Silver Spring and it’s schools are more akin to PG county than Howard County. So you are suggesting PG county is the better investment?

It’s all about school quality; it’s a tale of two cities, good school’s appreciate, bad schools stagnate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Too many low mortgages here. Good for you.

I think no one mentions that they put $500,000 + down and refinanced during the pandemic.

You don't need to live in a $1m house. Where do you think the vast majority of people, who cannot afford a $4000/month mortgage, live? Do you drive outside of NW DC or Chevy Chase?

90s SFH cost $1M in Howard County now. If you want functioning public schools and a SFH and drive less than hour to DC, $1M is price of admission.

Sure you can maybe find a 1300 brick rambler from the 30s in original condition in Silver Spring for $500k — but long term maintenance will kill you and you have slower appreciation because of lower performing schools — you are paying $500k for a lot essentially at that point in the houses lifetime.

that's usually not how these things work out. you're doing a historical comparison between two examples and projecting a linear interpolation based solely on recent performance.

what's far more likely is that the Silver Spring place will increase 50% to $750k long before the Howard County home increases 50% to $1.5M.

(And I don't live in either location, and my house is much more akin to the Howard Country example. I'm just pointing out that if you make your investment decisions based on what is currently expensive, you are going to underperform the market benchmarks...for any class of investment.)

Silver Spring and it’s schools are more akin to PG county than Howard County. So you are suggesting PG county is the better investment?

It’s all about school quality; it’s a tale of two cities, good school’s appreciate, bad schools stagnate.

I know Howard Co. better than I know Silver Spring. I agree that poorly performing schools are a hindrance. However, there's a limit to how much dual-income families can pay for 1990s SFHs in Howard County. If $1M is now the price of admission, there's a ceiling on that. You should not expect continued appreciation at the same rate. Trees don't grow to the sky, and all that.

[Anonymous]

$8500

[Anonymous]

$3300 on my primary home and $2100 on my vacation home.

[Anonymous]

Bought a decade ago, so only $3,500

[Anonymous]

Anonymous wrote:WTf? We make $250K and our mortgage is $4500 (PITI). It's not "tight" at all. What are the rest of you spending your money on that your income is twice as much as ours and you can barely afford a $4000 mortgage payment?

It’s not right for us (income is around 430k and we have a 3800 mortgage) but we also have a 5k monthly college tuition bill. If we didn’t have that we could have a higher mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:WTf? We make $250K and our mortgage is $4500 (PITI). It's not "tight" at all. What are the rest of you spending your money on that your income is twice as much as ours and you can barely afford a $4000 mortgage payment?

It’s not right for us (income is around 430k and we have a 3800 mortgage) but we also have a 5k monthly college tuition bill. If we didn’t have that we could have a higher mortgage.

Meant it’s not tight

[Anonymous]

Hhi is 1m. Mortgage is 4200 primary and 2500 secondary. We put over 50% down.

[Anonymous]

$2,100 a month.

[Anonymous]

$3200, with around 1200 being tax and insurance.

HHI $500Kish. Was around $250K when we bought in 2018.

[Anonymous]

This exercise is meaningless without

Purchase Price
down payment
Year of purchase

I mean $3800 PITI is about a $800k at 2.75%. So everyone posting bought a townhouse, or in PW county, or has a Time Machine

[Anonymous]

400k. Mortgage is $5700

[Anonymous]

$1900, but make closer to 500k

Got on the DC area property ladder when I was 22.

Went state school in Virginia and didn’t go to grad school. Opened a lot of doors.

[Anonymous]

Anonymous wrote:This exercise is meaningless without

Purchase Price
down payment
Year of purchase

I mean $3800 PITI is about a $800k at 2.75%. So everyone posting bought a townhouse, or in PW county, or has a Time Machine

950k SFH in loudoun
550k down
2018 purchase year
Refinanced in 2021
PITI $2350