What can we realistically buy with $250K HHI?

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3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.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

Agreed, nothing wrong with a TH, granted admittedly I would prefer SFH mainly for yard for dog.

And yeah 250k HHI is nothing in this area. That's very middle class by DMV standards (and not even upper, imo upper middle class for this area is more like 400-500k HHI).

[Anonymous]

A quick redfin search reveals 254 SFH with 4 bedrooms under 850k in Fairfax county. So. They exist.

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3x gross salary is outdated and not remotely realistic anymore for the non-wealthy.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

Imagine earning a quarter of a million dollars a year and not understanding how to do a search on Redfin. Set the limit to $750K, run the search, take your pick, stop whining.

[Anonymous]

Anonymous wrote:

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.

Agreed, nothing wrong with a TH, granted admittedly I would prefer SFH mainly for yard for dog.

And yeah 250k HHI is nothing in this area. That's very middle class by DMV standards (and not even upper, imo upper middle class for this area is more like 400-500k HHI).

Well, your opinion doesn’t matter, facts do. 250K is absolutely upper middle class, you sound like you are blinded by your own privilege.

[Anonymous]

Anonymous wrote:

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.

It’s kinda dumb to imply that everyone can do that just by eating beans.

[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 the millions already living there.

[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.

We have 1m HHI and live in a nice townhouse in upper NW DC. Could we afford more? Sure. Not everyone has to splash out with a big mortgage and sacrifice financial security. To each his own but sorry you’re such a snob you find a townhouse “demoralizing”

[Anonymous]

Anonymous wrote:

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.

The concept of a starter home is outdated and condescending

[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...

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

I'm glad you've come to terms with the fact you're too poor to afford a proper house.

[Anonymous]

Anonymous wrote:

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...

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

I'm glad you've come to terms with the fact you're too poor to afford a proper house.

And have you come to terms with the fact that you're a raging ahole? JFC what do you get out of acting like this?

[Anonymous]

Anonymous wrote:

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...

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

I'm glad you've come to terms with the fact you're too poor to afford a proper house.

I am willing to bet that you probably make less than that, but can afford an SFH only because you bought when prices were cheap, and rates were low...

Lets see how you would manage now...

-Signed Recent TH/Rowhouse owner with 460K HHI

[Anonymous]

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.

3x gross salary is for the mortgage, not the total cost of the house. 750k mortgage is tight but doable on 250k/yr.

[Anonymous]

Anonymous wrote:

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.

Bullshit. You didn't save $240k with 2 kids on $80k a year anywhere near DC without serious family help.

No family help. We used savings and sold Apple stock we had invested in previously.
We send money to our relatives. Not the reverse.

Might as well have said you bought bitcoin. Stock picking is not reproducible advice. You could become a billionaire on a McDonald's salary if you had a crystal ball for stocks.

[Anonymous]

I feel you OP. We’ve lived in crappy one bedroom, then two bedroom while trying to save. We are still there. Rent keeps going up, to keep with the market. And the market keeps going high even with these interests. Not sure if we will ever own.

[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.

Yes, it's deserted. A ghost town.