HHI for $700K house?

[Anonymous]

We have a 700k home. HHI is 160k. Mortgage is 400k. I pay extra every month. No idea of the actual bill-I send 3k a month.

[Anonymous]

Anonymous wrote:I'm amazed at all these people with under $700k homes!! You are not in DC right? We're a $200k HHI family and everything we're looking at is between $700-$800k. We're probably going to move to Virginia ultimately because of the schools, but even in the places we're looking (North Arlington and places a little further out but less than 1 mile to the metro) the houses are still in that range for a 3-bedroom place. Where do you all live? Are the schools good? Do you work in DC?

Are there really so few people on this board with $700k homes who have a $200k HHI?

We are a $225K household with a home just under $600K. We live in DTSS. The schools are fine, not spectacular, but fine, and our kids have academic peers and the acceleration they need to be challenged. What I've found is that we don't need a school with 100% high HHI, high parental education, high performing peers. We just need a school with enough families who value education (including recent immigrants) that our kids have peers. Our school has some families like ours (middle class, highly educated) and some who are highly educated in their home countries but working menial jobs here, plus some working class families who just want better for their kids - it creates a peer group of kids getting the support at home they need to succeed.

Plus, we're walking distance to two Metros and lots of amenities. It's an easy commute and a pretty good life.

[Anonymous]

Anonymous wrote:I'm amazed at all these people with under $700k homes!! You are not in DC right? We're a $200k HHI family and everything we're looking at is between $700-$800k. We're probably going to move to Virginia ultimately because of the schools, but even in the places we're looking (North Arlington and places a little further out but less than 1 mile to the metro) the houses are still in that range for a 3-bedroom place. Where do you all live? Are the schools good? Do you work in DC?

Are there really so few people on this board with $700k homes who have a $200k HHI?

I'm a PP. We live in Arlington. Just over 1 mile to closest metro. We bought our house for just under $600k in 2013 and it was a CRAZY market, at least in that price range. But the schools are fantastic (so far, and by our standards which are pretty relaxed for DCUM). Both DH and I work in DC. Our HHI is more like $180k.

It takes looking and acting quickly but you can absolutely find something in that price range.

[Anonymous]

We bought a $625K house on an 85K HHI, and 15 year mortgage. Getting this house was very important to us, and we were prepared to live frugally. 2 small kids.

So you should be fine.

[Anonymous]

Anonymous wrote:
We bought a $625K house on an 85K HHI, and 15 year mortgage. Getting this house was very important to us, and we were prepared to live frugally. 2 small kids.

So you should be fine.

How much did you put down? What is your monthly PITI?

[Anonymous]

Anonymous wrote:
We bought a $625K house on an 85K HHI, and 15 year mortgage. Getting this house was very important to us, and we were prepared to live frugally. 2 small kids.

So you should be fine.

Either you're missing a digit in your HHI or you had an enormous downpayment. Otherwise, that's impossible.

[Anonymous]

We have a HHI of $400k. We bought a house last year for 700k with a 20% down payment. Mortgage is $3200 with taxes and insurance.

We are comfortable, but know we probably have a lower income in the future when DH leaves big law for Government. So we have a payment we can handle on an income of around $200k.
We are looking at several years of $4000 a month in daycare though!

We live here DTSS and are inbound to SCES.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm amazed at all these people with under $700k homes!! You are not in DC right? We're a $200k HHI family and everything we're looking at is between $700-$800k. We're probably going to move to Virginia ultimately because of the schools, but even in the places we're looking (North Arlington and places a little further out but less than 1 mile to the metro) the houses are still in that range for a 3-bedroom place. Where do you all live? Are the schools good? Do you work in DC?

Are there really so few people on this board with $700k homes who have a $200k HHI?

We are a $225K household with a home just under $600K. We live in DTSS. The schools are fine, not spectacular, but fine, and our kids have academic peers and the acceleration they need to be challenged. What I've found is that we don't need a school with 100% high HHI, high parental education, high performing peers. We just need a school with enough families who value education (including recent immigrants) that our kids have peers. Our school has some families like ours (middle class, highly educated) and some who are highly educated in their home countries but working menial jobs here, plus some working class families who just want better for their kids - it creates a peer group of kids getting the support at home they need to succeed.

Plus, we're walking distance to two Metros and lots of amenities. It's an easy commute and a pretty good life.

This is us - a little further up in the Forest Glen area, but close to metro and amenities. Happy with schools, commute, etc. We bought a long time ago though, so house was cheaper than 700K.