First Post -- How much house ($$$) can we afford??

[Anonymous]

Anonymous wrote:OP here again, and also, GF is now my fiance.

Congrats!!

[Anonymous]

Agree with the others to rent first until you get a feel of the area, but I'll add that we have a similar HHI and bought a house for 550K. We started with a lower budget but found it impossible to find a suitable house in the area (anything under 500K gets like 20+ bids). Our mortage with 20% down is about $2,300, which is about what we'd be paying to rent a two bedroom apartment (and we have a 3 bedroom house with a finished basement and yard in a great walkable location in Takoma DC). We've saved up enough in our first year of homeownership to do a major remodel of the kitchen. So definitely doable.

[Anonymous]

Do you have kids or other big expenses?

We have and income around yours and live in an ~550k house in manor woods area of Rockville. We bought for $475k when our income was more like $150k. I’m glad we bought where we did, though in early years with kids in daycare budget was tight.

[Anonymous]

I'd wait until after the election at a minimum. Lots of uncertainty and more potential headwinds than tailwinds for real estate, at the moment.

[Anonymous]

Baltimore and Washington prices are not comparable in any way.

[Anonymous]

I disagree with the advice to rent. You are going to spend about the same amount renting as you would in a mortgage, get no tax incentives, and build zero equity. Building equity will help you get to a bigger house later. Plus, interest rates are low right now. I would figure out what you are comfortable spending monthly and talk to a lender to get a sense for your price range then work with a realtor.