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

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[quote=Anonymous]Hello all,

I'm a federal employee transferring to the Washington, DC area (Rockville to be specific) with my GF.  I'm currently a GS-12 (soon to be a GS-13) and GF, who works for a local municipality at home, is the equivalent of a GS-11/12.  I'm due to the area later next year, but once I've relocated, we're hoping that GF can find a GS-11/12 position.  Such would put our HHI around $175,000 - $185,000.00.

I'm able to take advantage of a VA loan and we're able to put down 3%-5%, depending on the price of the home.  My question to you guys is what would be your maximum budget on a $185k HHI?  Granted everyone's expenses are different, I'm trying to get a general feel.

I have a sister that lives in Owings Mills and she got away with recently purchasing a very nice 2,800 sq ft townhouse for $279k.  The plus is that she also works in Baltimore County and Owings Mills is nearby.  She's suggested that we stay in that range ($300k), but since I'll be working in Rockville, and would prefer to live nearby, the prices of homes in Montgomery/Frederick Co. appear to be in a total different ballgame than Baltimore Co.  Everything nice that we see is in the $500k to $650k range.  Is such stretching our budget on a $185k HHI?  Such will grow in the next few years to $200k to 220k, but we'd really like to avoid putting a huge chunk of our HHI into a home.  Nonetheless, we still want something nice in a decent school district.  Any thoughts?  Anyone else with similar HHI living in a $500-600k home?  If so, is it manageable?[/quote]

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