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Reply to "Afford $1.8M on 300K?"
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[quote=Anonymous]We have a 300Kish HHI and am living in a 2000sqft SFH in Fairfax. We think the house is a bit small - ideally, we'd like to be in 4000sqft. Homes that size in our neighborhoods of interest are running $1.6-$2M. With a 20% down payment, I'm calculating monthly PITI payments of around $9K. We're paying $3.5K right now and are saving $6K+ per month, so just from basic accounting, it looks doable. But the 6:1 house price to income ratio seems crazy and out of line with other folks opinions. Other threads on DCUM are suggesting house price around $1M for our HHI. But we're doing that right now and have $6K left over every month going into measly 1% savings accounts ( we have maxed out 401K, HSA, 529 plans, so this is after all those things). We are debt free (besides current mortgage) What do you guys think? Should we upgrade and basically dump all of our extra savings into a bigger house? Or is that too much house for our income?[/quote]
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