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Reply to "When can you actually buy a $1M house?"
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[quote=Anonymous]the pp isn’t wrong, but i’d also consider buying a nicer/larger house closer in to where you work and a good school district. look for a neighborhood with lots of kids. you can easily afford $1.3 with a mortgage. another idea- keep your townhouse and rent it out. use cash and a mortgage to get a new place. this is using leverage to increase your wealth. we make a similar amount and had $800k in liquid assets and got into a $1.5m house at 7 percent (ouch). got into a pinch when our first home didn’t sell, but ended up renting it out. now that rent is subsiding the new house mortgage. the old house has a 2.5 percent interest rate, so in hindsight we’re glad we didn’t sell. it’s working out great. [/quote]
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