Reply to Who can afford 800K-1M homes? Genuine Curiosity!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]"my husband and I both work, make a combines gross income of $185K and can not afford an $800-1mil home
have 1 child."

[b]Because you don't have 20%? I just refinanced an almost 900K house on a 175K salary.  And yes, we save for college and retirement[/b].[/quote]

How much of that 900k did you refinance?  Because unless it was $720k, then you're really not making a fair comparison.  Our mortgage is $400k; we make about $250k; I can't imagine nearly doubling my mortgage payment.  Of course, on top of retirement and college, we're also paying daycare right now, but still, a 720k mortgage on a 175k salary seems pretty steep.[/quote]

Yes, it does.  I have a 3.25% ARM, have our mortgage down to $500K and we have a HHI of just over $200K and I can't imagine increasing my mortgage.  We do save for retirement and college.  Wow...talk about house-poor.  [/quote]

I'm the one who originally said "my husband and I both work, make a combines gross income of $185K and can not afford an $800-1mil home have 1 child." True I don't have 20% to put down but even if I did I can not imagine buying a home for 800K. Even with 20% down that is a mortgage of 640K. at 4.8% that is a mortgage payment of close to $4200. Now way could we afford that and still feed our kid. And no we don't live extravagant lives. [/quote]

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