Reply to Would you take a $950k mortgage on 300k salary?

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[quote=Anonymous][quote]
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My God $950k mortgage!! Can you find a cheaper house?

When you make over $300k a year this is not too much of a stretch. We bought our first house 16 years ago for $500k but times have changed.

I'm sorry it is. We are just addicted to debt in this country. Starting with a $950k mortgage should not be normalized.

Your claim is completely without context.

I'm sorry, but $1m isn't what it used to be.

Better to stretch for a house you want for a long time, than skimp, and have to move at least once, and pay all those transaction costs.

I would agree with this. If we had not bought our house a few years ago when interest rates were lower we would not be able to afford it now.

This is what should make you nervous.

Why should they be nervous? They have a permanently locked-in low rate.

Because if they have to sell no one else like them can afford to buy it - and the price likely has to go down.

[b]That's not how real estate markets work.[/b] And we can see that right now as the markets continue to function without significant declines in value, despite higher rates.[/quote]

Oh, tell us how they work please. Because it's not "working" for a whole lot of people. This situation is concerning. I remember the last time we had a lot of people who could not afford housing. The prices went down. 
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