Reply to The seven paths to DC-area home ownership

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$156K is a good salary for the region. $375k on that salary is too conservative. Even with a 5% mortgage and 0 down, 30 year fixed on that is $2k a month. Add in 350 for taxes and insurance and you are looking at only 18% debt to income ratio, *FAR* shy of the 28%-33% ratio that most people subscribe to. Using 28% as a ratio, your "affordability" figure jumps to about $580k, which can buy you a nice townhome in Fairfax, or even a single family in some of the older but still nice neighborhoods like Burk.

I am not a Realtor, just someone who has done enough of these types of calculations to know when people are over/under extending themselves. [/quote]

We had a lower combined salary than you and purchased a home for $537K with 3.5% down in 2009.  4.5 years later we make a tad more than you do, but have two kids in daycare now.  We manage just fine.  We don't have the discretionary income that others do, but as you said there has to be some wiggle room in your expectations for the DC area.   [/quote]

In 2009, our HHI was $120k, we bought a 1600 SF condo steps from Vienna metro for $365k with 20% down and $350/month hoa fee. Two kids and managed fine financially. [/quote]

Ok, maybe with zero childcare expenses and student loans that could work just fine.  [/quote]

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