Reply to What Can I Afford? Millenial Edition

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, we make more than you and bought for 725K with 20% down.  We rent out a basement unit so payment is about 2K.  You are probably fine IF you do not have children.  However, if you have kids, you will likely feel stretched bc childcare is so expensive, and if you have kids, you may not want to be locked into needing a high paying job.  So given your age, unless you are deadset 100% sure you will never have children, I would either 1) buy something cheaper to give you flexibility if you do have kids or 2) buy something you would be comfortable having a long-term renter in to defray costs (like with a separate basement unit, not just a roommate situation.[/quote]

If she were to have kids, presumably there also would be another person with income involved. [/quote]

True, but spouse's income may or may not cover childcare (which I know from bitter experience).  The marriage penalty on taxes is gone at OP's income if she does marry someone low earning, so that helps, but spouse could also come with student loans or other fixed expenses that largely cancel out their extra income.  Agree if OP marries and has kids with someone high-earning, this is a non-issue, but that is not always how it works.  I know that pre-kids, I had very little understanding of how expensive they were, and I'm very glad we bought something in the [b]high 300's pre-kids [/b]rather than something in 600's, which we considered and did qualify for.[/quote]

This is a studio in DC and would be a bad financial decision for OP since she’d have to sell right away if she had kids

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