Reply to If your HHI is around 200K annually, where in MoCo do you live?

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Reply to "If your HHI is around 200K annually, where in MoCo do you live? "

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You might rephrase your question in terms of housing budget, because people with the same HHI can have different budgets, depending on what the downpayment is.[/quote]

OP here, good point. We figure out we'll be comfortable with $2500 mortgage payment.  Thanks for the suggestions. I'm a little surprised at some of these neighborhoods because I considered them out of my price range. Maybe I'm going to need a lofty downpayment[/quote]

How much do you have for a downpayment?  $2500 is like a $600K+ home if you have the 20% to put down.  Do a google search for the NY Times rent vs. buy calculator, I found it very helpful when house hunting.[/quote]

OP again: We will have about 100,000 in down payment.  I was using a mortgage calculator online and it shows that I would have a $3300 payment for a $600K home with $100K down.  (5%) Maybe that's not accurate..?  I'll try the NY times one. Also, I found that $600K won't get you very far in many of the neighborhoods mentioned. (they're lovely neighborhoods but the inventory is so low for SFH in decent condition!  I don't want a townhome.) So I'm surprised to hear that people with our HHI are affording homes there. I guess that's encouraging but now I'm thoroughly confused.  I've been just browsing redfin for now, so maybe I'm not getting the full picture.  We're thinking about waiting a few years to see if the inventory changes.  [/quote]

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