Reply to $750K is the new normal in desirable areas in the DMV

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]250k hhi with a mortage of 650k or so should be perfectly manageable unless you have twin 2013 Lexuses or $150k of student loan debt.

it's when you start going to mortgages that are more than 4x income that you start getting iffy. [/quote]

This sounds nuts to me, though I am starting to think we're the exceptions in this area rather than the rule. We have a HHI over $250K and our house is worth more like $500K and we have two older used cars. No student loan debt and mortgage is nearly paid off. Living below our means has kept us secure and happy, with big retirement and college funds.[/quote]

Great, but when did you buy your $500K house?  Timing matters.  If you were lucky enough to buy before 2003, you are no model of virtue' you just benefited from timing.  Many would be thrilled to be in a $500K home now but they are not plentiful![/quote]

Nope, we bought at the top of the market in 2005! We live in Silver Spring.[/quote]

Where are you getting your "worth $500k" figure? Are you sure it's not actually worth more? I know our tax assessment is low given what tear downs & gut jobs on our block are going for.

FTR, we were lucky and now we own a WAY more expensive house than we could ever afford to buy. I toy with the idea of buying something cheaper in a less-desirable area, but even the prices in those neighborhoods are getting high now.[/quote]

I am comparing it to the house next door that is similar and just sold. People who say you can't get anything good for 500K or less must not be looking in Silver Spring. I just want to let people know there are plenty of great and less expensive neighborhoods out there. Here's an example I just found of a great, close-in Silver Spring house for $475: http://www.redfin.com/MD/Silver-Spring/10042-Pratt-Pl-20910/home/11121741  There are lots of houses out there like that.

I am aware that someone is bound to chime in in just a second with a complaint that the schools in Silver Spring are subpar. I don't even know what subpar means in a school district as good as Montgomery County, but I would just say that we have had a very good experience with our schools, and it's hard for me to take criticism seriously when it comes from people without direct experience in those schools. [/quote]

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