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Reply to "The seven paths to DC-area home ownership"
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[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] This is just what I was thinking. You are being too conservative. Remember that you will also realize some tax advantages and that you are no longer "throwing money away." While you may not see huge returns on your property, you will see something when you sell it. [/quote]
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