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Reply to "1.6MM home- how much would you want to be making?"
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[quote=Anonymous]It wouldn't make me feel comfortable but you don't have a lot of other debt and your wife should be easily be able to go back to work. You are also young so probably on the upside of earnings. The one thing that maybe makes me think it is an okay idea is that we now live in a house we bought for $1.5 million, it is our third home. We have wasted so much on transaction costs selling two previous homes in the DC area. The first starter home appreciated rapidly (we bought in DC in 1996) but there was no way we were going to stay in a small 1 bathroom home with 3 kids. We outgrew the next home too. If we'd just bought our "forever" home the first time, it would have been more risky but we would have wasted a lot less in moving and real estate fees over the years. [/quote]
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