Reply to Getting desperate: What would you suggest to a first time home buyer?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My coworker is drinking every night thinking about this. Praying for a crash.[/quote]
Ha, yeah me too. 3 years ago we were trying to save for a $1.2M home, now that we could afford that, the same home is $1.4-1.5M. In another 3 when we can afford this, those homes will be $1.7M. F this mess. We are just going to throw our money away on rent and live in the home we wish we could buy in the neighborhood we love. Funny thing is, we are so rich ($270HHI) but we can't afford a 3br home. Nuts.[/quote]

Ummmmm…. $270K HHI isn’t really enough to buy $1.2M house  in my book….[/quote]

Good thing it's not your book.

Regarding the 3 year cycle, in 3 years you are paying 108k in rent (assuming your rent is around 3k). If your income isn't going to outpace appreciation, which it hasn't for your case, you need to look at different neighborhoods or just take the plunge and buy. [/quote]

Seriously and you don’t know about peoples finances. Plenty of people have down payment assistance from family money too which changes the game. [/quote]

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