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][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]

Eh, I'm in this boat.  Net after taxes and deductions is $14.5k a month.  PITA in a 1.2 mil mortgage at 2.25% is 5800.  Leaves just shy of $9k/mo to live on.  Daycare for two kids runs around 3k a month.  No student loans and no car payment.  Subtract utilities and that's a good $5k/mo to live on after all fixed expenses are cared for.  That is plenty[/quote]

We make a little less and bought a $520k home. We do have two car payments (our first cars ever, thanks butblife) and student loans. No daycare. Pita is $2900 cars are 1k (total) loans about another 1k and I don't think it's enough at all. The house always needs something, there are always medical expenses, and the DMV is an expensive place. [/quote]

Sorry, that makes it sound like I'm complaining, I realize. I am totally NOT complaining. We live very well. Maybe too well, really. We are quite fortunate. I still wouldn't want that much of a mortgage. It's comforting to know we owe about 400k on our house (atm) and it's appreciated quite a bit. Also comforting to know that in a pinch we could probably pay our mortgage on a lot less income. [/quote]

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