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Reply to "Anyone else who will likely never be a home owner?"
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[quote=Anonymous]I feel for people who want to own a home right now. Since there is so much money in the DC area, home prices in the area aren't really dropping significantly even though interest rates are so high. My husband and I paid $650K for our house in 2014, and with our 3.6% interest rate, we pay just under $3,200 PITI a month for our house in a modest neighborhood in Potomac. Our house has gone up over $250K since we bought it. And with our interest rate, we have paid down a significant portion of our loan, so we have about $400K of equity in it. A similar house in terrible condition is on the market near us for $850K, and according to zillow it would cost $5,111 a month PITI, assuming you put 20% down. And that is for a house in terrible condition that requires a ton of work. There is no way we could afford to buy in our neighborhood now. [/quote]
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