Reply to If your HHI is around 200K annually, where in MoCo do you live?

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Reply to "If your HHI is around 200K annually, where in MoCo do you live? "

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You might rephrase your question in terms of housing budget, because people with the same HHI can have different budgets, depending on what the downpayment is.[/quote]

OP here, good point. We figure out we'll be comfortable with $2500 mortgage payment.  Thanks for the suggestions. I'm a little surprised at some of these neighborhoods because I considered them out of my price range. Maybe I'm going to need a lofty downpayment[/quote]

How much do you have for a downpayment?  $2500 is like a $600K+ home if you have the 20% to put down.  Do a google search for the NY Times rent vs. buy calculator, I found it very helpful when house hunting.[/quote]

OP again: We will have about 100,000 in down payment.  I was using a mortgage calculator online and it shows that I would have a $3300 payment for a $600K home with $100K down.  (5%) Maybe that's not accurate..?  I'll try the NY times one. Also, I found that $600K won't get you very far in many of the neighborhoods mentioned. (they're lovely neighborhoods but the inventory is so low for SFH in decent condition!  I don't want a townhome.) So I'm surprised to hear that people with our HHI are affording homes there. I guess that's encouraging but now I'm thoroughly confused.  I've been just browsing redfin for now, so maybe I'm not getting the full picture.  We're thinking about waiting a few years to see if the inventory changes.  [/quote]

You are asking the wrong questions.  People with a $200k income can live in a pricey Bethesda house if they bought before the boom or had help with the down payment or were just incredible savers.  In addition to HHI, you need to know what their actual monthly payment is, and a ballpark range of their other monthly expenses affecting cashflow (including retirement and college savings and childcare costs).  To answer your original question, we are at $250k HHI and live in Silver Spring.  We bought during the boom and put down 10% for a $535k house.  Since refinancing and paying off the second mortgage, we have a very comfortable payment of $2500k.  We pay abut the same monthly for childcare, max out 2 401ks and IRAs and save for college.  We could do the same with a $3300k payment, but would save less outside of those accounts.[/quote]

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