Reply to How much can we afford to spend on home?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I wouldn't spend that much on a home!  We spent 750k on a home and do not have any student loans or childcare expenses.  We make around 325k.  A 1.2 million dollar home means one person's job is going to pay for the house.  Meaning you're house poor.  [/quote]
If you want to be in a nice area (close to DC for example, safe, good school district), 750-800k will not get you far. And most importantly, you can afford a more expensive house. Why live below your means, a house is a long term purchase, don't regret it by buying below your means.[/quote]

This is why home prices are so expensive in DC. Everybody wants the same things. Salaries in DC do not keep up with these home prices. Everybody wants good schools, short commute, nice house. But the DC area has a lot of people packed in a small area so everyone is chasing the same thing and people drive up the home prices by rationalizing that they need to pay more than they can afford. Sure you could be approved for a $900,000 home, but with only $90,000 you will handcuffed to that mortgage. Expenses do not get smaller after daycare and school loans. You end up spending that money on kids activities, braces, college, home repairs etc. Also stop looking for the perfect house. Unless you are super rich it does not exist. Find a house that is the lowest price you can live with that has good schools and just start living your life. Do not make yourself house poor.[/quote]

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