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Reply to "180 HHI - can we move to DC? "
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[quote=Anonymous]OP, It depends a lot on what kind of equity you are bringing to the house search in this area. We have a one-income Household of about $190. We live on $60K b/c we have no mortgage (still have to pay $7000 in property taxes) and no childcare expenses (other than fun things like camps and classes). We save about $50K in the aftertax money. The rest goes to taxes and pre-tax retirement saving. If you can do all of your consumption (including property taxes, car repairs, groceries, take out, beach vacation + few other flights per year, gas, clothes, classes, gym fees) on $5000 like we do (family of 2 kids, 2 adults)... and then you can afford a house that has a mortgage + child care costs of $5000 per month, YOU CAN afford to live here for sure. That still allows you to contribute significantly to your retirement accounts pre-tax. Your mortgage and child care must = $5000 or less for this to work.[/quote]
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