Reply to At what point would a $6000 monthly mortgage make sense?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]if I lose my job I am screwed at any mortgage price eventually.  Of course you need 6-12 months in savings.  Duh.

[b]I'd much rather have a highly leveraged asset worth $1M appreciating than one worth $500K.[/b]

The poster who needs $25K TAKE HOME (after tax) to pay a $6K mtg is the dumbest person who posts here.  
[/quote]

You are assuming that your house will maintain its value. I know of many people who purchased a house and when the housing market crashed, are now upside down in their loans. DH's former boss is in a large house he cannot afford (b/c of divorce) and he stopped paying. They will eventually foreclose on him, but he's still living there. He can't get anyone to buy it b/c it's an expensive home. (Not the most expensive, but people just can't afford it in my area.)[/quote]

right, because housing prices, with 75 years of data, don't appreciate on average.  Not talking about holding a house for 5 years, talking about holding it 15 years +.[/quote]

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