Reply to $330k income - house buying

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are also two GS-15s with two kids and we spent $500k. I would be very uncomfortable spending $1.4m. [/quote]

Where the heck do you live? Manassas??[/quote]

Lorton. We bought almost 6 years ago and have done some updating since then.  I'll caveat, that if we were to sell today, our house would sell for in the mid $700s. [/quote]

Okay, listen if homes go for $700k in BFE Lorton (which is a lovely neighborhood but REALLY FAR AWAY), what options do dual-GS15 have with a closer commute and good schools?  I think they are spending st least a $1M, one way or the other (spend less close in but needs tons of work right away)[/quote]

Close in Silver Spring. Close in Tacoma Park.

For example,  https://www.realtor.com/realestateandhomes-detail/520-Ashford-Rd_Silver-Spring_MD_20910_M54127-61743?view=qv[/quote]

Again that is $800 entry price and all these old homes have $$$$ repairs and maintenance even when freshly painted.

Plus, GS 4 for Northwood would be good schools?? [/quote]

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro.  I don't see any $$$ repairs based on the photos, either.  Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me.  I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.[/quote]

Out of curiousity, what DO you use as a proxy for school quality? Right now your answer is a couple of anecdotes...[/quote]

NP, but I look at how kids do that are in MY SES group. In many of these schools, it is the FARMS families bringing the rankings down, but if you drill into the stats, the kids who are not farms are doing great.  If those kids are doing well, not sure why mine wouldn't either? I think it is safe to assume that if someone has a 330K income and are buying a home with a GS rating of 4, but the kids who are high SES are doing just as well as other high SES kids in a GS ranking school of 8, will thrive despite the drag on the stats.

I'd only be worried if my kid was recieving FARMS and wonder if my kid would also not be able to hit the basic academic bar.[/quote]

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