Reply to 900k mortgage. 250k HHI.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Shocked by how many people think this is ok.  We make $380k and our mortgage is $3,900/month and I def would not be comfortable with it being any higher than that.[/quote]

+1. Same. I blown away by how many people are fine with nearly a $1M loan. WTF? We are at $550HHI and got house for $600K. It's insane to me. I must assume that everyone has a) no student loans; b) inheritance; c) grandparents paying for everything. Otherwise, how do you justify that spending on an house?[/quote]

Clearly you’re not in the DC area if you bought an entire house for 600k. That doesn’t even get you a rundown old townhouse in many desirable areas around here. People near DC aren’t paying for the house itself. They’re paying for somewhere to live with with good schools, a short commute, and close to amenities. Also, many jobs here (including federal ones) offer student loan repayment so loans aren’t an issue for everyone. In our case, living close-in next to a metro station and walkable to many places means we don’t need a second car (many people don’t have a car at all). So that saves a good bit of money when you’re not also paying car taxes, gas, insurance, repairs, etc. Yes there is a good bit of family help too I’d be willing to bet. But 600k doesn’t even buy a 7,500 sq ft piece of land in my neighborhood, so it’s just really not comparable to wherever you live where a house costs 600k.

We have a $3,700 mortgage on a 250k income and it’s fine because we have no student loans, 1 paid off car, a small house that doesn’t require tons of upkeep expenses. We can walk everywhere, get into the city easily, and our home value has gone up over 200k in 3 years. I would chose this so many times over living in some meddling car dependent area where we have to drive everywhere, need weekly house cleaners to maintain our home, farther from city amenities, and less room for home values to go up. [/quote]

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