Reply to Afford $1.8M on 300K?

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[quote=Anonymous][quote=Anonymous]We have a 300Kish HHI and am living in a 2000sqft SFH in Fairfax. We think the house is a bit small - ideally, we'd like to be in 4000sqft. Homes that size in our neighborhoods of interest are running $1.6-$2M. With a 20% down payment, I'm calculating monthly PITI payments of around $9K. We're paying $3.5K right now and are saving $6K+ per month, so just from basic accounting, it looks doable. But the 6:1 house price to income ratio seems crazy and out of line with other folks opinions.

Other threads on DCUM are suggesting house price around $1M for our HHI. [b]But we're doing that right now and have $6K left over every month going into measly 1% savings accounts ( we have maxed out 401K, HSA, 529 plans, so this is after all those things).[/b] We are debt free (besides current mortgage)

What do you guys think? Should we upgrade and basically dump all of our extra savings into a bigger house? Or is that too much house for our income?[/quote]

First thing, take some of that extra money and spend it on a financial literacy course.  Good lord. [/quote]

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