Reply to Would you take a $950k mortgage on 300k salary?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I wouldn’t, but I’m also not from one of those UMC DCUM families who are underwriting all sorts of things. 
One neighbor, after having trouble finding a new job, went to work for his mom; another neighbor was just gifted a new addition with screened porch from their inlaws because they felt cramped after baby #3. 
So if you’re from one of these, you’re fine. If you’re like me, where family on either side does not or actually cannot help with housing, childcare/education expenses, or employment in any way, even in a rough patch, don’t do it. We’re HHI $300k, totally on our own, two kids, mortgage of $600k, and have peace of mind financially - it’s completely managable. [/quote]

Just know that you are in an extremely frugal minority. Do a search on Redfin for $1 million dollar SFHs in North Arlington, McLean, Vienna, Falls Church City and anyplace in MoCo zoned for the “W Schools” and BCC. You will pull up only a handful of homes. I can guarantee you that the average family who is buying these $1 million dollar 1,500 sq ft homes that need a lot of work is not a partner at a law firm. A $300,000 HHI would be the norm for a home like this.

By your frugal logic, people with HHIs of $300,000 should be buying SFHs in Cheverly, Woodbridge, Manassas, and Wheaton…that is, places where you can still find SFHs for $600,000. I can promise you the average family in these areas is not pulling in $300,000 a year. You would feel very out of place sending your kid to Kennedy or Wheaton HSs making $300,000.[/quote]

I’m a different poster. This is interesting because we make $380k with my partner set to get a promotion soon. I am one of those frugal people and I was considering Woodbridge. Our incomes will go up especially my partner’s income. I guess for me I’m nervous about making a big leap. We’ve been looking at homes in the $800-900k range. I thought Woodbridge would be okay (Lake Ridge area) but now I wonder if we’d be out of place there. [/quote]

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