Reply to The seven paths to DC-area home ownership

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Question:  For 8 years you rented and had a great landlord that did not increase your rent.  So how much did you save?

I did not have a designer wadrobe during my 20s.  I did not have any debt either.  Some of my friends jetted all over the world for fancy vacations - I visited family.  When it came time to purchasing my 1st place, I had $90K saved for a down payment.  (I paid my way through undergrad and grad school so there was a lot of loans to pay off).

It gets really old when people make choices - and  complain about the consequences.

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Oh please. We saved 200k+ on 160 HHi and still can't afford anything we like. We simply refuse to pay over 500k for the BS housing here.[/quote]

so you made an arbitrary decision that 500K was the most you wanted to spend - and when you can't find anything that fits the bill complain?    "It gets really old when people make choices - and  complain about the consequences."

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Its not arbitrary - we don't want to sink all of our savings into a home and we want 15y mortgage. if we could spend 1.5 mil we would buy. I think around 500k is a reasonable budget - less conservative than OP's.

I am personally not complaining about "consequences" - I am bitching occasionally for having to rent while making a decent salary. But 500k is a lot of money and I want to buy something I like. I don't like anything here. This is not a consequence of our choice not to spend more than we can afford (would you really advocate that?) it's a matter of living in an architecturally deprived area undergoing housing boom.[/quote]

500k is barely above the average price and much lower than average in most places. It seems like a lot but it doesn't buy you anything above average unless you move way out.

http://www.zillow.com/local-info/DC-Washington-home-value/r_41568/[/quote]

Yes, we are aware of that. We are in a situation similar to OPs and I agree with his analysis.[/quote]

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