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Reply to "Curious: where do the $$ come from??"
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[quote=Anonymous]Financially conservatives DCUMers might be surprised but I would venture that plenty of the $1-1.2m homes are occupied by those with HHIs more in the $300-400k range. Yes, many people elect to spend 30-50% of their take-home pay on housing costs in a high COL area; why is that a surprise...the poor have no choice but to do this, and many of the more affluent choose the benefits of a more expensive neighborhood (preferred schools, commutes, amenities etc) and do this too. Also mortgage monthly estimates are off for many too...not everyone is taking out a 30-year fixed, plenty of folks take out 5-7 year ARMs which have lower rates, and lower monthly payments. You just bear some risk on changing interest rates (though are protected on most instruments by a defined range of max increase) The monthly on a 7-year ARM (3.005%) with 20% down on a $1.2m home, the PITI would be as low as $5150. [/quote]
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