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Metropolitan DC Local Politics
Reply to "We need homes. A lot of homes. Not just affordable, but also middle-income homes."
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[quote=Anonymous][quote=Anonymous]You know, 20% of a $400k house is still $80k. That’s a lot to save on $108k household income (median for MoCo). I love how our definition of “affordable” has ballooned. [/quote] So? There are options there as well. One can get an FHA mortgage with 5% down (it might be as low as 3.5%), meaning all they need is $20,000. With an income of $108,000, they can save that in two or three years if they put their minds to it. And true, they'll have to pay PMI, but I had to do that with my first place, too. What is it with all these people and the excuses for why people can't buy a home? And who says it has to be a single-family house? What's wrong with a 3-bedroom townhouse with two full bathrooms - one for the parents and one for the kids? Until I was 13, we lived in a house of five people with 1 full bathroom (plus a half-bath by the rec room). Way too much entitlement these days.[/quote]
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