Reply to HHI 200K - how much house can/should we afford

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[quote=Anonymous][quote=Anonymous]I agree with PPs that have said DCUM posters tend to be overly conservative and would recommend you look elsewhere or do your own calculations to see what YOU are comfortable with - not that PPs are wrong or bad, but there are just so many variables and such a wide range of comfort levels it's hard to get advise here.

FWIW, our HHI is a little higher than yours (about 260K) and we have a 700k mortgage (yes, this is our mortgage, house was more like $1M).  We are fully funding 401ks, saving for the kids college (we have 2), have an emergency cushion of about $50k and between one in daycare for one more year and aftercare for the other our monthly childcare expense is about 1700.  We have no other debt (car and student loans paid off) and are living very comfortably... go out to dinner often, take modest vacations, fly to visit family out of state twice a year, etc...  [/quote]

We are similar, although our HHI is about 220k this year--fluctuates.  We bought for $1.1, put down 20%, have no debt.  It's pretty tight for us, although we have a live in nanny.  And we have fully funded retirement accounts, largely funded 529s, pensions on the way, and will be headed overseas in a few years and will rent the place out.  Our initial limit was 900k (more like the above poster), which would have been more realistic.  But there was little available, and we ended up with a ridiculously great commute/school/neighborhood.  This is only doable because of money we had put aside for unexpected costs and our friend the tax rebate.  And we expect the income to rise.  And the interest rate was great.[/quote]

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