Reply to How much mortgage can we afford?

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[quote=Anonymous][mastodon][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP - we are two public interest lawyers who graduated into the recession with same amount of debt as you. And who were worried about delaying kids due to biology. And who have experienced periods of underemployment. So, I get it. At $300K HHI (combined) plus two kids in daycare ($3400/month) plus student loans ($2K/month), we rented a two-bedroom apartment for $2900/month. For five years (obviously didn’t have two kids in daycare that entire time but had at least one in that entire time with multiple years overlap). Saving but not a ton. And we missed out on SO MUCH housing appreciation. So my advice would be to buy. I don’t think you can take on more than $500K in a mortgage so that limits you - but there are neighborhoods that could work. Check out close-in Silver Spring (Flora Singer or Oakland Terrace or Rock View are the elementary schools - maybe some others nearby as well). Lots of people with your numbers here in modest three bedroom houses but happy and with room to update/expand as their debts shrink and salaries grow. [/quote]

I don't get your situation either with $300K income.  [/quote]

PP - sorry, to clarify, we had periods of underemployment where that 300K was cut in half. So we were pretty risk averse when it came to debt. My point was that risk averseness cost us and so I disagree with everyone saying OP should just keep renting.
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Even at $150K you should be ok.  It's lifestyle choices.  If OP can find an affordable house, maybe but affordable under $500K and those homes in the neighborhood you are saying need a lot of work, which she cannot afford.  [/quote]

Agree. OP would need to look further out. I’m not an expert, but maybe Columbia or Gathersburg. Columbia has good schools. Just commit to a long commute. Maybe rent a two bedroom for a few years, get to know the community, save, and then buy something affordable. Who cares if you miss out on appreciation for a few years? [/quote]

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