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It's not "MY" math buddy, that's the old standard of what is considered affordable. I wouldn't spend that high a percentage of my own income, I'm talking about basing what houses should sell for based on what banks will lend. Go yell at the mortgage guys. I'm the one saying that houses are too expensive for most people to afford. Sheesh.
I think you took my post out of context... use of "buddy" indicating you feel I called you out or something.
I was being serious because I can't believe that the old standard comes even close to applying now and I'm pretty sure we're in agreement.
FrmlyBklyn - Yeah... your budget was a quick list that you'd take more time to put together. In the end, I don't think it's reasonable to think any significant amount of people are going to have down payments, FICO scores, and debt to income ratios needed to qualify for those sub5 rates.
I'll start to believe there's a small chance things will get better when every other radio commercial isn't about "the secret that credit card companies don't want you to know" or some version of becoming debt free.
I think you took my post out of context... use of "buddy" indicating you feel I called you out or something.
I was being serious because I can't believe that the old standard comes even close to applying now and I'm pretty sure we're in agreement.
FrmlyBklyn - Yeah... your budget was a quick list that you'd take more time to put together. In the end, I don't think it's reasonable to think any significant amount of people are going to have down payments, FICO scores, and debt to income ratios needed to qualify for those sub5 rates.
I'll start to believe there's a small chance things will get better when every other radio commercial isn't about "the secret that credit card companies don't want you to know" or some version of becoming debt free.
It seemed like you were indicting my real world math, sorry if I misinterpreted that.
My real world math is that my wife and I are right around that 150K mark we keep bringing up, the calculators say a "conservative" house for us would be 450K...I think that's actually way too risky. I don't think I'll consider going over 375K considering child care, my non-public sector job and the risks inherent in that, that we're probably going to need 2 cars very soon since both of ours are up there in mileage now, etc, so even with $0 debt and a break even sale price on our current place, I wouldn't touch 450K. Now, how about the people I know making 100 or 125K as a couple with kids? What should they really be looking at in this economy? 325K?
It seemed like you were indicting my real world math, sorry if I misinterpreted that.
My real world math is that my wife and I are right around that 150K mark we keep bringing up, the calculators say a "conservative" house for us would be 450K...I think that's actually way too risky. I don't think I'll consider going over 375K considering child care, my non-public sector job and the risks inherent in that, that we're probably going to need 2 cars very soon since both of ours are up there in mileage now, etc, so even with $0 debt and a break even sale price on our current place, I wouldn't touch 450K. Now, how about the people I know making 100 or 125K as a couple with kids? What should they really be looking at in this economy? 325K?
The only people I know who are "comfortable" are the ones who bought over 7-8 years ago... and of those that are 1 income, they keep to a pretty tight budget. Most of them would struggle to buy their own house in today's dollars and that tells me a ton. Granted, the tax increases over those years contributed, but that doesn't matter when it's just part of the overall nut.
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