My husband and I (no kids yet), at 24, don’t have terribly well paying jobs (perhaps because we live in the Inland Empire?), but we still have a $90k household income, which I think is probably a little better than a lot of other couples our age.
I feel like we would only be able to comfortably afford a house around $300K, and even that would be stretching it. $300k will get you a tiny, run down house in a crime and gang ridden area. If you want to even live anywhere without living in fear of the roof collapsing or having drive-bys, it’ll run you at least $375-$400k.
Yet I see other young people buying these $400K homes, with a Land Rover and BMW in the driveway, and wonder how in the world they are doing it?
Is there something I’m missing? Is wanting to have a down payment, 80% LTV, 30-yr traditional mortgage with a payment that I can comfortably afford the “chump’s” way of doing things?
