A government worker family of a teacher and correctional officer will have a family incomee above $133,000 and possibly over $168,000.
Still probably not enough for a $700K home using traditional financing, once you throw in property taxes, maintenance, HOAs, mello roos, what have you. Also, that’s a $140K down payment. Very few new buyers have that kind of green. And $140K pays you at least $500/mo simply invested in CDs. Also, when we return to traditional financing, I’m guessing it will be unlikely that banks will want to take OT pay into account when calculating DTI.
I do agree that many government employees earn good salaries, I just think they’re more in line for $400K homes using traditional financing and DTI ratios.
