chrisp, you did get a harsh response, and you didn’t ask anyone how much you should spend.
But, as we point out, you are putting taxpayers on the line to pay an INCREDIBLY large price for a place for you to live in. No one who bought in 2005, or 2006, or 2007, or 2008, planned to default. They all planned to see their home price stay level or go up. That’s not a guaranteed outcome, and many of those people who didn’t plan to default have defaulted, and will default.
I will guess that your family earns $100-250K a year. If you are typical at all, that means you can probably afford a place that costs $200K-625K. I could be wrong. You may spend very little, and be able to afford more. But then how come you have only a tiny amount (10%) saved up for the home purchase? Taxpayers could be pretty sure you wouldn’t overpay, and wouldn’t default, if you were putting 30% down. But you’re not.
To the extent that you are stretching the price, you are getting taxpayers and savers like us Piggs to use mostly our money to help you keep home prices inflated. So we’re kinda tetchy, like I said before.
