In retrospect, we stretched a bit, but not by much. At the time of our purchase, our household net income was ~$14k/month. Our monthly mortgage obligation is $4600/month. So at the time of our purchase, we were paying about 33% of our post-tax income. My wife had the higher salary, so we are now at ~$6200 month income. Obviously, not a sustainable situation. I anticipate the value of our house has dropped another 10% since we purchased.
I don’t expect anyone to cry for us, but just wanted to make the point that not everyone has “greed” reasons for wanting home values to rise.
