My fiance and I are in escrow right now. Before we went through the pre-approval process we had decided we would only use his income. Based on his income they approved $350k for a condo and $400k for a home. I was shocked. There is no way he could take on all of the responsibility if something happened to me.
We are a bit hire on the end of middle class spectrum with our incomes combined. We could not comfortably afford a home over $500k, or I should say I wouldn’t be comfortable. I understand flippers, but I don’t understand how people are dropping a minimum of $550k on a solid home. How many wealthy people are there, or are they just completely house poor?
