Thursday, September 16, 2004Renting vs. Buying (again)Every once in a while, I get stuck in a mental rut of rent vs. buy. I start browsing listings at www.mls.com and realize how expensive things are-- and then I inevitably click on the "what you can afford" link. Even if I had zero minimum payments a month, www.homestore.com says I should not attempt to purchase anything more than a 300k home (unfortunately, this doesn't buy you much in the 940xx area code). Of course I don't have "zero" minimum payments a month, so I can afford even less than that! So then I decided to play the game of "what if". What if I were making a lot more money? Could I afford a decent place? Like if I were 20 years down the line, making a six figure income (hopefully) -- what kind of house I could expect? Well according the the mortgage qualifier, if I have zero minimum payments a month, make $140k a year and have 100k in the bank, I can buy a 3br/2ba (1-1.3k sq ft) townhouse/condo in the bay area. See what you qualify for here. $498,957 Maximum House Price Loan Amount: Down Payment: Closing Costs: $411,295 $87,661 (17.6%) $12,339 $3,267 Monthly Payment Principal & Interest: Taxes: Hazard Insurance: Private Mortgage Insurance: $2,368 $520 $208 $171 This is crap-- how are people making "normal" salaries going to live anywhere? posted @ 08:58 AM PST [link] |
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