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House Vs Condo

 
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Thu Jan 07, 2010 4:27 am GMT    Post subject: House Vs Condo Reply with quote

House Vs Condo

On HGTV tonight. Looks like from summer 2009. A girl is approved to spend $315k with $30k down (that's right - 10% down!). At 5% that means she makes about $68k/yr, assuming 36%. She ends up buying a place that costs $285k so a ratio of about 4.15x. She wants to live on Newbury street but ends up buying a place in Woburn to find a SFH that she can afford and it's still not particularly nice. Still, there were 4 offers on the house.
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OttaCee
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PostPosted: Sat Jan 09, 2010 3:14 pm GMT    Post subject: Reply with quote

There's another Boston "House Hunters" on Comcast On-Demand. Looks like its also from 2009. Newly married couple renting dirt cheap in Charlestown ($1600 for a 2BA condo with roof deck) wants to buy. Their budget is $425-450k and want to stay in the city. Watch it to be shocked which unit they went for, its amazing people still overpaying to live in the city.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Sun Jan 10, 2010 4:30 am GMT    Post subject: Reply with quote

Yeah I thought I commented on that but I guess it didn't make it. Anyway, by my estimate, these people ended up spending 5x - 7x income on their property, depending on whether that loan was at 28% or 36% of income. They only got a 2br place I think as well for that money too and not in one of the nicest neighborhoods!
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Sun Jan 10, 2010 4:30 am GMT    Post subject: Reply with quote

Question I have is when will people stop being stupid? I guess the answer is - when the government makes them.

Who'd support a 4x income cap on mortgages?
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