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Azred · 11-06-2002, 12:26 AM

Belle and I would really like to buy a house, too. The average house price in our current zip code is, according to the Sunday newspaper, about $150,000. The typical house payment, adding in interest, taxes, and insurance (the escrow), is about 1% of the purchase price of the house--we would need to make $1,500 per month just to afford the house, not counting any other bills.
The median income in our little town is--hang on to your hats--about $80,000. We have seen houses listed up to $2,000,000 around town, too. [img]graemlins/wow.gif[/img]
Lenders normally want your debt ratio for buying a house to be around 30% of your income. This makes it easy to figure out what kind of house you might be able to afford, according to this simplified formula: purchase price/current income = 2.5 (so if your income is $50,000 you could afford a $125,000 house).

Enough numbers. To make a long story short, I wish we had our own house, too. *sigh*

11-06-2002, 12:26 AM	#7
Azred Drow Priestess Join Date: March 13, 2001 Location: a hidden sanctorum high above the metroplex Age: 55 Posts: 4,037	Belle and I would really like to buy a house, too. The average house price in our current zip code is, according to the Sunday newspaper, about $150,000. The typical house payment, adding in interest, taxes, and insurance (the escrow), is about 1% of the purchase price of the house--we would need to make $1,500 per month just to afford the house, not counting any other bills. The median income in our little town is--hang on to your hats--about $80,000. We have seen houses listed up to $2,000,000 around town, too. [img]graemlins/wow.gif[/img] Lenders normally want your debt ratio for buying a house to be around 30% of your income. This makes it easy to figure out what kind of house you might be able to afford, according to this simplified formula: purchase price/current income = 2.5 (so if your income is $50,000 you could afford a $125,000 house). Enough numbers. To make a long story short, I wish we had our own house, too. sigh __________________ Everything may be explained by a conspiracy theory. All conspiracy theories are true. No matter how thinly you slice it, it's still bologna.