I mean, technically, we are in the market for a house, right?
The townhome was the same layout as ours. Two bedrooms, 1.5 bath, updated kitchen, popcorn ceiling. However, it had a couple hundred extra square feet in the backyard because it was a corner lot.
And you can buy all this for $460,000!
It makes me think about how different housing is here, or in other high-demand areas, as opposed to other areas of the country where your housing is realistically affordable.
It is unrealistic for us to believe that we’ll be able to save 20% for a down payment, but that doesn’t mean we aren’t going to try. A big reason for not having any other debt is that we’ll be able to take on a larger mortgage payment.
But I still don’t want to be crippled by a mortgage. We will also have to take into account insurance, property taxes, homeowner’s association dues (if any).
Going to that open house definitely whetted our appetites. We are chomping at the bit to be homeowners so that we can fix up our house and have something to call “ours.” But we are also smart enough to know that we have a lot of saving to do.
Predicting the housing market is no fun task either. We don’t want to be priced out of our area, but we don’t want to jump into something we can’t afford just for the sake of it.
What would $460,000 buy in your area?