[grania]

okay....someone is smart enough to make over $80,000 a year but too stupid to know that buying a $600,000 house is dumb.

JMHO: Nobody should by a house that costs more than $250,000 unless they can pay cash. The exception would be if it's a revenue source such as rental apartments.

[USNBandit]

Part,of the reason the homes in that area are so expensive is that the banks approve idiots like this for loans. The competition from under qualified buyers drives prices up. Thank you, government, for deciding everybody deserves to own a home they can’t afford.

[cyclotic]

You must not live on the east coast. I sold my 1800sf home in Michigan at a huge loss in 2010 for $136K ($50K less than I paid for it) and bought an older tract home at 12oo sf for $170K.

Really feels great to move back into an overprice starter home.

I understand the sentiment though. I flat out refuse to be house poor and have zero sympathy for them.

[Mastador1]

JMHO: Nobody should by a house that costs more than $250,000 unless they can pay cash.

Using your standard, at least 75% of the people in California could only buy mobile homes, at best.

[machogirl]

It’s the old rule of 3’s. You can afford a house that costs no more than THREE times your yearly salary. You can only afford 30% of your take home pay for mortgage.