The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: TheStockFairy who wrote (5433)	9/19/2002 12:25:37 PM
From: fatty	Read Replies (3) of 306849

>My rule of thumb is 1.5 - 2x annual gross income for the entire purchase price of the home. I'm in the upper 7% of earners of the country but I can only get a hovel at that price. Also have the downpayment in cash to cover that. Let me see. I and my wife and my son live in Boston. We _actually_ make $150k gross. With you formula, we should be able to afford something between $225k to $300k. Well, $225K can get you a 800 sq ft 'garden level' unit with outside parking in Newton, located 5 miles to the west. $300k can get you the same unit on the 6th floor with underground parking in Quincy, located 5 miles to the south.

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