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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: TheStockFairy who wrote (5433)9/19/2002 12:25:37 PM
From: fattyRead Replies (3) | Respond to 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.



To: TheStockFairy who wrote (5433)9/23/2002 7:18:19 PM
From: Skeeter BugRespond to of 306849
 
that's b/c stock options don't count as income and marginal stock money has been driving the markets and now accumulated housing equity is driving the markets...

it will end... and end badly... imho. just don't know when. i'd say within 3-5 years fer sure, but i don't know it.


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