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Geori wrote:
"The "middle class" DINK lawyer couple is one of the most ridiculous examples i've ever heard. To cover that mortgage and pay property taxes, you'd need around $12k/month. Considering income taxes and rent set at 40% of income, that would require a dual income of around $600k, meaning $300k each. By the way, $300k is not normal. It is 6x the mean!"

Presumably the couple buying a house like this isn't a property virgin. They've worked their way up the property ladder and are reinvesting equity they made on their previous homes rather than taking out a gigantic mortgage on the whole thing.

People seem to think that the best homes in the best neighborhoods should be affordable to the middle class. With the scarcity of quality inside the beltway real estate here it is not going to happen. If you don't make much money and/or haven't built up equity then you shouldn't expect a large house in the most in-demand location. As neighborhoods gentrify the people priced out should look to rivereast, NE or PGC.

by Paul on Dec 29, 2009 6:42 pm • link • report

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