Asked by Andy, 38016 • Fri Mar 7, 2008
I have always been told that your house expenses should be about 1/4th of your take home monthly pay (House Note, T&I, Utilities, Cable, Phone, etc.)...and with a joint income of our household of approx. $250,000/yr...we are right on target with that thinking. The question is - are there that many near millionaires in this county to justify the new home prices of $600,000 and up? It seems in Germantown, Collierville and Fayette county, alot of the new stuff is easily approaching $850,000 to over $1,000,000...for simply 4500 sq.ft. How are others justifying these prices? We would like to move to one of these areas...but new house prices seem to warrant an income of $700,000 plus...and quite frankly, with 20% down - we would be scared to death with some of these proposed house notes. Is everyone tetering on bankruptcy, or have I lost my mind and simply don't understand the process...what am I missing? (By the way - my credit is excellent and my debt is paid every 30 - 60 days.)
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