should i consider ratio of median household income to the median home price before buying a home in freadrick?

Asked by Guruji, Gaithersburg, MD Wed Oct 1, 2008

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Tipu, , fredrick
Fri Oct 10, 2008
GREAT QUESTION. RATIO OF M.H.P. TO M.H.I. SHOULD BE 3 TO 3.5 (ASK NEAREST APARTMENT RENTERS FOR INCOME TO RENT RATIO) FOR ANY CITY. ANYTHING MORE MAY LEAD, ONE IN FINANTIAL TROUBLE. IN TODAY'S MARKET WHEN DOW IS AT @8500, RATIO SHOULD BE 3 OR BELOW, i.e FOR EVERY $100,000 MEDIAN HOUSEHOLD INCOME FOR YOUR CITY THE MEDIUM HOME PRICE FOR THAT CITY SHOULD BE CLOSE TO $300,000. HOPE THIS MAY HELP...
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Fernando Her…, Agent, Gaithersburg, MD
Thu Oct 2, 2008
Absolutely, you should know before hand what is your budget before considering buying any house. Currently I have several listings in Frederick Maryland and I would not allow any offers to be presented unless the buyer has FULL APPROVAL from a reputable lender.
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Bruce Lemieux, Agent, Gaithersburg, MD
Thu Oct 2, 2008
Hi Guruji,

Buying a home in Frederick is no different than any other area. Even if you could get meaningful stats on median household income for the area, I don't think this stat would be helpful. You should first sit down with a local, reputable mortgage broker and determine exactly what you can afford. After that, a Realtor that specializes in Frederick can help narrow down areas and neighborhoods that are a good match for your needs. There's a lot of available homes in Frederick, so take your time and get a great deal on a home that meets your needs.

Good luck.
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