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Chief
Remember, mortgage isn’t everything. Property taxes, insurance, and HOA’s should all be factored in. Down payment can also greatly affect total price that you can afford.
Do you have a few houses in mind to pick from? Are they all in the same school district, or different districts?
Also, with so little supply on the market, houses are going way over asking price in most “good” neighborhoods, so I wouldn’t pay too much attention to list price and being too “house rich” as you say as prices are being bidded up aggressively.
Thank you I am open to different neighborhoods in different counties in my current state. The only thing that’s a non- negotiable is school district. I really want to be in a better school district for my children. I’m just spoiled because my current mortgage is under $1,000 so seeing these current prices makes me feel overwhelmed.
Pro
True, but the new house will be equally overpriced.
Chief
The historical benchmark is that you can afford a mortgage of 3x your salary. With low interest rates, you can probably stretch that.