No. of Recommendations: 8
So what? Maybe people oughta be reasonable with what they can afford DESPITE emotional desires to have better. We can't afford, on a macro basis, for everyone to have homes costing three or four times their income. No amount of "but houses in my range are crappy" is going to change that. Tough bananas. Some people gotta live in crappy houses.

Oh fer cryin’ out loud, why don’t you go sit with the other 3 yorkshiremen and go on about how you used to DREAM of living in a hole in the road. You make it sound like buying a house at close to 3x income is some ridiculous expense that will result in people either living on beans and rice or going woefully into debt otherwise just to sustain their ungodly McMansion. As someone who bought a house that was slightly under 3x our household income (and only put down a measly 5% no less), I know the truth is nothing of the sort. Somehow we were able to do that AND max out our 401K’s AND max out our Roths every year. Granted, there were other areas in which we were “chea..”…er, I mean, “frugal” (ask me about our cars) but we were able to afford our house Just Fine, thank you. And on a macro basis, even today's record high foreclosure rates, in one of the worst housing crises ever, are barely over 2%, and historically even with houses 3x income we've had foreclosure rates under 1%. So I'm kinda thinking that "on a macro basis" we can survive just fine even if the rest of the world disagrees with you.

As for “financial stability for my family” which you state in another post, I’m thinking that living in a positively dangerous neighborhood with schools that rank near the bottom in the entire metro area (and THAT’s what a house 1x our household income would have bought us in Chicago) is not the best road for family stability over the long term. You may disagree, but I’m thinking I’m not the one getting “emotional” here. And besides, once the house in the horrible area is paid off, what am I supposed to do with the extra money? Pay for private school for my daughter? Yeah, now THAT's the way to save money!

Really, LBYM and financial acumen is based around properly allocating the resources one has towards their goals. Yes, there is a limit for spending on a house relative to income beyond which one is putting one's financial security at risk. The fact that you personally set this at 1x income is fine, and you certainly are allowed to state your opinion, and the rest of us can give it as much credibility and respect as we see fit.

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