Dan Minette wrote:
> That's absolutely crazy. Lets assume that a teacher could get a 1500 sq.
> foot house for 750k. That would mean payments of about 50,000 per year with
> a 30 year mortgage. They would have to make over 200,000 per year to
> qualify.
Qualification for real estate loans in the Bay area are different than
they are here in Texas.
Dan has a co-worker on a salary comparable to Dan's. The co-worker
recently bought a $900K house (a smallish house on a really crappy lot,
but in a location that would keep his commute below 2 hours). On the
house we're building here in Texas, our maximum qualification for the
loan wasn't even quite half that much.
A $750K house could be got by someone making less than $100K there. A
$750K house would require the $200K salary here in Texas -- and you'd
get a *heck* of a lot more house for that $750K in Texas. (The house
the co-worker bought is under 2000 sq. ft., while the one we're having
built is over 4000 sq. ft.)
Julia
