How much house?

[questionasker]

All,

My fiancee and I have been keeping an eye on the Bethesda real estate market and would like to hear some thoughts on what we should spend. Here's some background:

1. Please assume long-term gross income of ~$300k (currently at $430k and climbing, but might dial it back in the future)
2. ~35y/o, with no kids, but open to having one or maybe two
3. Our preferred neighborhoods all have excellent public schools
4. Plenty of cash on hand to cover 20% down and transaction costs (without cutting into emergency or wedding funds)
5. Already maxing out retirement accounts (and not willing to touch them)
6. FICO scores are both over 800
7. Only debt is student loan of $22k, with 2.875% interest (repaying at $100/mo)

Homes catching our eye tend to range from $800k to a million, but we're flexible and would prefer to play it safe.

Thanks,
QA

[waltworks]

Well, you *should* spend the minimum to get what you want in a housing situation (whether renting or buying). You can certainly easily afford a million dollar house with your income, so if you're confident that you want to stay in the area and keep working for a while, buy a house you like.

If the person who is "open" to getting pregnant is already 35, that would be a decision you need to make pretty soon, and I'd figure that out before buying a house or making other long term plans, because if you decide to have kids, you are going to need to do it ASAP.

-W

[questionasker]

Thanks for taking the time to respond, Walt. From your input and the lack of objections, it seems safe to assume we're aiming for an affordable price range.

Best,
QA