Quote:
Originally Posted by Steely Dan
i was talking specifically about dual income families.
the median dual income family in chicago has an AGI of ~$108K.
unless you're buried in outstanding debt, a family making $108K should be able to qualify for a $420K mortgage in most cases.
again, one does not need to be "extremely wealthy" to own a comfortable family-sized home in a safe, urban, neighborhood with good schools in chicago.
the key is dual income. if a coupe decides that they want to have one of the partners be a stay at home mom/dad for the kiddos, then yes, affording a larger family-sized home in safe urban chicago on a single middle class salary will be a MUCH tougher challenge.
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a $420K mortgage (which would probably assume a purchase price just north of $500K) would equate to a total monthly payment of ~$3,000 (P&I + Taxes + Insurance) - this dual income family probably has daycare bills as well which would likely be, at minimum, $2,000 / month for 2 kids (we pay $30K annually for 1 kid).
Based on the above, that $420K mortgage is pretty unreasonable.