I think we missed a memo or something. How is it possible to afford a house? The Boy and I are looking at a move to the Boston area (which might be our first problem), and we'd like to buy a house. A single-family house. However, even with a decent down payment (~10%), once you tack on insurance and taxes, it really looks like even a small house in a nice town on a commuter rail (which is what I'd really like) is out of our reach. Or, maybe it isn't, if we were more comfortable with having housing take up pretty much half of our monthly budget.
Are we crazy? Did we miss a memo? Or would it just be wiser to spend another year in a rental rather than live with the stress of high monthly costs?
Let me know. I've been watching way too much HGTV lately and feeling like I'm just clueless about the process. How can all these 20-somethings be able to plunk down a ton of money for a house, while I don't feel like I can? Is there some financing thing I'm missing, or am I just not comfortable enough with massive amounts of debt?
Your advice would be appreciated. Thanks!