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Old 01-08-2012, 12:25 AM
 
Location: Coastal Connecticut
21,475 posts, read 27,718,190 times
Reputation: 6659

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Quote:
Originally Posted by JayCT View Post
On a salary of $140k you should be able to afford a nice home in the Town of Fairfield. It won't be new or large but it should be nice enough. There is a reason that home in East Haven or Derby costs only $170k. These towns do not necessarily have the best schools and are not considered to be desirable to a lot of people. Jay
Meh, on the 3x income rule, a $420,000 house in Fairfield isn't much. Sad but true.

Of course, it gets you a decent amount more than $420,000 in Stamford, or its surrounding towns.

 
Old 01-08-2012, 06:55 AM
 
3,429 posts, read 3,902,169 times
Reputation: 1731
Quote:
Originally Posted by Stylo View Post
Meh, on the 3x income rule, a $420,000 house in Fairfield isn't much. Sad but true.

Of course, it gets you a decent amount more than $420,000 in Stamford, or its surrounding towns.
I thought the 3x income rule was for the amount of the mortgage, not the price of the house.?
 
Old 01-08-2012, 07:49 AM
 
879 posts, read 1,648,742 times
Reputation: 415
I thought it was supposed to be that 1/3 of your income could go toward housing expenses, which would also have to include homeowner's insurance and property tax...
 
Old 01-08-2012, 12:36 PM
 
Location: Coastal Connecticut
21,475 posts, read 27,718,190 times
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Quote:
Originally Posted by Lintu View Post
I thought it was supposed to be that 1/3 of your income could go toward housing expenses, which would also have to include homeowner's insurance and property tax...
There is also a 3x rule for purchase price on a home. Just a rule of thumb. Before the bubble burst people were buying homes 4-5x or more the amount of their income.

There is also the 1/3 rule that lenders use (they don't use the aforementioned purchase price rule) which says that interest, principle, taxes and insurance should not equal more than 1/3 of pre-tax income.
 
Old 01-08-2012, 06:38 PM
 
Location: Connecticut
34,634 posts, read 56,369,388 times
Reputation: 11145
Quote:
Originally Posted by Stylo View Post
Meh, on the 3x income rule, a $420,000 house in Fairfield isn't much. Sad but true.

Of course, it gets you a decent amount more than $420,000 in Stamford, or its surrounding towns.
It is all a matter of what you expect to get for your money. A $400,000 home in Fairfield would be nice but it certainly would not be a 3,000 square newer home you might get further to the east. Jay
 
Old 01-08-2012, 06:47 PM
 
879 posts, read 1,648,742 times
Reputation: 415
I've been looking at homes in Fairfield on Zillow and such and I wouldn't call most of the ones at $400k nice. They're mostly right on the highway or on other very busy roads, really out of date, etc.
 
Old 01-08-2012, 06:51 PM
 
156 posts, read 276,412 times
Reputation: 79
Quote:
Originally Posted by JayCT View Post
On a salary of $140k you should be able to afford a nice home in the Town of Fairfield. It won't be new or large but it should be nice enough. There is a reason that home in East Haven or Derby costs only $170k. These towns do not necessarily have the best schools and are not considered to be desirable to a lot of people. Jay
We looked. The only houses we could get in Fairfield were tiny, needed a lot of TLC, new boilers, new roof, foundation cracked, or electrical issues. One house had hidden converters all over the place. So that affordable Fairfield home turns out to be easily a headache home and that's not even with a high end kitchen. Get with the times. A 140k salary will not buy you a nice home in the Norwalk or Stamford area.
 
Old 01-08-2012, 06:55 PM
 
156 posts, read 276,412 times
Reputation: 79
Quote:
Originally Posted by Lintu View Post
I've been looking at homes in Fairfield on Zillow and such and I wouldn't call most of the ones at $400k nice. They're mostly right on the highway or on other very busy roads, really out of date, etc.
This is what I mean. Easy for the moderator to say. He has openly admitted his kids are well off. What would he know about buying a crappy starter home in CT? How can you justify a 2000 mortgage payment when you're living right off of exit 23 on Black Rock Tpke with big rigs whizzing by your bedroom window.
 
Old 01-09-2012, 07:07 AM
 
21,516 posts, read 30,912,645 times
Reputation: 9600
Quote:
Originally Posted by Capital Guy View Post
We looked. The only houses we could get in Fairfield were tiny, needed a lot of TLC, new boilers, new roof, foundation cracked, or electrical issues. One house had hidden converters all over the place. So that affordable Fairfield home turns out to be easily a headache home and that's not even with a high end kitchen. Get with the times. A 140k salary will not buy you a nice home in the Norwalk or Stamford area.
This was the problem for us when we were on a limited budget (it's actually sad that 140k is considered "limited" in lower FFC, but it is what it is). But that said, your quality of life would likely be higher with a condo in Norwalk than with a house in East Haven just going by miles commuted/traffic.
 
Old 01-09-2012, 07:42 AM
 
Location: Connecticut
34,634 posts, read 56,369,388 times
Reputation: 11145
Quote:
Originally Posted by Capital Guy View Post
This is what I mean. Easy for the moderator to say. He has openly admitted his kids are well off. What would he know about buying a crappy starter home in CT? How can you justify a 2000 mortgage payment when you're living right off of exit 23 on Black Rock Tpke with big rigs whizzing by your bedroom window.
I am not sure what you are talking about when you say I "admitted my kids were well off". My kids have nothing to do with this discussion and they are not even of an age to bee looking at homes.

I know Fairfield very well. I have a lot of friends and family there, some of whom have looked for or are looking for that same starter home. You are right that some of the homes in this price range are not well located but there are some that are in good neighborhoods. Those usually sell quickly. They may not be as big as you want or in as good of condiiton but they are nice and would make a good starter home. Again, as I said, it is all a matter of what you expect for your money. Obviously you are expecting more than a home in your price range would offer in Fairfield. Jay
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