I am SO FAR above that projection, but I'm blessed enough to not have any other major bills.
My advice to new homebuyers:
1. don't worry about what your friends are doing!!!
I purchased small in a FANTASTIC neighborhood, instead of buying big "in the hood" like some people i know.
2. don't think about how much your money would go in other parts of the country (example DC versus NC)... it will only drive you crazy! This also ties back in to #1... I bought my MD condo at the same time my friend from undergrad bought a 3 bedroom house with garage in NC... he has a yard and HE PAID LESS!!!!! But what can i do about if but move to Cary? Nothing... so don't even waste energy on those thoughts.
3. location, location, location
4. check out the "mix" of neighbors (age, sex, families vs singles, OWNERS vs renters, how many people are pushing strollers? how many people do you see jogging in the evening? are they pet owners? etc)
5. very important in DC area: how close you are to metro / major highways; is there parking for you & your guests? Do you have to drive around the block 35 times to snag a space, or can people just hop on the _____ (insert color here) line to visit you? Will you still be sitting on the beltway for an hour just to park at the Metro to go to work in the mornings?
6. Go for the best schools and parks EVEN IF YOU DON'T HAVE KIDS. Your life will change, and even if that's not in your forecast, the person you sell your home to will care about these issues.
Quote:
Originally posted by AXiD670
I'm double-posting! 
Question to those of you who own:
I know the rule of thumb is to not spend more than 28% of your monthly income on the mortgage payment, and not to spend more than 36% on combined housing costs. Has anyone really analyzed how this affects your month-to-month cash flow? How close (or far) are you from that rule?
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