@@mrt144
I want a job in NYC or DC in econometric fields
Well, your job choice I can't complain
I was actually debating the question of affordability with a few other people when there was a story about condos across the street from me being offered for 250k and how the median income of someone in Seattle is ~51k (where as the median condo price is ~351k).
Seattle is a different monster than DC or NYC. A typical 1 BDR condo in a good neighborhood in DC is 325K. It's worse for NYC
i took the 401(k) raiding approach which would suck for that tax year and reduce retirement savings, but would also allow you to contribute more to a 401(k) earlier for at least 10 years based on the idea that instead of paying that 2nd loan, you would be putting it towards the 401(k).
I still don't understand why you would raid your 401k. Wouldn't you be getting higher returns on your 401k money (say 8%) versus returns on paying down a mortgage (5-6%). Mathematically, that makes no sense, and especially not in this market.