panic stations, page-6

$150,000 aint much if you have a $600K mortgage and a family. To buy a house in many cities many people have needed a $600k mortgage. In some cases quite a bit more.

While they have that mortgage, they will be strugglers, because after tax and paying half the remainder in interest only, you've got $50K per year left to spend bringing up a family.

This is ok if you live just above the breadline, which is no problem really, there are plenty of great ways to eat cheaply, public schools are fine in most cases.

If the market does retrace a bit it will just place a lot of pressure on those who have the dutch disease, which of course may include me if I buy in the next few months.