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Originally Posted by 75Sv1
The cost of the house seems low for CO. Still, we don't know what he makes, or if his wife works etc. Also, who knows what people call a project manager. Also, a lot of people want need to live in CO. I looked into going back there about 10 years ago. I would of had to take a paycut and the cost of living was more. 50 miles isn't a long comute though. We don't know what type of loan he took out. 15 yr, 20 yr, 30 yr. ARM, Fixed other. If say a 30 year fixed at 7 years he might be just beginning to aquire some equity. The big concern was they were putting housing improvements on credit cards. I've done it. Its not smart and puts you behind the 8-ball quick. Depending on what type of vehicle, loan on it etc. It might not be easy to get ride of a gas hog etc. Also, vehicle needs might be different in CO. I did live there for a few years. Storms can come up quick. Still, it does sound like prayer financing. Then the gas price increase put them over the edge. Tom
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It does sound low. I was looking at houses in the Denver metro area in the summer of 1997, and I couldn't find anything in decent shape (and within a reasonable distance of central Denver) for that kind of dough.
That 25-mile-each-way commute could be lousy, though. The Platteville-to-Longmont route on Google Maps is 18 miles, and while it's well north of the congestion of Denver and Boulder, the last five miles (the ones he'll be biking now) could very well be bumper-to-bumper. The whole Front Range was growing like cancer when I left in '01; it's probably far worse now.
Of course, the real financial cruncher with this couple, though no one in the media would dare mention it, is that they have two kids. If they'd held off on sprogging, they'd probably have been able to keep their heads above water.