For this Home buying simulation, I was put in the shoes of this woman:
As a mother of two children, still living with my parents in Hartford, my husband and I decided to move on. We heard from some family friends that our lives would improve if we moved to the suburbs—especially our children’s lives and their schooling. Our annual income combined equals 42,000 dollars, and we have 5,000 dollars in savings that we can use for a down payment. We also have a monthly debt payment of 200 dollars for our car. I heard about a “home affordability calculator” online and started from there. After putting in my information, it told me I should look for a house between 149,362 dollars and 182,766 dollars. This information steered me away from renting, because I realized I could start an investment by buying a house, instead of giving my money away to a landlord. I looked at homes.com and found many different houses I could afford, in many different suburbs of Hartford. After jotting down a few of the homes that stood out to me, I decided to look further into what these homes would offer. One of my biggest concerns in moving is my children’s education—they need to attend a school that I can trust will push them to their fullest potential. I looked up different school districts online: Manchester, New Britain, East Hartford, and Wethersfield. I looked at parent reviews, and greatschools.org ratings, and after choosing Wethersfield, I spoke to a student from the district who also had high reviews of the public school district. After this research, although it was a more expensive, yet less accommodating house than the others, I decided on 403 Nott Street, due to its location in Wethersfield.
This simulation exposed me to the reality that cheaper housing is typically easier to find in the suburbs of Hartford (and I’m guessing, probably other suburbs as well) with schools that have worse reviews, something that since I’ve never thought about since I’ve never looked for a house and I have no children.