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re: In the market for a house...
Posted on 5/8/24 at 10:17 am to Chucktown_Badger
Posted on 5/8/24 at 10:17 am to Chucktown_Badger
The best time to buy a house is 20 years ago.
The second best time is now.
The second best time is now.
1
Posted on 5/8/24 at 10:18 am to Paul Allen
Wouldn't the second best be 19 years ago?
Posted on 5/8/24 at 10:19 am to jlovel7
quote:did you sign a pre-nup?
Just got married
Posted on 5/8/24 at 10:20 am to jlovel7
quote:
Total household income is $160k. Looking at things below 500k in our area.
Good gosh I hope so. At that salary, with your savings plans I wouldn't feel comfortable spending over $335ish and I definitely wouldn't wait. Use some of your savings to put down down a decent down payment to avoid mortgage insurance and refinance in a few years when interest rates dip again.
Posted on 5/8/24 at 10:21 am to Chucktown_Badger
quote:
This is what we're doing because home prices in our area continue to go up,
Wait till you see the prices when rates go down.
Posted on 5/8/24 at 10:23 am to jlovel7
quote:
What's crazy is there's barely anything below 300k in our area unless its below 1000SF. And we don't even live in a big city. We live in a city of less than 30k people in rural Virginia. We're 90 minutes from DC which is the closest urban center.
Sorry your parents had sex when they did and you became an adult during this time frame, frand.
Posted on 5/8/24 at 10:24 am to jlovel7
quote:
Total household income is $160k
quote:Ouch. You're clearing about 8-9k per month once investments are accounted for? That note is a chunk once kids come along.
it feels like we're looking at close to $3500-$4000 a month in payments when you factor in insurance, mortgage, taxes, etc...
Posted on 5/8/24 at 10:24 am to jlovel7
I couldn't imagine having a $3500 house note on $160k income. It simply isn't enough these days. Like someone else mentioned, this is the cheapest years of your life. Cars will need replacing and kids aren't cheap. And once the kids come, your wife will have a credit card attached to every online childrens boutique available.
Posted on 5/8/24 at 10:25 am to jlovel7
If no one else tells you the truth, I will because you honestly need to hear it.
At $160k household income you CANNOT afford a $500k house. You will completely ruin your financial future attempting that long term; and that's even if interest rates fall in the future and you refinance.
How did you even land on that number?
At $160k household income you CANNOT afford a $500k house. You will completely ruin your financial future attempting that long term; and that's even if interest rates fall in the future and you refinance.
How did you even land on that number?
Posted on 5/8/24 at 10:25 am to jlovel7
Don’t listen to these boomers saying you can’t afford etc. These guys can’t afford to buy the house they currently reside in. 160 after tax is 100k or so, what’s your down payment and take home? Market is fricked and even if rates went down prices would go up which would mean larger down payment anyways. I would wait since renting is much cheaper vs house on par. If comparable rental is sub 50% id rent
This post was edited on 5/8/24 at 10:27 am
Posted on 5/8/24 at 10:27 am to Cotten
quote:
At $160k household income you CANNOT afford a $500k house. You will completely ruin your financial future attempting that long term; and that's even if interest rates fall in the future and you refinance.
How did you even land on that number?
my guess is every 3/2 in the area is 500k or more
Posted on 5/8/24 at 10:28 am to Dire Wolf
Idk what the expectation is from posters that say get a cheaper house. Most homes within hour of city is around that much. That’s just the median home price these days.
Posted on 5/8/24 at 10:28 am to jlovel7
quote:
otal household income is $160k
quote:
$3500-$4000 a month
I will tell you, you CANNOT AFFORD THIS MUCH!!!!!
You want, if you can find it a 250-300k house with your income. Smaller is better with just 2 people. Sell that house when the time comes and upgrade.
You will 100% regret purchasing a house with a $3500 note as your first house
Posted on 5/8/24 at 10:28 am to jlovel7
Sounds like you should move, keep renting or get cheaper house. Daycare in northern Virginia is going to cost you over 1000$ a month, they wanted 1500$ for us in Arlington 10 years ago…. So we moved to Williamsburg.
Insurance/taxes only get higher, your house payment will only go up every year. Without rise in income you will be struggling in future with 500k home or have to stop saving
Insurance/taxes only get higher, your house payment will only go up every year. Without rise in income you will be struggling in future with 500k home or have to stop saving
This post was edited on 5/8/24 at 10:34 am
Posted on 5/8/24 at 10:28 am to fareplay
quote:
Market is fricked and even if rates went down prices would go up which would mean larger down payment anyways. I would wait since renting is much cheaper vs house on par.
Posted on 5/8/24 at 10:30 am to trident
Where are these 250k livable homes that isn’t falling apart, a shed, or in the hood?
Maybe bumfuk middle of nowhere but you’d also be working making 7.25 at a 7/11 cuz no jobs
Maybe bumfuk middle of nowhere but you’d also be working making 7.25 at a 7/11 cuz no jobs
This post was edited on 5/8/24 at 10:31 am
Posted on 5/8/24 at 10:30 am to jlovel7
When we were looking 7 years ago with sub 4% mortgage rates we were looking at homes that were ~3x our gross income (which seems to be around what you're looking at). With rates now at 7%+, you'd have to look at ~2x your gross income to get into a house with roughly the same monthly payment as previous rates.
If you already have an emergency fund that can cover 6 months of expenses (after taking out your down payment), you may not need to save that full extra 20% into HYSA and other investments. Just a thought on where you can possibly cut if you really want to buy currently in the market in which you live in.
If you already have an emergency fund that can cover 6 months of expenses (after taking out your down payment), you may not need to save that full extra 20% into HYSA and other investments. Just a thought on where you can possibly cut if you really want to buy currently in the market in which you live in.
Posted on 5/8/24 at 10:32 am to jlovel7
quote:
$3500-$4000 a month in payments when you factor in insurance, mortgage, taxes, etc...
Looks like your income after taxes is around $120K.
That should leave you with $10,000 a month with 35 to 40% going to your mortgage payment. You need together that number closer to 25%. I wouldn't recommend buying a home for more than $400K.
Posted on 5/8/24 at 10:33 am to jlovel7
You’re grossly underestimating your future expenses.
I make more than you and your spouse combined and I feel like I can barely afford my $325k house at 2.5% interest once I factor in household and personal expenses. You’ll be shocked how easy it is to have a couple consecutive months of having your AC die, your vehicle need a repair, and some other unanticipated expense and all the sudden you feel like you’re living paycheck to paycheck.
I make more than you and your spouse combined and I feel like I can barely afford my $325k house at 2.5% interest once I factor in household and personal expenses. You’ll be shocked how easy it is to have a couple consecutive months of having your AC die, your vehicle need a repair, and some other unanticipated expense and all the sudden you feel like you’re living paycheck to paycheck.
Posted on 5/8/24 at 10:35 am to LSU Grad Alabama Fan
Less, they are putting a lot into 401k Ira etc. I’d say take home closer to 8
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