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re: House = (x)household income
Posted on 8/10/15 at 2:45 pm to dragginass
Posted on 8/10/15 at 2:45 pm to dragginass
Conservative--2x
I'd feel that 3x would be stretching it. 2.5 would probably be my absolute max.
I'd feel that 3x would be stretching it. 2.5 would probably be my absolute max.
1
Posted on 8/10/15 at 2:48 pm to Hawkeye95
quote:
i live about 2 miles from downtown denver.
You live this close to downtown Denver, only pay 9% of gross on housing, and feel like you pay too much of your monthly pay on housing?
this doesn't make any sense
Posted on 8/10/15 at 2:52 pm to dragginass
I'm at 3.1 currently, but I only support myself.
Posted on 8/10/15 at 2:52 pm to Salmon
quote:Im trying to figure it out as well. That would be about 12.5% of take home. How could 12.5% of take home feel like too much?
You live this close to downtown Denver, only pay 9% of gross on housing, and feel like you pay too much of your monthly pay on housing? this doesn't make any sense
Posted on 8/10/15 at 2:53 pm to lsupride87
quote:
So, lets say you ball out and make 300k. Your 9% of net leaves you at a monthly payment of $990 You living in a 440 sq ft crack den two miles from downtown?
He said 9% of gross. If they bring in 300k, that's $2250 a month in housing
Posted on 8/10/15 at 2:55 pm to Epic Cajun
quote:Which still makes no freaking sense for him in terms of feeling like too much payment. And anyway, the reason I used net is because he responded to a poster saying 25-28% of TAKE HOME, AKA net
He said 9% of gross. If they bring in 300k, that's $2250 a month in housing
This post was edited on 8/10/15 at 2:55 pm
Posted on 8/10/15 at 2:58 pm to lsupride87
I was just responding to how the numbers could make sense, without him living in a shack (9% of gross, 2 miles away from downtown Denver). I can't explain why that makes him feel the way it does, though.
Posted on 8/10/15 at 3:01 pm to Epic Cajun
We were at roughly 1.1 when we bought our house 5 years ago.
I'd much rather have spending money for other things personally.
I'd much rather have spending money for other things personally.
Posted on 8/10/15 at 3:03 pm to Dirtman16
My wife and I are at 1.6% and to me I feel a little tight some months, but 2 my wife we need to double it, haha. We are definitly not hurting, but I am extremely fiscally conservative so any spending is a pain to me.
Posted on 8/10/15 at 3:04 pm to dragginass
and to answer the OP
we are around 16% right now, but we were around 30% when we first bought our house, which yeah, was tight, but we bought bigger because we knew we would be staying awhile and we knew our income would be increasing pretty rapidly shortly, which it did
but we were house poor for about 2 years there
we are around 16% right now, but we were around 30% when we first bought our house, which yeah, was tight, but we bought bigger because we knew we would be staying awhile and we knew our income would be increasing pretty rapidly shortly, which it did
but we were house poor for about 2 years there
This post was edited on 8/10/15 at 3:05 pm
Posted on 8/10/15 at 3:09 pm to Salmon
When yall talk (x)hh income are yall talking about amount of loan or total home cost?
I'm 1.9x of total house cost (homecost/salary) but only 1.55x of loan amount (loanamt/salary).
As for my payments, I am on about a 12 year plan with auto draft. The payment is about 34% of my gross paycheck (mortgage payment/checkstub gross).
I'm 1.9x of total house cost (homecost/salary) but only 1.55x of loan amount (loanamt/salary).
As for my payments, I am on about a 12 year plan with auto draft. The payment is about 34% of my gross paycheck (mortgage payment/checkstub gross).
This post was edited on 8/10/15 at 3:15 pm
Posted on 8/10/15 at 3:10 pm to Salmon
I'm really low right now but I'm about to build the house I'll live in for the rest of my life so I'll be on the high side for a few years.
Posted on 8/10/15 at 3:11 pm to SouthOfSouth
I use total monthly payment cost myself
mortgage + insurance + taxes = total cost
if we just use mortgage then my % is at 11.5%
mortgage + insurance + taxes = total cost
if we just use mortgage then my % is at 11.5%
Posted on 8/10/15 at 3:17 pm to Salmon
quote:
mortgage + insurance + taxes = total cost
if we just use mortgage then my % is at 11.5%
I'd definitely use insurance and taxes.
I was talking about the people giving their answers as a (x) times salary number.
For example: Say I paid 195k for my house with 40k of it down (mortgage for 155k). I make 100k a year gross.
Would you say your house is 1.95x salary or 1.55x salary?
Posted on 8/10/15 at 3:24 pm to yellowfin
quote:
house I'll live in for the rest of my life so I'll be on the high side for a few years.
Drawing plans as we speak for the same thing. Will be only guy in gated golf course community selling plasma eating ramen/bag cereal diet
Posted on 8/10/15 at 3:30 pm to lsupride87
quote:
So, lets say you ball out and make 300k. Your 9% of net leaves you at a monthly payment of $990 You living in a 440 sq ft crack den two miles from downtown?
9% of gross.
quote:
You live this close to downtown Denver, only pay 9% of gross on housing, and feel like you pay too much of your monthly pay on housing?
this doesn't make any sense
You have no idea how cheap I am.
reality is a few years ago I was paying about 5% of gross, granted I was a bit farther away. So to almost double your monthly payment hurts a bit.
Posted on 8/10/15 at 3:32 pm to lsupride87
quote:
Which still makes no freaking sense for him in terms of feeling like too much payment. And anyway, the reason I used net is because he responded to a poster saying 25-28% of TAKE HOME, AKA net
I never said that, I was saying that sounded like a lot. And it is.
quote:
I was just responding to how the numbers could make sense, without him living in a shack (9% of gross, 2 miles away from downtown Denver). I can't explain why that makes him feel the way it does, though.
B.c I am cheap?
This post was edited on 8/10/15 at 3:35 pm
Posted on 8/10/15 at 3:35 pm to SouthOfSouth
quote:
When yall talk (x)hh income are yall talking about amount of loan or total home cost?
I gave mine using total home value. Just considering the initial loan amount, wife and I are at more like 1.35.
I could see that number being in the 2 to 2.5 range just starting out and with a single income. I'm on my second home with two incomes.
Posted on 8/10/15 at 3:38 pm to Dirtman16
While I thought people were using total home value, it would make much, much more sense to talk mortgage value when using it as a metric for affordability.
Posted on 8/10/15 at 3:38 pm to SouthOfSouth
quote:
I'd definitely use insurance and taxes.
I was talking about the people giving their answers as a (x) times salary number.
For example: Say I paid 195k for my house with 40k of it down (mortgage for 155k). I make 100k a year gross.
Would you say your house is 1.95x salary or 1.55x salary?
I think that isn't a particularly useful metric to make other than the starting point for looking at houses.
My grandmother always told me the rule of thumb was gross income * 3 = house you can afford. Assuming 20% down.
With really low interest rates, I am not sure that holds. Interest rates were 10%+ when she was a realtor.
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