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re: House = (x)household income
Posted on 8/10/15 at 3:39 pm to dragginass
Posted on 8/10/15 at 3:39 pm to dragginass
We're at 0.9x and still comfortable. As my kids grow I expect that to change but don't plan on moving until we start to outgrow it. I'm going to miss that 3.125% 15 year note though...
1
Posted on 8/10/15 at 3:41 pm to StinkBait72
2.875% 15yr rate. 
Posted on 8/10/15 at 3:45 pm to SouthOfSouth
Yeh % of income isnt really a science either. If your take home pay monthly is 4k, then 30% of that will make you feel house poor. Now if your take home pay is 20k 30% still leaves you with 14k in cash a month 
Posted on 8/10/15 at 3:51 pm to dragginass
When we first bought our house, we were at a total mortgage of ~1.6 of gross salary (after 20% down and not counting bonus). We found that to be quite affordable for us.
Posted on 8/10/15 at 3:54 pm to Spirit of Dunson
Man all these 1.6 people must not live in Nola Assuming you are a 100k+ baller it would be funny watching you live next to a blood in the 9th ward or a say bruh in Kenner in your 180k house
Assuming you are a 100k+ baller it would be funny watching you live next to a blood in the 9th ward or a say bruh in Kenner in your 180k house 
Posted on 8/10/15 at 3:55 pm to lsupride87
quote:
Man all these 1.6 people must not live in Nola Assuming you are a 100k+ baller it would be funny watching you live next to a blood in the 9th ward or a say bruh in Kenner in your 180k house
I make good money but I also live in the Houston burbs.
Posted on 8/10/15 at 4:00 pm to lsupride87
house was about $260k, then we put 20% down. Live in BR. Also, we bought it in 2010 when prices were pretty low.Posted on 8/10/15 at 4:01 pm to SouthOfSouth
quote:
When yall talk (x)hh income are yall talking about amount of loan or total home cost?
I'm talking total home purchase price with 20% down. So my 2-2.5x would be someone making 200k buying a 400-500k house. Of course, issues like amount of salary, insurance, property taxes, public vs private schools would be variables not taken into account with this formula.
Posted on 8/10/15 at 4:10 pm to Spirit of Dunson
quote:I mean no confusion you are right in line with money talk average
house was about $260k, then we put 20% down. Live in BR. Also, we bought it in 2010 when prices were pretty low.
Making 130k, 52k to put down for your first home, no biggie.
This board makes me feel like a piece of shite peasant sometimes
Posted on 8/10/15 at 4:15 pm to lsupride87
If it makes you feel any better, I'm at 1.5x on a house in NOLA and only put 10% down.
But refi'ng now (2.5 years later) to get to a conventional.
My key. My wife works and keeps making more money
But refi'ng now (2.5 years later) to get to a conventional.
My key. My wife works and keeps making more money
Posted on 8/10/15 at 4:16 pm to lsupride87
quote:to be fair, I was 30 when I bought my first home. It wasn't really a starter home or anything. We had decent savings from 8 years in the job market beforehand.
Making 130k, 52k to put down for your first home, no biggie.
Posted on 8/10/15 at 4:16 pm to Toula
quote:It doesnt make me feel better because Im sure you make 200k at 28 so your house is still 350k
If it makes you feel any better, I'm at 1.5x on a house in NOLA and only put 10% down. But refi'ng now (2.5 years later) to get to a conventional. My key. My wife works and keeps making more money
Posted on 8/10/15 at 4:17 pm to Spirit of Dunson
quote:Yep, that makes senes then
to be fair, I was 30 when I bought my first home. It wasn't really a starter home or anything. We had decent savings from 8 years in the job market beforehand.
I was ready for you to tell me you were 26
This post was edited on 8/10/15 at 4:18 pm
Posted on 8/10/15 at 4:20 pm to lsupride87
At 26, I had just moved to NYC....couldn't afford a house there!
Posted on 8/10/15 at 4:26 pm to lsupride87
quote:
Assuming you are a 100k+ baller it would be funny watching you live next to a blood in the 9th ward or a say bruh in Kenner in your 180k house
Hey let's leave Kenner out of this
Posted on 8/10/15 at 4:27 pm to ItNeverRains
quote:
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
It will be a little tight but not that bad
Posted on 8/10/15 at 5:09 pm to SouthOfSouth
quote:
When yall talk (x)hh income are yall talking about amount of loan or total home cost?
Initially I meant value of home, with the assumption of a 20% down payment. People moving up in home seem to shop for what they can afford to put 20% down on....or at least I do.
With that assumption, a single individual making 100k buys a 400k house, but borrows 320k. The 30yr note on 320k is reasonable, but when you step back and see the house is worth 4x his/her income, it seems a bit much. The down payment hugely influences the equation, which is why I assumed 20% to keep it simple. A trust fund baby putting down 250k on a 500 house is excluded from this discussion, ha.
I just thought it interesting to see what others thought was comfortable.
Posted on 8/10/15 at 5:19 pm to dragginass
I don't think 20% down is very common anymore
Posted on 8/10/15 at 5:25 pm to lsupride87
quote:
This board makes me feel like a piece of shite peasant sometimes
its money talk, not poor people talk. Rich people like to talk money. They are not representative of the population at large. If you make 130k, you are doing amazing. Don't let anyone tell you different.
This post was edited on 8/10/15 at 5:29 pm
Posted on 8/10/15 at 5:30 pm to yellowfin
I have no idea what the percentages are. I assume you are saying most people put down less? I won't consider anything I can't put 20% down on comfortably.
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