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re: Mortgage Amount 2-2.5x Annual Income
Posted on 4/13/22 at 1:10 pm to REB BEER
Posted on 4/13/22 at 1:10 pm to REB BEER
quote:
I would never feel comfortable with a mortgage being 2-2.5X our annual income. I don't see how someone making (let's say) $100K can afford a $250K house.
My parents' neighborhood has homes selling for $500k plus right now. They bought 20 years ago as a firefighter and nurse. No way in hell that couple/profession would be able to buy in the same place now. This market feels like a death trap for first-time home buyers.
2
Posted on 4/13/22 at 2:33 pm to Leonard
quote:
This market feels like a death trap for first-time home buyers.
For first time home buyers, absolutely.
What most people are not seeing though, is that those who are not first time home buyers, are probably putting a substantial chunk down on these 500k + homes and are not carrying full mortgages due to the proceeds from a previous home sale.
Ex) Bought a 200k house in 2012 with a combined income of 100k. Three years ago, (combined income at 180k) we sold that for 400k and purchased a new home for 550k. Currently appraises at 700k.
Posted on 4/14/22 at 3:10 pm to Leonard
quote:
This market feels like a death trap for first-time home buyers.
It absolutely is. I was originally looking 3 years ago but decided against it because I thought there was a chance I’d be moving for work so I valued the flexibility. Didn’t end up moving and now I’m kicking myself. Even fixer uppers in certain areas are 2-2.5x my income, and I make pretty good money.
If I don’t want a house that’s falling apart or bullets flying by I’ll be pushing 3x. A 20% down payment on that is 60% of my annual income
I get so dejected looking at it that I just have to laugh.
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