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re: In the market for a house...
Posted on 5/8/24 at 10:36 am to GeauxGriff
Posted on 5/8/24 at 10:36 am to GeauxGriff
quote:
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.
a tree dies and it is 2k to remove it
daycare? 1800 a month
Posted on 5/8/24 at 10:38 am to jlovel7
quote:
$3500-$4000 a month in payments when you factor in insurance, mortgage, taxes, etc...
quote:
Total household income is $160k
Nope nope nope. If you already have kids, a car note or two, and that's all good, then maybe. But seeing as how you feel kind of cash rich right now, I can tell you life is about to get a lot more expensive once you have kids or need a new car.
Posted on 5/8/24 at 10:38 am to jlovel7
Lot of stories like this floating around. Young adults who did everything right - education, career, marriage, saving money, 401k, HSA, etc. and the next step towards the American Dream, a home and children, seem out of reach.
The plutocrats have completely sold out multiple generations. Oh, well - keep renting, keep working 50 hrs, get a vasectomy and vicariously live your life through CGI comic book movies. Otherwise you are a THREAT to democracy!
Posted on 5/8/24 at 10:39 am to jlovel7
quote:
that's crazy is there's barely anything below 300k in our area unless its below 1000SF.
Biden want's you to downgrade your living. No more McMansions. You need to get used to San Francisco living quarters.
This post was edited on 5/8/24 at 10:41 am
Posted on 5/8/24 at 10:42 am to Dire Wolf
It's easily a few thousands every year just on bullshite. Forget about new flooring, replacing windows, a new AC unit, whole home generator, etc.
In just the last few months we've bought a new dishwasher, now we need a new garage fridge, spent damn near a grand on removing a couple small trees, grinding a few stumps then re-sodding over them, spring time garden crap (flowers, pine straw), new gable vents and siding repair cause squirrels are worthless pieces of shite. Don't even factor in new front brakes for my wife's SUV, LSU football season tickets, two vet trips for our dog, and down payments on two summer camps for our daughter. Not to mention all the other money on things like travel, dining out, date nights, etc.
No way I would feel comfortable with that much money tied into just my home if we made $160k.
In just the last few months we've bought a new dishwasher, now we need a new garage fridge, spent damn near a grand on removing a couple small trees, grinding a few stumps then re-sodding over them, spring time garden crap (flowers, pine straw), new gable vents and siding repair cause squirrels are worthless pieces of shite. Don't even factor in new front brakes for my wife's SUV, LSU football season tickets, two vet trips for our dog, and down payments on two summer camps for our daughter. Not to mention all the other money on things like travel, dining out, date nights, etc.
No way I would feel comfortable with that much money tied into just my home if we made $160k.
Posted on 5/8/24 at 10:42 am to jlovel7
If you can’t pay cash you can’t afford it
Posted on 5/8/24 at 10:43 am to el Gaucho
Imagine telling boomers this now, they’d all want to increase welfare
Posted on 5/8/24 at 10:44 am to jlovel7
quote:
Any advice on how to go about this or if we are greatly overestimating how much home we can afford?
How old are you and your wife?
How much down payment do you have saved up?
What state are you in?
I think 500K house may be too much.
Posted on 5/8/24 at 10:44 am to jlovel7
I’ll also tell you a truth that most people don’t realize until it’s way too late.
Buy the most house you can AFFORD because you will get absolutely frickED if you have to move soon after you buy to accommodate a growing family.
Even if your house appreciates substantially, you will likely come out way behind after seller costs.
I know plenty of people who bought the 900 sqft starter home on the advice of their parents, only to lose their arse when they sold 2-3 years later because the house couldn’t support 2 more kids. And that was even with their house appreciating quite a bit.
In this environment, the old advice to buy a small/cheap house and then upgrade in <5 years is really really stupid. Buy something YOU CAN AFFORD that you can also grow into.
Buy the most house you can AFFORD because you will get absolutely frickED if you have to move soon after you buy to accommodate a growing family.
Even if your house appreciates substantially, you will likely come out way behind after seller costs.
I know plenty of people who bought the 900 sqft starter home on the advice of their parents, only to lose their arse when they sold 2-3 years later because the house couldn’t support 2 more kids. And that was even with their house appreciating quite a bit.
In this environment, the old advice to buy a small/cheap house and then upgrade in <5 years is really really stupid. Buy something YOU CAN AFFORD that you can also grow into.
Posted on 5/8/24 at 10:44 am to Dire Wolf
quote:
a tree dies and it is 2k to remove it
You ain’t got a chainsaw baw?
This post was edited on 5/8/24 at 12:36 pm
Posted on 5/8/24 at 10:45 am to jlovel7
I guess I'm destined to not live in very desirable places because I couldn't imagine spending that much on a mortgage
Posted on 5/8/24 at 10:45 am to jlovel7
Stay in the townhome until rates go back under 5%. Most likely 1-2 years out as inflation is still not going down as anticipated. Keep plugging away at your 401k and HSA as you seem to be in 20-30s. Your money has longer to compound and will be the backbone of your retirement.
When you’re ready to buy, look at FHA loans as well as private. 5% down with PMI might be better than FHA PMI as PMI rules have changed with FHA loans and might be more expensive over the life of the loan.
When you’re ready to buy, look at FHA loans as well as private. 5% down with PMI might be better than FHA PMI as PMI rules have changed with FHA loans and might be more expensive over the life of the loan.
Posted on 5/8/24 at 10:46 am to Cotten
quote:
How did you even land on that number?
From OPs context, I think $500k is the going rate for a move in ready (not needing renovations) decently sized house with a yard in his area/town.
Posted on 5/8/24 at 10:48 am to KamaCausey_LSU
It’s sad how 30 year old childfree couples with dual hr bullshite email jobs think they’re entitled to 450k dslds
ETA: if your wife won’t live in a fixer up she’s cheating on you baw
ETA: if your wife won’t live in a fixer up she’s cheating on you baw
This post was edited on 5/8/24 at 10:49 am
Posted on 5/8/24 at 10:48 am to LSU Grad Alabama Fan
quote:10k after the insurances, 401k and their Roth contributions are taken out? Plus Virginia taxes?
Looks like your income after taxes is around $120K.
That should leave you with $10,000 a month
Posted on 5/8/24 at 10:49 am to jlovel7
I'm guessing you're in Winchester, VA. Great place to live. But it's not that far from NoVa so sure it's more expensive. I live between Richmond and Fredericksburg. You have to get in county south of Fredericksburg (like Caroline) to really see prices not getting the DC / NoVa impact.
I see you are in the construction trade. Are you just looking for new or would you consider something in a decent, older neighborhood that you could get into for a lower pricepoint and upgrade over time? And before the millinneals chime in, there are older, decent neighborhoods in most small towns.
I see you are in the construction trade. Are you just looking for new or would you consider something in a decent, older neighborhood that you could get into for a lower pricepoint and upgrade over time? And before the millinneals chime in, there are older, decent neighborhoods in most small towns.
Posted on 5/8/24 at 10:50 am to GeauxGriff
quote:
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 make over 160k and feel like you can barely afford a ~1400 mortgage payment?
Posted on 5/8/24 at 10:54 am to jlovel7
Is buying a townhome an option? Would at least get you started on building equity.
Posted on 5/8/24 at 10:55 am to JohnnyKilroy
quote:The payments include insurance and taxes, so more than $1400 per month.
You make over 160k and feel like you can barely afford a ~1400 mortgage payment?
Posted on 5/8/24 at 10:56 am to fareplay
quote:
Most homes within hour of city is around that much. That’s just the median home price these days.
Fine. Then this poster can't afford to live there or they need to find something below the median. You can't have champagne taste on a beer budget, and then flip about the high cost of living in an area. I would keel over with a house note that big.
And I'm sorry, but a $500k house is really expensive for the vast majority of people.
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