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re: In the market for a house...
Posted on 5/8/24 at 10:30 am to jlovel7
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.
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