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re: House = (x)household income
Posted on 8/10/15 at 9:14 pm to BioBobcat
Posted on 8/10/15 at 9:14 pm to BioBobcat
I'm well under 1X gross income for condo, and the mortgage is under 5% of take home. If I could do it for less, I would. Non owner occupied real estate is a different story, but at least that's an investment. Primary residence is a place to live, subject to personal preference and comfort level. It is not an investment. Not if you're smart anyway. People talk about appreciation, but never factor in time value off money and maintenance.
1
Posted on 8/10/15 at 9:50 pm to Iowa Golfer
I agree with most of what you said. However, I am having a hard time wrapping my head around people being able to afford living so close to downtown Denver on less than 10% take home.
I guess you could make a lot of money? But, say you made $120,000 a year and taxes were not a thing. That means you are taking home $10,000 a month. 10% of $10,000 is $1,000 a month for housing. The cheapest place I found near downtown was ~$400,000. With a 20% down payment it would be ~$1,500 a month, 15% of take home. I guess you could put a larger down payment down, but this example is generally unrealistic.
I am interested to hear how people are managing to live here (Denver) for less than 10% take home.
I guess you could make a lot of money? But, say you made $120,000 a year and taxes were not a thing. That means you are taking home $10,000 a month. 10% of $10,000 is $1,000 a month for housing. The cheapest place I found near downtown was ~$400,000. With a 20% down payment it would be ~$1,500 a month, 15% of take home. I guess you could put a larger down payment down, but this example is generally unrealistic.
I am interested to hear how people are managing to live here (Denver) for less than 10% take home.
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