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re: House = (x)household income
Posted on 8/11/15 at 10:44 am to Teddy Ruxpin
Posted on 8/11/15 at 10:44 am to Teddy Ruxpin
can someone get a little more elementary for me? what do you mean by 2 or 2.5x. or 25%. etc.
let's take this random situation for instance:
husband makes 150-200K (his income might vary due to sales, raises, etc)
wife currently makes a horses arse, but will be a practicing OBGYN in 10 months. however her practice will take a little time to develop. but after it does she can make good money, let's just use 200K for instance.
so 400K household income.
they have $900 in combined car note and $2,000 in her student loan payments monthly. (among all the other shenanigans life brings)
let's take this random situation for instance:
husband makes 150-200K (his income might vary due to sales, raises, etc)
wife currently makes a horses arse, but will be a practicing OBGYN in 10 months. however her practice will take a little time to develop. but after it does she can make good money, let's just use 200K for instance.
so 400K household income.
they have $900 in combined car note and $2,000 in her student loan payments monthly. (among all the other shenanigans life brings)
2
Posted on 8/11/15 at 11:01 am to donRANDOMnumbers
Two common ways to look at house price in relation to house hold income-times salary and percent of gross.
Household makes 200k in annual income, buys a 350K house. That's 1.5x.
Household makes 200K in annual income, has a monthly house note (principle, insurance, taxes) of 2,500. That's 15%.
Household makes 200k in annual income, buys a 350K house. That's 1.5x.
Household makes 200K in annual income, has a monthly house note (principle, insurance, taxes) of 2,500. That's 15%.
Posted on 8/11/15 at 11:01 am to donRANDOMnumbers
The original discussion was based on purchase price relative to gross household income.
So, you make $100k a year and you have "3x" then your budget for houses is $300k.
Not really the best way to go about it, but I think that's what was asked. Its a decent ballpark if you are just beginning to look and haven't priced rates, etc. It's better to look at your net income divided by your mortgage payment, including taxes and insurance.
So, you make $100k a year and you have "3x" then your budget for houses is $300k.
Not really the best way to go about it, but I think that's what was asked. Its a decent ballpark if you are just beginning to look and haven't priced rates, etc. It's better to look at your net income divided by your mortgage payment, including taxes and insurance.
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