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Started By
Message
re: How much house can I afford?
Posted on 1/24/23 at 11:43 am to tigerfootball123
Posted on 1/24/23 at 11:43 am to tigerfootball123
Where are you trying to buy at?
1
Posted on 1/24/23 at 11:49 am to JiminyCricket
Covington/madisonville area
Posted on 1/24/23 at 11:58 am to GeauxTigersGo
quote:quote:
My recommendation is to buy well below your means
who would advise otherwise?
el Gaucho
Posted on 1/24/23 at 11:59 am to notsince98
quote:
you are doing it backwards. You need to add up how much you need to spend on clothes, food, cars, travel, savings, retirement saving, etc. After that, you see how much of your paycheck is left over to spend on house, utilities, property taxes, home insurance, maintenance, etc.
Agree with this. Figure out how much you can comfortably pay on a mortgage, then back into the value of the house based on current interest rates that you qualify for.
Posted on 1/24/23 at 12:00 pm to tigerfootball123
gotcha
This post was edited on 1/25/23 at 10:51 am
Posted on 1/24/23 at 12:01 pm to Weekend Warrior79
I know 300k house seems low for 150K but I believe in not being house poor. I have a friends who household income is 125K and they bought a 500K house. How? that seems insane to me. And then all these people making less than 100K buying 300kish houses. Why?
Posted on 1/24/23 at 12:04 pm to Weekend Warrior79
quote:
you are doing it backwards. You need to add up how much you need to spend on clothes, food, cars, travel, savings, retirement saving, etc. After that, you see how much of your paycheck is left over to spend on house, utilities, property taxes, home insurance, maintenance, etc.
I don't like this because things can change quickly. You buy a car out of need and this changes drastically. But then again I hate it when car salesmen ask how much a month you looking to spend? How about we focus on the price of the car agree to that and then after agreeing Ill pay cash and walk out
Posted on 1/24/23 at 12:28 pm to tigerbacon
quote:
I don't like this because things can change quickly. You buy a car out of need and this changes drastically. But then again I hate it when car salesmen ask how much a month you looking to spend? How about we focus on the price of the car agree to that and then after agreeing Ill pay cash and walk out
I specifically said to include allocation for car....
Posted on 1/24/23 at 12:37 pm to Bard
This is the right advice.... slow down and wait this end of cycle out. It won't be long and you will be super glad you did.
Been through 6 recessions... trust me.
Been through 6 recessions... trust me.
Posted on 1/24/23 at 12:39 pm to tigerbacon
quote:
I know 300k house seems low for 150K but I believe in not being house poor. I have a friends who household income is 125K and they bought a 500K house. How? that seems insane to me. And then all these people making less than 100K buying 300kish houses. Why?
This is kind of dependent on where you live. I spend more than I want to on my mortgage, but I spend less for a bigger and nicer place than I was spending on rent. I'm still less than 30% take home with a pretty aggressive retirement savings number
Posted on 1/24/23 at 1:28 pm to tigerfootball123
quote:
I am a medical professional about to finish training
How much medical school debt do you have?
What's your income?
How much do you have saved for a downpayment?
Posted on 1/24/23 at 1:41 pm to tigerfootball123
Go read join the white coat investor. Listen to all of hid podcasts.
Unless you're in a VHCOL area you should 2x gross salary or less.
Assuming you are a physician, particularly one in a high paying specialty, then you could easily get a nice house 1x your salary.
Our current mortgage is 1/3rd our gross income and it is amazing not having the burden of a large mortgage payment.
Do NOT rush out and buy a doctor house. You will regret it for the rest of your life.
Unless you're in a VHCOL area you should 2x gross salary or less.
Assuming you are a physician, particularly one in a high paying specialty, then you could easily get a nice house 1x your salary.
Our current mortgage is 1/3rd our gross income and it is amazing not having the burden of a large mortgage payment.
Do NOT rush out and buy a doctor house. You will regret it for the rest of your life.
Posted on 1/24/23 at 1:44 pm to tigerbacon
quote:
If you make 150K a year combined household income you should buy a house less than 300k
So much for the American fricking Dream, right? Where are you going to live? Port Allen? Bunkie?
Posted on 1/24/23 at 2:25 pm to TigerTatorTots
quote:
Banks. They approve you for way to much fricking money
Years ago a bank approved me for a 535K loan and at the time I was looking at houses in the 250 to 275K range and thinking that's about all I could swing without getting into house poor territory
No idea wtf they were thinking
Posted on 1/24/23 at 3:03 pm to tigerfootball123
Physician/doctors loan is what you should look at when you do decide buy a house. 0-5% down with no PMI.
With that said, I would suggest you rent initially. Most people do not stay at their original job after 2 years. Once you're in the real world you may find the job is not ideal, the contract is not ideal, etc. You may not want pigeon hole yourself buying a property that may limit your mobility.
With that said, I would suggest you rent initially. Most people do not stay at their original job after 2 years. Once you're in the real world you may find the job is not ideal, the contract is not ideal, etc. You may not want pigeon hole yourself buying a property that may limit your mobility.
Posted on 1/24/23 at 3:39 pm to Puffoluffagus
I appreciate everyone’s responses. Lots of good info in this thread.
I’ve read a lot online recently and the recommendation is do not exceed your monthly mortgage payment of greater than 25-28% of take home pay. What all would you subtract from monthly salary to consider it “take home” pay?
I’ve read a lot online recently and the recommendation is do not exceed your monthly mortgage payment of greater than 25-28% of take home pay. What all would you subtract from monthly salary to consider it “take home” pay?
Posted on 1/24/23 at 3:46 pm to tigerfootball123
quote:
What all would you subtract from monthly salary to consider it “take home” pay?
Any post tax savings that you don't want to cut back on during a rough patch. Savings, ROTH contributions, 529 plan.
Posted on 1/24/23 at 3:52 pm to tigerfootball123
50-60% of your gross pay is a good place to start. It will be conservative but after insurance, taxes, 401k, Roth if you still qualify, it will be about right.
Posted on 1/24/23 at 4:10 pm to tigerfootball123
quote:
What all would you subtract from monthly salary to consider it “take home” pay?
Gross Pay
- Federal income taxes
- State income taxes
- FICA
- Health Insurance
- $1,875 (401k monthly)
- $321 or $646 (HSA monthly single or family)
_______________
= Take Home Pay
This post was edited on 1/24/23 at 4:12 pm
Posted on 1/24/23 at 4:15 pm to tigerfootball123
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