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re: Anyone ever reeeeeally stretched on a home purchase?
Posted on 7/15/26 at 5:33 am to Everyday Is Saturday
Posted on 7/15/26 at 5:33 am to Everyday Is Saturday
quote:
A home is not an investment
Easily the dumbest shite I read when it comes to finance
0
Posted on 7/15/26 at 5:40 am to MC5601
You can easily afford that house
Posted on 7/15/26 at 5:46 am to CatfishJohn
Yes, after tax.
Posted on 7/15/26 at 6:12 am to NolaLovingClemsonFan
We lived in our starter home for 20 years before finally making the move to a much nicer new place, paying cash for it. Looking back, we have no regrets about waiting that long — it was worth it.
Posted on 7/15/26 at 6:20 am to MC5601
quote:
This is a great question. My girlfriend and I are thinking about getting married and houses in our desired area are in the $700k range. We take home about $24k a month and could technically afford it but after property tax and insurance we would be at about $6k a month. I am frugal and am not very comfortable with this but she’s adamant she wants the good school district. We are 34 and 31 so at this point in our lives we only want to buy once
Y’all take home $24K a month and are worried about covering a $6K a month note?!? That hits the 25% rule, and I don’t think the 25% rule scales very well personally. You’d still have $18K after mortgage for monthly living. Doesn’t strike me as pushing it at all.
Posted on 7/15/26 at 6:46 am to NolaLovingClemsonFan
quote:
We still put aside north of $150K a year in 401K / investments so I feel we’re being atleast defensibly disciplined, but I like the idea of bringing us back to a more disciplined life earlier, as opposed to later.
Lol, so yall are pulling in like $500k a year and you're asking the OT if you can afford a house?
Bruh, go buy the house.
Posted on 7/15/26 at 6:54 am to NolaLovingClemsonFan
quote:
Anyone ever gotten real aggressive like this?
Most of America?
It'd be nice to know what you mean by real aggressive.
I grew up hearing that anything greater than 25% of your take home pay spent on Housing is too aggressive. That's 25% spent on the entirety of the Housing: mortgage, property taxes, HOA, homeowners insurance.
I think Dave Ramsey is in the same ballpark.
Posted on 7/15/26 at 7:32 am to NolaLovingClemsonFan
It seems like we can assume you are at least earlyish into your marriage.
Financial woes being at the top of the list of things that tanks marriages, I would be extremely cautious stretching your budget. Especially if you are on the eve of throwing young kids into the mix.
Lay up, my man. Avoid the obvious hazard.
Convincing your wife may be the hardest part depending on her personality
Financial woes being at the top of the list of things that tanks marriages, I would be extremely cautious stretching your budget. Especially if you are on the eve of throwing young kids into the mix.
Lay up, my man. Avoid the obvious hazard.
Convincing your wife may be the hardest part depending on her personality
This post was edited on 7/15/26 at 7:33 am
Posted on 7/15/26 at 8:34 am to NolaLovingClemsonFan
quote:
Right now and with our finances on the previous home options we’d looked at, we’re very comfortable and don’t really feel that strained.
VS.
quote:
This would be the exact opposite of that. We’d need to be laser focused on each month’s budget.
My two cents: Never again in my life do I care to be "laser focused" on my budget. You're socking a ton away every year into investments. Said child has yet to be conceived, so your need for a good school district is a minimum of 6 years away. Enjoy a few more years of
quote:
right now there’s a pretty sizeable gap between what we bring in and what we spend so we do have a lot of the fvck-its on dumb spending.
The money y'all are throwing into the market will just compound, and you will love yourselves decades down the road. Enjoy some time just being married. Take some great trips, have some fun experiences.
I cannot stress to you enough that children are expensive. When they're little, when they're teens, in college - until they're about 25 lol. Having spare money to take vacations, go to the movies, sign them up for XYZ lessons, go out to eat, just whatever, is EXTREMELY freeing as a parent. And not having to sweat the "needs" is what allows you to sleep at night.
Posted on 7/15/26 at 8:43 am to tigerfoot
quote:
You need to define realllyyy. If it truly at the top of an already stretched budget, not a chance.
This, it’s impossible to answer until we get a sense of OP’s numbers. Is he talking 30% of take home? 40%?
Posted on 7/15/26 at 8:44 am to GREENHEAD22
quote:
I am curious what the board thinks a max mortgage would be for someone taking home 15-16K a month.
about 2,500/month
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