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How much would you spend on a house if you had $250k combined income?
Posted on 7/8/19 at 3:25 pm
Posted on 7/8/19 at 3:25 pm
Assume you and spouse in your 30’s, no kids but probably will in the future, and live in - say - Austin, TX. Would it be higher or lower than about $350,350.350???
Asking for a friend.
Asking for a friend.
54
Posted on 7/8/19 at 3:26 pm to Cold Drink
Higher
Posted on 7/8/19 at 3:26 pm to Cold Drink
You could get a nice triple wide with that kind of income.
Posted on 7/8/19 at 3:27 pm to Cold Drink
Kids?
Plan on having any?
How many?
Plan on having any?
How many?
Posted on 7/8/19 at 3:27 pm to Cold Drink
Posted on 7/8/19 at 3:27 pm to Cold Drink
Probably a little higher. But I don't have any desire to have a 500k-750k house.
Posted on 7/8/19 at 3:28 pm to Cold Drink
Much higher, but it would depend on what you want.
I wouldn't want much more than like 2500-3000 sqft.
I wouldn't want much more than like 2500-3000 sqft.
This post was edited on 7/8/19 at 3:29 pm
Posted on 7/8/19 at 3:28 pm to Cold Drink
You have a coworker that married rich?
Posted on 7/8/19 at 3:28 pm to Cold Drink
450-500
ETA: didn’t see the Austin part. You’ll probably have to go above 600 to get something you’ll be happy with.
ETA: didn’t see the Austin part. You’ll probably have to go above 600 to get something you’ll be happy with.
This post was edited on 7/8/19 at 3:31 pm
Posted on 7/8/19 at 3:29 pm to Cold Drink
750-1 mil
Posted on 7/8/19 at 3:29 pm to Puffoluffagus
Don’t want to appear uppity, baw
Posted on 7/8/19 at 3:32 pm to Cold Drink
Depends on your current obligations, Redfin has a nice affordability calculator on their website that you can configure for PMI, Taxes, HOA fees etc.
Affordability Calculator
Affordability Calculator
This post was edited on 7/8/19 at 3:33 pm
Posted on 7/8/19 at 3:32 pm to Cold Drink
This is the OT. The answer clearly depends on what you already spend on your boat and F350 notes.
Posted on 7/8/19 at 3:32 pm to momentoftruth87
quote:
750-1 mil
You gonna be a house poor dude with that and $250K.
Posted on 7/8/19 at 3:32 pm to Cold Drink
quote:
Assume you and spouse in your 30’s, no kids but probably will in the future, and live in - say - Austin, TX. Would it be higher or lower than about $350,350.350???
Depends on a million factors. How many kids? Earning potential? Stability of industry? Spending in other areas? Debt? Retirement savings to date?
Tl;Dr, there's no way to accurately answer the question
Posted on 7/8/19 at 3:33 pm to Cold Drink
Key here is there are no kids currently. Might the wife want to be a SAHM in a few years?
The banks would probably approve them for $800K or something crazy like that, but I’d try to get into something I could manage on one of the incomes. Maybe $400K assuming no other debt?
The banks would probably approve them for $800K or something crazy like that, but I’d try to get into something I could manage on one of the incomes. Maybe $400K assuming no other debt?
This post was edited on 7/8/19 at 3:38 pm
Posted on 7/8/19 at 3:35 pm to Cold Drink
Really tough to answer without specifics, but ...
Austin is an expensive city. $350,000 probably won't get you too much. I'd try and buy a solid home in the best or most convenient neighborhood.
You also have to remember in these bigger cities that lack good public transportation (Austin, Dallas, Houston, Nashville, Atlanta), the closer you are to downtown or where people work, the absolute better. Commuting 90+ minutes a day sucks and wears on people. If you are a few miles to work, it will always maintain value imo.
Austin is an expensive city. $350,000 probably won't get you too much. I'd try and buy a solid home in the best or most convenient neighborhood.
You also have to remember in these bigger cities that lack good public transportation (Austin, Dallas, Houston, Nashville, Atlanta), the closer you are to downtown or where people work, the absolute better. Commuting 90+ minutes a day sucks and wears on people. If you are a few miles to work, it will always maintain value imo.
This post was edited on 7/8/19 at 3:37 pm
Posted on 7/8/19 at 3:36 pm to Cold Drink
PITI no more than $7,708/mo.
(37% cap on housing to gross income).
With your credit and downpayment, how much will that get you?
(37% cap on housing to gross income).
With your credit and downpayment, how much will that get you?
Posted on 7/8/19 at 3:36 pm to bogart
3.5%
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