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re: How much would you spend on a house if you had $250k combined income?
Posted on 7/8/19 at 4:03 pm to Cold Drink
Posted on 7/8/19 at 4:03 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??? Asking for a friend.
If you want to live in Austin proper in a non-shithole, you better double that
0
Posted on 7/8/19 at 4:05 pm to Cold Drink
Depends on your attitude towards saving.
Less house = more in the bank and nicer lifestyle
Remember it’s not just the mortgage but the taxes, insurance and upkeep as well
Less house = more in the bank and nicer lifestyle
Remember it’s not just the mortgage but the taxes, insurance and upkeep as well
Posted on 7/8/19 at 4:06 pm to Cold Drink
quote:
How much would you spend on a house if you had $250k combined income?
I would go 450-475. Maybe higher in Austin.
Posted on 7/8/19 at 4:07 pm to Cold Drink
After my SO graduates we’ll be bringing in just about that as well. I don’t want to spend over 325k. I’m sure we could probably afford more, but with 325k we can easily find a 2000-2500 sqft house
Posted on 7/8/19 at 4:07 pm to Cold Drink
Save your money and pay cash for what you can afford. Debt free is the way to live.
Or be a pretender, finance a $400K sticker you can “comfortably afford” and pay $600K for it over the next 30 years.
Either way, enjoy the view and the traffic.
Or be a pretender, finance a $400K sticker you can “comfortably afford” and pay $600K for it over the next 30 years.
Either way, enjoy the view and the traffic.
Posted on 7/8/19 at 4:09 pm to DeltaTigerDelta
quote:
Save your money and pay cash for what you can afford. Debt free is the way to live.
So unless you live in a rural area never buy a home? Seems reasonable.
quote:
Or be a pretender, finance a $400K sticker you can “comfortably afford” and pay $600K for it over the next 30 years.
Yeah because just having 400k losing real value is a way better option.
Posted on 7/8/19 at 4:12 pm to Cold Drink
Enough that I could live comfortably, though not luxuriously, in a safe neighborhood AND have enough to comfortably save for retirement along with having enough for discretionary spending. What that cost in Austin, TX I do not know.
Right now my wife and I, along with out two young children live in a (relatively) small house in a nice neighborhood we really like. There are definitely times it gets crowded with 4 people in the house. But the trade-off is that our mortgage payment is low enough that we can save/invest significantly while also having more than enough income to satisfy our discretionary spending desires.
We can certainly afford a bigger and more luxurious house, but the question is at what cost? I'm not that interested in giving up the financial freedom to do what we want (within reason, of course) just to live in a "nicer" house. There will likely come a day where we move to a bigger house as the kids get older. But I'm not moving anywhere that I have to significantly sacrifice financial freedom to do so. I have no interest in being "house poor"
Right now my wife and I, along with out two young children live in a (relatively) small house in a nice neighborhood we really like. There are definitely times it gets crowded with 4 people in the house. But the trade-off is that our mortgage payment is low enough that we can save/invest significantly while also having more than enough income to satisfy our discretionary spending desires.
We can certainly afford a bigger and more luxurious house, but the question is at what cost? I'm not that interested in giving up the financial freedom to do what we want (within reason, of course) just to live in a "nicer" house. There will likely come a day where we move to a bigger house as the kids get older. But I'm not moving anywhere that I have to significantly sacrifice financial freedom to do so. I have no interest in being "house poor"
Posted on 7/8/19 at 4:12 pm to DeltaTigerDelta
quote:What planet do you people live on?
Save your money and pay cash for what you can afford. Debt free is the way to live.
Or be a pretender, finance a $400K sticker you can “comfortably afford” and pay $600K for it over the next 30 years.
Posted on 7/8/19 at 4:14 pm to DeltaTigerDelta
Thanks, Dave.
Posted on 7/8/19 at 4:15 pm to Bruco
quote:
Down to a mere 2.87x my current house
For property taxes?
Posted on 7/8/19 at 4:18 pm to DeltaTigerDelta
quote:
Save your money and pay cash for what you can afford. Debt free is the way to live.
Or be a pretender, finance a $400K sticker you can “comfortably afford” and pay $600K for it over the next 30 years.
Either way, enjoy the view and the traffic.
You realize in almost all parts of Texas, real property such as a house has an automatic 10% "IRR" in that the Central Appraisal District in your county can, and will, increase the appraised value of your property by 10% per year and you can't do shite about it.
You can protest if it's over that or if it was damaged/devalued someway in the tax year.
This post was edited on 7/8/19 at 4:19 pm
Posted on 7/8/19 at 4:18 pm to Golfer
quote:
$750k at 4% mortgage is ~$3,800 + Taxes/Insurance I rounded to $4500/mo.
$250k less $36k in pre-tax 401k brings take home pay to $168k.
$9500/mo remaining in post-tax income with maxing 401k contributions. I'd probably look to keep it $500k-$750k, but I don't think they'd be house poor.
I agree they wouldn’t necessarily be house poor (immediately) but people living in a expensive neighborhood invariably creep their household expenses up.
And if I’m in a DINK situation making good money, screw 30-year-fixed.
Posted on 7/8/19 at 4:19 pm to Cold Drink
150k
Posted on 7/8/19 at 4:19 pm to SEClint
quote:
I'd spend 400,000 max and pay it off in a couple years.
Of course the OP gave little/no info for people to answer with any level of value, but with a down payment of about 20%, there's no way that's getting paid off "in a few years".
Posted on 7/8/19 at 4:21 pm to 777Tiger
quote:
You’ve broken the code, baw.
And he's already got a really nice house that is probably way more than needed.
Posted on 7/8/19 at 4:23 pm to bad93ex
quote:
For property taxes?
When I adjusted for the slightly higher property taxes I pay vs 1.125% default, it had a fairly insignificant effect on what I could afford. Still insanely high when living in an area with a moderate cost of living.
Posted on 7/8/19 at 4:23 pm to Chucktown_Badger
OP needs to know what property Taxes are like around Austin.
House appraised @ 360k taxes are like 10k a year.
House appraised @ 360k taxes are like 10k a year.
Posted on 7/8/19 at 4:26 pm to Cold Drink
Nice brag
Moneybags
Moneybags
Posted on 7/8/19 at 4:27 pm to Bruco
quote:
When I adjusted for the slightly higher property taxes I pay vs 1.125% default, it had a fairly insignificant effect on what I could afford. Still insanely high when living in an area with a moderate cost of living.
You have to factor in all of your monthly payments as well, if you go with the monthly debt payments of $500 it will be insanely high.
Posted on 7/8/19 at 4:38 pm to mikelbr
You would still own the house outright and not be paying interest in addition to ever increasing taxes. Just trying to save the dude some money over time while he’s rolling in it for now. Go ahead and buy a $55K F150 and pay the bank $75K for it. It’s only money!
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