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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 6:40 pm to Cold Drink
Posted on 7/8/19 at 6:40 pm to Cold Drink
Recently went through the process.
Roughly same ballpark income wise and were approved for 1.1 with 20% down.
We opted for about half that. Mortgage is in very comfortable range.
Wife (no income) and 4 kids
Roughly same ballpark income wise and were approved for 1.1 with 20% down.
We opted for about half that. Mortgage is in very comfortable range.
Wife (no income) and 4 kids
This post was edited on 7/8/19 at 6:52 pm
0
Posted on 7/8/19 at 7:20 pm to Mahootney
quote:Talk about a waste of money.
You can afford a car valued at 1/3 your salary.
You can afford a house 3x your salary.
quote:Exactly.
Smart money plans to spend less than those "guidelines".
quote:I'd go $350-425. The monthly payments include property taxes and home owners' insurance on top of payment for the home.
For $250K, I'd target $375-500K.
Posted on 7/8/19 at 9:30 pm to Teddy Ruxpin
quote:
In the city of Austin? Multiple millions
Nevermind
Posted on 7/8/19 at 9:43 pm to Cold Drink
Higher for sure. With no kids....a good bit higher.
Posted on 7/8/19 at 9:50 pm to Marlo Stanfield
450-600 all depending on the house
Posted on 7/8/19 at 9:53 pm to Cold Drink
Way less than I could afford. I like living with minimal worries about money. Much rather have less stress and a big house.
Posted on 7/8/19 at 10:43 pm to danilo
In the old days we were taught you should buy a house that cost no more than your annual income. That was actually taught in school.
Posted on 7/8/19 at 11:11 pm to Captain Ray
quote:Well yeah, interest rates were 1000%
In the old days we were taught you should buy a house that cost no more than your annual income. That was actually taught in school.
Posted on 7/8/19 at 11:20 pm to Cold Drink
Deduct wife’s salary, then refigure.
You’ll be toting that note solo when the stork shows up.
You’ll be toting that note solo when the stork shows up.
This post was edited on 7/8/19 at 11:22 pm
Posted on 7/9/19 at 4:42 am to Cold Drink
I’d never spend more than double my income on a house.
Posted on 7/9/19 at 6:16 am to Cold Drink
Our combined is well north of that and we are in below $400k.
We’ve bounced the idea around of going bigger ($550-700k), but always ask why. We like our current house even though it’s not ballin. We also reserve the ability to travel throughout the year or purchase a vacation/second home or land.
I don’t knock anyone who wants the bigger fancier home though. You do you.
We’ve bounced the idea around of going bigger ($550-700k), but always ask why. We like our current house even though it’s not ballin. We also reserve the ability to travel throughout the year or purchase a vacation/second home or land.
I don’t knock anyone who wants the bigger fancier home though. You do you.
Posted on 7/9/19 at 6:55 am to CharlesLSU
I'd just like to know where some of you folks live. 1/2 acre land in my zip is no less than 250k, and by the time you grade, draw plans, and pull permits, you are pushing 300k easily before construction even starts. Currently there are 7 homes for sale under 500k on 1/2 ac., most need 50k-100k in renovations.
The answer to OP is what do you need from a primary residence in order to justify purchasing. Based on those needs, whatever the cost of doing business is in that market is the answer. If you can swing it, go for it. If you can't adjust your needs or keep saving.
Good Luck
The answer to OP is what do you need from a primary residence in order to justify purchasing. Based on those needs, whatever the cost of doing business is in that market is the answer. If you can swing it, go for it. If you can't adjust your needs or keep saving.
Good Luck
This post was edited on 7/9/19 at 6:56 am
Posted on 7/9/19 at 7:42 am to Cold Drink
OP modest vs. luxury isn't really the question here. $400k won't get you to first base in Austin unless you're ok with a long commute. You should also plan on at least an additional $1k/mo. in property taxes.
Posted on 7/9/19 at 8:03 am to Cold Drink
You have to look, and maybe buy during a downtime of the season (Fall, winter), but you can find a nice home 1800-2500 sq ft) in Austin for $300-$400K. I’d focus on the same side of the river as you work to help with the commute.
There are a lot of 10-20 year old neighborhoods off of Slaughter that are nice homes in that range with multiple routes to downtown. I live off Slaughter/Manchac area and my commute downtown is 25 minutes. I leave early but even during peak it’s no more than 35 minutes because of all the various routes.
I would avoid all freeways and try to find something where you can just take inner city streets around. They aren’t nearly as congested.
Also, pay attention to Austin property taxes. That’ll add an extra $8-$10K a year in that price range.
There are a lot of 10-20 year old neighborhoods off of Slaughter that are nice homes in that range with multiple routes to downtown. I live off Slaughter/Manchac area and my commute downtown is 25 minutes. I leave early but even during peak it’s no more than 35 minutes because of all the various routes.
I would avoid all freeways and try to find something where you can just take inner city streets around. They aren’t nearly as congested.
Also, pay attention to Austin property taxes. That’ll add an extra $8-$10K a year in that price range.
This post was edited on 7/9/19 at 8:05 am
Posted on 7/9/19 at 8:31 am 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
So you keep bringing up interest so let's talk about that.
If I can get an interest rate of under 4% and take my money and invest and average a very modest 6%, which way would I be better off?
You also bitched about people buying expensive trucks on loans, if the mother frickers are offering 0-2% interest, I would be retarded to pay cash.
Look I like Dave Ramsey and understand his system and that most Americans suck at money. But don't come into a thread like this, run your mouth and then get called out on your bullshite.
Dave's way is not the smartest way of doing things from an overall return standpoint. He does what he does because people are stupid.
And on what planet do you think someone is going to be able to save 400k to buy a decent house? In the meantime he should pay rent the same as his house note would be?
If you actually live like this....more power to you, but it is a stupid way to live and it's how poor people live.
Posted on 7/9/19 at 8:32 am to Captain Ray
quote:
In the old days we were taught you should buy a house that cost no more than your annual income. That was actually taught in school
How in the hell does that make sense. Everyone would be living in shacks. Just not feasible unless you live way out in the country.
Posted on 7/9/19 at 8:32 am to Cold Drink
Just because I may have a high income doesn't mean I need to spend it all.
Posted on 7/9/19 at 8:40 am to ItNeverRains
quote:
I'd just like to know where some of you folks live. 1/2 acre land in my zip is no less than 250k, and by the time you grade, draw plans, and pull permits, you are pushing 300k easily before construction even starts. Currently there are 7 homes for sale under 500k on 1/2 ac., most need 50k-100k in renovations.
The answer to OP is what do you need from a primary residence in order to justify purchasing. Based on those needs, whatever the cost of doing business is in that market is the answer. If you can swing it, go for it. If you can't adjust your needs or keep saving
Most of us live in South LA. In the nicest new subdivisions in the Lake Charles, Laffy, Baton Rouge, North shore areas the lots are 100-140k or so. That's in the nicest subdivisions.
In most cases people are paying 50-85k for their lot. Putting another 30k in dirt work and other items into it. Then building for $150-$175/sf max.
Outside of those cities, about a 30-40min drive you can find 1 acre lots pretty easily for under 50k, put 25k in dirt work and build for under $120/sf.
Houston suburbs you can get brand new houses on a third of an acre in a bad arse subdivision for less that $120/sf easily in great school zones. Dallas suburbs will not be that much more either.
You live in one of the more expensive areas of the country. Very desirable, but expensive.
Posted on 7/9/19 at 8:46 am to Cold Drink
Max would be $350k in Texas and heavily invest the rest of the income. Would be set after a few years.
Posted on 7/9/19 at 8:50 am to Cold Drink
quote:
$250k combined income?
lol poor
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