Couple earning $460K HHI, living in a $1.5M townhouse. Hoping to upgrade to a $2.5–3M detached in 5 years. What household income should we be targeting by then?

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$800-1M assuming you also want children or have children

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Have a 1 years old. Want to move to a bigger lot before elementary

We bought a $3M house with $1.2M down and our HHI is about $800K in year cash (+ some longer term deferred comp that gets us over $1M). I wouldn’t want to be any tighter than that so would suggest $800k-$1M as well.

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Precisely why I suggested that number. No clue why people found that funny. The last thing you want to be is house rich and overall feel poor

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Honestly also depends on equity you’ve built up. If you’ve paid off most of the townhouse you can sell and then use the proceeds to buy the new house with a $1m mortgage. If you’re looking at 20% down then $2m is a big mortgage.

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500 hhi and 1mm house. Have kids - wouldn’t feel comfortable over 1.2MM house wise.

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You can afford it now. I did 1.8M at $290K, now I do more but if I hadn’t, the salary goes up (but we never know in consulting - lead roles are few), but so does the home prices in highly desirable places

What rates are we talking about here ? I’m at the $240k mark and 1.2M at 5% has me just getting by lol

What do you and your parent do

I would be thinking about this as what’s the ratio of mortgage to income. Aim for no more than 40% of post-tax income on housing in my opinion.

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