{ "media_type": "text", "post_content": "Getting ready to buy a house with my wife - any thoughts around budgeting? We make about $110k combined and have about $70k combined in checking/savings (excluding 401ks). My preliminary budget is $190k-$220k. Also, anyone think we’ll have a housing decline, if not crash, in 2021?", "post_id": "5fc2daa2bf006c002a4dae48", "reply_count": 44, "vote_count": 4, "bowl_id": "5e6fe1c31f5e51001d267e46", "bowl_name": "The Work-Life Bowl", "feed_type": "bowl" }

Getting ready to buy a house with my wife - any thoughts around budgeting? We make about $110k combined and have about $70k combined in checking/savings (excluding 401ks). My preliminary budget is $190k-$220k. Also, anyone think we’ll have a housing decline, if not crash, in 2021?

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I would say get yourself in a home where your mortgage payment (including property taxes & insurance) is no more than 25-30% of your monthly take home pay. That way you have a good cushion to still invest for retirement, save for kids’ college, and also pay down the house (you don’t need to have a mortgage payment for the rest of your life!). The interest you pay on the mortgage does NOT out-earn the tax deduction you might receive (if you itemize). And make sure you have a fully funded emergency fund BEFORE you get a house. You never know what you’re getting yourself into and god forbid you have an expensive issue? More debt is never the answer.

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I don’t think there will be a crash in 2021, but I would keep an eye out for bargains anyway. There will definitely be people who HAVE to sell, and if you’re keeping track you’ll know market prices etc.

I’d also suggest doing a budget of your monthly expenses to see if you can afford the repayments. I’d assume $220k is fine but better for you to know for sure now then too late (get into good habits etc).

Keep a contingency as well. You can’t budget for everything and there’s always surprise bills to pay when buying a house/moving

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😅 cries in Boston

likefunny

Yeah looking at a cool $900k for a 2 bed apartment

funny

I'm not a fortune teller, but I can tell you that the vast majority of people in economics, wall street, and the housing sector do NOT expect a decreases in housing prices in 2021. There is strong structural demand and inventories are historically tight.

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I know several people who could make that claim before the last recession and lost everything. Good luck!

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I will say that whatever you think your house will cost you, assume another 20% higher. It’s expensive to own a house.

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That's such a good price for a house. I wish! Looking at 550k minimum for a 3 br here in nj

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It’s the whole tri-state area, taxes on Long Island and Westchester are insanely high as well.

Yes, we will, but not until the moratoriums on evictions and foreclosures are ended.

Sounds like you are budgeting appropriately for your income. You’ll be able to get more house for your money 6 months from now, but that’s also 6 months more of rent money going to a landlord and not equity.

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I’m curious why hasn’t it impacted the market already. The pending evictions should be wreaking havocs with landlords who aren’t receiving rent yet still have to pay the mortgages. It’s just surprising if this is all pent up in the system, why we have seen surging real estate demand instead.

We are looking for a house now. The market is crazy hot. Houses are going for way over asking price the same day it gets listed with over 10 offers. One house we bid 50k over and someone else beat it with 300k cash down payment. And this is with a static if not worse economy than last year. House prices are just going to keep going up.

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That’s a very livable budget without knowing more of your other life expenses, including property tax. You’d be safe to double the budget if you really needed to.

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Definitely doable but would not say recommended. I get having to do it because of the housing market you’re in, but if you can afford less then do so. Makes more sense to buy cheaper, pay off earlier and upgrade when you make more money.

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The general rule is 2.5x your salary should be your max, which would put you at 275k, so I think your budget is perfect!

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@M1 And property taxes, and insurance, and homeowners’ expenses.

It’s called a “general” rule for a reason. Having 500K available for a down payment on a 200K salary is atypical. Not impossible, but certainly not in the realm of “general”.

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What house can you buy for $190k? What city?

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All over this country if you’re willing to not live on the coast.

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You should be fine. Where are you located?

When I bought my house (solo) that was my salary and I put 80k down, bought a 425k house comfortably. I think your budget is just fine but depending on other debt (I had none) or general spending (I'm pretty conservative and of course had all weekday meals reimbursed) you could probably afford a little more. Of course, depending on where you are looking that budget may get you exactly what you want/need

Adding: good point made above re property taxes tho, mine were $4000 which can be pretty low depending on where you live

I would guess housing decline by 2022. It’s due for correction.

Bought an apartment in nyc last year for 850k 1 bedroom. Estimated worth around 1.6 million - real estate is a truly great investment.

If your in client service your salary will increase significantly over time. You should account for this and spend beyond what you think is your current budget. If you think your salary will not be increasing by much than stay within what you can afford now.

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