{ "media_type": "text", "post_content": "Got about 300k saved up. Combined annual salary with SO of ~390k. No debt, no kids. How much house can I comfortably afford?", "post_id": "5f3998c2107b2e001a971f3b", "reply_count": 29, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Got about 300k saved up. Combined annual salary with SO of ~390k. No debt, no kids. How much house can I comfortably afford?

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All of the house.

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Weird Flex? Where are you located? I'd hope someone with this kind of household income from the consulting world would be able to figure this one out easily. Hint: A LOT of house

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Yup, in some parts of the country $1M will buy you a mansion that will cost half of your take home to maintain. In others a $1M will buy you a 2br condo that costs next to nothing to maintain. Need to figure out a reasonable / max housing budget and work back from there.

I would do 1/4 of your post-tax take home

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Its DP + 2.5x annual income. So if you were to spend all your savings on the DP its $1.275M

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Sort of the point of a rule of thumb..

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If one of you gets laid off you’re still at 1/2 take home (assuming you make around the same), and still safe

Nicely done!

How many years in consulting?

Don’t let compassion be the thief of joy

Are you both planning to work with no time off for kids? I’d take a minimum monthly net income (base salary only) and keep your total housing expenses (payment, taxes, hoa/condo dues, insurance, maintenance) to no more than 30% of your net income. Assuming ~$80k of the 380k is bonuses I’d roughly want my housing expenses to be under $5k a month

Remember to include RE taxes in your calculation. In my neck of the woods, a $1.2M house would cost you $1,500+ monthly.

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It’s more about how much you need. We’re in about the same position but with no kids we don’t need bigger than ~2500 square feet. I also wanted something we could easily afford if we had to cut our income in half.

How much do you need?

Have 2 kids.

Adopt 2 kids.

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